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Japan Service PMI Slips Into Contraction

An index monitoring the services sectors in Japan moved into contraction in April, the latest PMI from Markit Economics revealed on Wednesday - showing a score of 46.4.

That's down from 52.2 in March. A reading above 50 means expansion in a sector, while a score below 50 signals contraction.

It's the second time in three months that the index has fallen - although this time, the decline is squarely connected to the rise in the sales tax.

Output prices were up at a record pace, while business expectations hit their highest level since September.

The composite index came in with a reading of 46.3, down from 52.8 in the previous month.

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