Loading page content
Data from FMP. Forecasts by Sigmanomics Forecast Engine.
JapanJapan Nikkei Services PMI fell to 51.7 in May 2019
FMPMonthlyReleased June 2019
Japan Nikkei Services PMI fell to 51.7 in May 2019, released June 2019, down 0.1 from April's 51.8 reading. The reading matched the 51.9 consensus. Nikkei Services PMI has now declined for 4 consecutive months. Over the past 3 months, Nikkei Services PMI averaged 51.9, vs 51.48 in the prior 3-month window. The reading is in the 50th percentile of the trailing 24-month range.
Latest Release
51.7
Actual
51.9
Consensus
51.8
Previous
Median Absolute Error
±0.23
across last 10 releases
Last Call
Jun 2019
Predicted: 51.85
Actual: 51.7
Error: +0.15
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Signal Bias | Action |
|---|---|---|---|---|---|
| USD/JPY | ▼ Inverse | −0.50 | FOREX | Bullish JPY | → View |
| EUR/JPY | ▼ Inverse | −0.45 | FOREX | Bullish JPY | → View |
| Nikkei 225 | ▲ Direct | +0.45 | INDEX | Bullish JP | → View |
| GBP/JPY | ▼ Inverse | −0.40 | FOREX | Bullish JPY | → View |
| XAU/USD | ▲ Direct | +0.30 | COMMODITIES | Watch | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
Nikkei Services PMI (Japan) was reported at 51.70 in June 2019. This missed the market consensus of 51.90 by 0.20. The reading fell from the previous value of 51.80. This is classified as a medium-impact indicator released on a monthly basis.
WHY IT MATTERS
The indicator has been trending downward over the last three releases. The trailing three releases averaged 51.83, up from the prior three at 51.63.
THE MODEL'S TAKE
Historically, this indicator is negatively correlated with USD/JPY (Bullish JPY). A secondary relationship exists with EUR/JPY, negatively correlated (Bullish JPY). Over the last 10 releases, the Sigmacast model's median absolute error is 0.23.
WHAT TO WATCH NEXT
Same-country events in the next 14 days include Housing Starts YoY (May 28) and Unemployment Rate (May 28).
Auto-generated from current model state · Refreshes on each release · Last update June 2019.
SHARE
Nikkei Services PMI - JP
Loading chart data...
About Nikkei Services PMI — Japan
DEFINITION
The Nikkei Services PMI is a key economic indicator that measures the performance of the services sector in Japan. It provides valuable insights into the overall health of the country's economy by tracking changes in business activity, new orders, employment, and prices. This data is collected through surveys of purchasing managers in various service industries, making it a reliable and timely measure of economic trends. The Nikkei Services PMI is widely used by investors, policymakers, and businesses to make informed decisions and assess the current and future state of the Japanese economy.
WHY THIS INDICATOR MATTERS
Sentiment surveys are forward-looking inputs that often lead hard data on output and hiring. Sharp swings can drive cross-asset repricing. Surprises against consensus can drive short-term moves, particularly when the print breaks an established trend. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (May 2019): actual 51.7, consensus 51.9. Prior reading (Apr 2019): 51.8. Before that (Mar 2019): 52.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a similar reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bearish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary headwind in the current projection. This indicator correlates most strongly with USD/JPY (Bullish JPY, r=-0.50) — a useful reference for forex-focused traders.