Jibun / S&P Global flash PMIs from Japan for May 2023
Manufacturing 50.8
- prior 49.5
Services 56.3
- prior 55.4
Composite 54.9
- prior 52.9
Encouraging results from Japan. USD/JPY popped a little higher earlier to around 138.80 and is now back to circa 138.50. Yield differentials with the US were widely cited for the USD/JPY rally overnight.