Japan’s Index of Tertiary Industry Activity rose 0.5% MoM in the latest month to 105.0 (seasonally adjusted) and was up 3.3% YoY, supported by solid gains in both personal and business services.

• The Broad-ranging Business Services index increased 1.1% MoM (4.3% YoY), driven by strength in technical services and machinery repair.

• Broad-ranging Personal Services rose 0.7% MoM (2.1% YoY), with gains in medical and welfare services as well as retail trade.

• Transport and Postal Activities were up 3.3% MoM, contributing +0.28 ppts to the headline index, mainly on higher road freight volumes.

• Electricity, gas and water activity increased 4.1% MoM (4.3% YoY), reflecting higher electricity production and distribution.

• Information and communications (-0.9% MoM) and real estate (-1.0% MoM) were notable drags, partially offsetting broader service-sector strength.