New business fell the fastest in almost five years, from 50.4 previously to 47.3
- Services below 50 for the first time in two months
- Yen appreciation cited as hampering sales
- April earthquakes also adversely hit demand
- China uncertainty
- Composite index (for output in both manufacturing and services) fourth consecutive month of contraction
Wow ... the data has been disappointing today. Not just Japan, but China (at least services PMI up, but across servcie and manufacturing - i.e. composite - down) and Australia too.