TechFlow news, June 23 — According to Jinshi Data, Japan's latest PMI data supports Capital Economics' view that the Bank of Japan could raise interest rates earlier than expected. Japan’s June composite PMI rose to 51.4, a four-month high. Both manufacturing and services PMIs increased slightly in June. Abhijit Surya, economist at Capital Economics, wrote that the manufacturing output index suggests industrial production has re-accelerated, while new export orders indicate modest sales growth. The services PMI remains well above its historical average, consistent with solid growth in consumer spending. Altogether, this suggests the Bank of Japan would have grounds to hike rates in October, rather than waiting until early next year as many expect.
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