According to data reported by Jinshi, Japan's latest PMI data supports Capital Economics' view that the Bank of Japan may raise interest rates as early as October. The composite PMI rose to 51.4 in June, the highest in four months, with both manufacturing and services PMIs showing a slight increase. Capital Economics economists pointed out that the manufacturing output index indicates accelerated industrial production, and new export orders suggest moderate sales growth. The services PMI is well above the historical average, consistent with the growth in consumer spending. The Bank of Japan is expected to have reason to raise interest rates in October rather than early next year.