23.04.202600:33:15UTC+00Japan Composite PMI Eases to 4-Month Low

Japan’s S&P Global Composite PMI slipped to 52.4 in April 2026 from a final 53.0 in March, according to flash estimates. Despite remaining above the 50.0 threshold for a 13th consecutive month—signaling ongoing private‑sector expansion—the reading was the weakest since December.

The overall loss of momentum reflected a cooling in services activity, which offset the strongest increase in manufacturing output since February 2014. New business rose at a modest rate, with growth edging up slightly from March, while foreign demand expanded at its slowest pace in four months.

Employment continued to increase, extending a hiring streak of more than two and a half years, but backlogs of work rose for a fifth consecutive month, suggesting capacity pressures. On the price front, input cost inflation accelerated to its highest level since January 2023, fueled by rising wages, higher raw material, fuel, and energy costs—partly related to Middle East tensions—and a weaker yen. In response, firms raised output prices at the fastest pace in the survey’s history.

Business confidence weakened for a second month, falling to its lowest point since August 2020, as heightened geopolitical uncertainty dampened the outlook.