Japan’s S&P Global Composite PMI held at 52.0 in November 2025, matching flash estimates and pointing to the strongest reading since August. It also signaled an eighth consecutive month of private-sector expansion, supported by a quicker rise in services and a slower contraction in manufacturing. Employment grew at the fastest pace in five months, though total new orders fell again on weaker factory sales. Foreign demand for both goods and services continued to decline. Input costs climbed at the sharpest rate in six months, while output prices rose firmly. Business confidence strengthened to its highest level since January.