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CNA
25 minutes ago
- CNA
Japan's service growth picks up in July on upbeat demand, PMI shows
TOKYO :Japan's service sector activity rose at the fastest pace in five months in July, thanks to brisk domestic demand that offset a sharp drop in export orders and weaker tourist numbers, a private sector survey reported on Tuesday. The S&P Global final Japan Services purchasing managers' index (PMI) climbed to 53.6 in July from 51.7 in June, marking the strongest expansion since February. A PMI reading above 50.0 indicates growth in activity, while that below the threshold points to contraction. New service business orders grew at the quickest pace in three months, supported by improved customer numbers, according to the survey. However, new export orders fell for the first time since December and at the fastest rate in over three years due to low tourist numbers in July, it showed. Some survey respondents attributed the weak tourist figures to speculative concerns about an earthquake in July. Employment in the service sector was unchanged from the previous month, ending a 21-month growth streak, with some respondents citing labour shortages and budget constraints as challenges to hiring. Price pressures continued to ease in July. Input cost inflation was the slowest in 17 months, while output costs rose at the softest pace in nine months. The composite PMI, which combines manufacturing and services, rose slightly to 51.6 in July from 51.5 in June, marking the strongest overall business activity growth since February. "However, this reflected a steep increase in business activity at service providers, as factory output fell back into indicators were a little less upbeat in July," said Annabel Fiddes, economics associate director at S&P Global Market Intelligence. The U.S.-Japan trade deal announced last month could lift Japanese firms' confidence and consumption to offer "a much-needed boost to the manufacturing economy", Fiddes added.
CNA
25 minutes ago
- CNA
Some in BOJ saw scope to resume rate hikes if trade friction eases, June minutes show
TOKYO :A few Bank of Japan board members said the central bank would consider resuming interest rate increases if trade friction de-escalates, minutes of its June policy meeting showed on Tuesday. "Given high uncertainties, the BOJ would likely pause rate hikes for the time being. But it also must respond flexibly and nimbly, and return to a rate-hike phase depending on U.S. policy developments," one member was quoted as saying.
CNA
25 minutes ago
- CNA
Bain-owned Japanese plane cabin supplier Jamco targets premium seats, acquisitions
SEOUL :Japanese aircraft interiors manufacturer Jamco Corporation is seeking to cash in on a global shortage of new plane seats by reentering the business class seat market under its new owner, Bain Capital, company executives said. Jamco, which the U.S. private equity firm bought for $700 million this year, also plans to pursue acquisitions globally, chasing premium cabin products for the Airbus and Boeing wide-body airliners the firm supplies. Aerospace suppliers like Jamco, which mostly makes galley areas and lavatories for twin-aisle planes, have faced parts and labour shortages and cost difficulties as commercial aviation emerged from the pandemic. "We see that innovation today happening from small companies," Nick Gattas, a managing director in Bain's Asia Pacific private equity team, told Reuters. Bain also sees the potential for integrating Japanese suppliers further down the supply chain into Jamco, Gattas added. Jamco was delisted from the Tokyo Stock Exchange in July and Bain's deal to acquire the firm is expected to fully close in September. Jamco's major shareholders had included ANA Holdings and Itochu. It also announced a new leadership team on Tuesday, led by Executive Chair Kate Schaefer, currently a senior adviser to Bain Capital and formerly senior vice president at Boeing Global Services. Jamco's interest in premium seats comes as planemakers are struggling to make airliners fast enough to meet demand. Delays in installing new seats are a key bottleneck, which has left many airlines waiting impatiently for new jets. Jamco in 2023 stopped taking new orders for business class seats due to intense demand for other products, but Bain wants the firm to start selling them again. "The interest from the airlines has been pretty overwhelming," Schaefer said. Bain also sees opportunity in airlines' growing need to re-fit ageing planes that they cannot retire due to a global shortage of new jets. "We see billions of dollars being spent on first class, business class and premium economy retrofits of planes that are 10 years old or more. That's a huge opportunity for a company like Jamco," Gattas said. Aerospace has been caught up in the global trade war, upending decades of largely duty-free trading in civil aircraft. The United States and Japan last month agreed a trade deal that put a 15 per cent tariff on exports from Japan to the United States. Jamco products that go to Boeing would be subjected to a tariff, Gattas said. However, as many Boeing aircraft are then exported they can benefit from duty drawbacks – a mechanism whereby duties paid on imported goods can be refunded if those goods are subsequently exported. For the remaining exposure to U.S. airlines, the question of who should pay for the hit from tariffs "is a topic of active discussion" among Boeing suppliers today, Gattas said. Bain has a number of aviation investments, including Virgin Australia which returned to the Australian Securities Exchange in June after the private equity firm rescued it from administration in 2020.
