Japan’s S&P Global Composite PMI slipped to 51.1 in May from a final 52.2 in the previous month, flash data showed. It marked the slowest private-sector growth since December, but extended the expansion streak to 14 months. Momentum weakened as services stagnated for the first time in over a year, while manufacturing output rose partly on stockpiling amid Middle East tensions. Total new orders grew at the weakest pace in five months, though foreign demand edged higher. Employment gains slowed to a seven-month low despite a mild rise in backlogs. On prices, input costs climbed at the fastest rate since late 2022, driven by supply disruptions and higher energy and raw material prices, prompting firms to lift selling prices at the sharpest pace in nearly 19 years of data. Looking ahead, business sentiment ticked up to a three-month high but remained historically subdued as firms flagged supply chain risks, inflation, and fallout from the Middle East war.