Sentiment in Japan’s services sector greatly advanced in September, recording its sharpest jump in 2-1/2 years, government data showed on Thursday. This indicated that the economy is slowly emerging from the coronavirus drag.
Economy watchers, a survey for workers that gauges their proximity to consumer and retail trends, showed that workers’ confidence about the current economic situation is 5.4 points. Previously, it was read at 49.8 in September.
As the reading came to be the highest level since April 2018, it also marked its fifth consecutive month of expansion. More so, this also underscored the effectiveness of the government’s coronavirus-related efforts to save its struggling economy.
Despite weak sales amid the pandemic, a separate survey revealed that companies were able to stay afloat mainly from the government and central bank’s implementation of fiscal stimulus.