Summary

• Weaker economic growth is signalled for May, as the headline S&P Global Japan PMI Composite Output Index slipped to a five-month low, according to the ‘flash’ reading.
• While February’s PMI had been a 33-month high, signalling one of the fastest rates of economic expansion yet recorded by the survey, growth has since slowed sharply alongside the ongoing conflict in the Middle East.
• Price rises often reflected supply concerns, notably for energy, following the shipping disruptions emanating from the war in the Middle East.

The S&P Global Flash PMI^® data showed output growth cooling in Japan to a five-month low in May, with the resulting modest rate of expansion representing a marked contrast to the near-record growth spurt

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