凯投宏观：日本PMI支持日本央行在10月恢复加息

Core Viewpoint - The latest PMI data supports the view that the Bank of Japan may raise interest rates as early as October, contrary to expectations of a delay until early next year [1] Group 1: PMI Data Insights - Japan's composite PMI rose to 51.4, marking a four-month high [1] - Both manufacturing and services PMIs showed slight increases in June [1] - The manufacturing output index indicates a re-acceleration in industrial production, while new export orders suggest moderate sales growth [1] Group 2: Economic Implications - The services PMI is significantly above historical averages, aligning with substantial growth in consumer spending [1] - Overall, there is a strong rationale for the Bank of Japan to consider an interest rate hike in October [1]