Japan’s services PPI increased 0.7% MoM and 3.1% YoY in March, down from 3.2% YoY in February.

• Excluding international transport, PPI was up 0.7% MoM and 3.2% YoY.
• Transportation and postal activities PPI increased 0.6% MoM including large increases in air passenger transport costs (both international and domestic) and moderate gains in rail and road passenger PPI.
• Real estate services increased 0.8% MoM after a -0.7% MoM drop previously.
• The “other services” PPI increased 0.4% MoM lead by a strong 3.5% MoM increase in hotel services costs and a 2.5% MoM increase in civil engineering and architectural services charges.