Japan’s Services PPI was unchanged in February and up 3.0% YoY on an annual basis, cooling from 3.2% YoY in January and the lowest annual rate since September 2024.

• Advertising services fell -1.9% MoM but was up 0.8% YoY, with internet, newspaper, and magazine advertising gaining 1.7% YoY but television and radio advertising falling -0.8% YoY.
• Other cool subindexes included finance & insurance (-0.1% MoM) and information & communication (0.0% MoM)
• Transport & postal activities was up 0.3% MoM as domestic air transport (+6.2% MoM) was offset by international air transport (-2.7% MoM), ocean freight (-2.6% MoM), and domestic air freight (-2.6% MoM).