Japan's service sector activity expands at fastest pace in 2 years

Japan's services sector activity grew at the fastest pace in more than two years in November on a jump in new business, signalling stronger consumer confidence as the coronavirus pandemic subsided.

The world's third-largest economy has lagged other advanced nations in its recovery from the pandemic's hit with coronavirus curbs crimping activity for parts of the year.

The final au Jibun Bank Japan Services Purchasing Managers' Index (PMI) rose to a seasonally adjusted 53.0 from the prior month's 50.7 and a 52.1 flash reading.

That marked the fastest pace of expansion since August 2019.

"New orders rose for the first time since January 2020