Japan’s S&P Global Services PMI rose to 53.2 in November 2025, slightly above the flash estimate of 52.1, signaling the eighth straight month of expansion. Growth was supported by the first acceleration in new orders in three months, though export demand fell for a fifth consecutive month. Employment increased further, with job creation at its strongest pace in ten months. Rising headcounts eased capacity pressures, as backlogs expanded at the slowest rate in six months, though unfinished work has continued to build since March. On prices, input costs climbed at the sharpest pace in half a year, driven by higher staff, energy, and construction expenses. Output charges rose again, though the pace moderated from October while remaining firm. Looking ahead, business sentiment strengthened to its highest level since January, above the long-run average, buoyed by firmer demand, planned expansions, and upcoming events.