I noticed that the Japanese tertiary sector data for February has just been released, and the picture is interesting. The index recorded a contraction of 0.4% month-on-month, which is actually better than what we expected. Analysts predicted a decline of 0.5%, so the Japanese tertiary sector held up a bit more than we feared.



What really stands out is the contrast with the previous month, when the Japanese tertiary sector had rebounded by 1.70%. Almost a clear change of direction. After that significant rise, the slowdown in February seems almost natural, but it's still worth keeping an eye on.

In short, the Japanese tertiary sector isn't collapsing, but it's not accelerating either. A trend to watch in upcoming reports.
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