Japan’s [B]Tertiary Index[/B] rose 0.4% in January after two consecutive declines in the previous two months. Information and communication services demand led the reading higher. Importantly, the trend continues to point lower with the metric down -3.9% in annual terms. At this point it remains premature to call this a rebound: dwindling overseas sales are continuing to push Japanese companies to cut back production capacity and boosting unemployment to put downward pressure on consumption, including that of services. Some hope may lay ahead if the recent decline in the [B]Japanese Yen[/B] is to be sustained, helping to encourage overseas sales by making Japanese goods cheaper for foreign buyers. The currency has slipped -11.3% to date since topping out in January.