Japan’s S&P Global Composite PMI eased to 52.1 in October 2026 from 52.3 in September and the flash estimate, extending private-sector growth for a 19th consecutive month. The reading marked the weakest expansion since May as stronger services activity was offset by slower manufacturing output. The final Services PMI rose to 51.7 from 51.3, below the 52.0 flash estimate, with new orders increasing for a 28th straight month as domestic demand, new clients and business development supported activity. Foreign demand remained weak, although the decline in new export orders slowed to its weakest pace since April. Input-price inflation eased for a fourth consecutive month to an eight-month low, while output-price inflation moderated after rising for four and a half years. Employment continued to grow marginally and unfinished business increased, but confidence fell to its lowest level since March. Companies cited inflation, Japan’s aging population and labor shortages as constraints on optimism about defense and technology growth, expansion plans and tourism.