日本PMI初值显示私营部门承压关税影响

Core Insights - Japan's private sector activity continues to expand at the beginning of the third quarter, but concerns over tariffs are a significant drag on growth [1] Group 1: Economic Activity - The initial PMI data from S&P Global indicates that while private sector activity is expanding, trade policy uncertainty is dampening optimism among service and manufacturing sectors regarding annual output [1] - Manufacturing output declined again in July, with manufacturers facing a continuous decrease in new orders as clients adopt a wait-and-see approach, contrasting with robust growth in the services sector [1] Group 2: Business Confidence - Business confidence is at its second-lowest level since the onset of the COVID-19 pandemic, leading to a slowdown in hiring activities [1] Group 3: Cost Pressures and Inflation - Companies report a continued easing of cost pressures, suggesting that inflation may further cool during the summer months [1]