Japan July Tertiary Industry Activity Index Up 0.4% MoM, Prior -0.2%

The rebound in services activity matters because this sector dominates Japan's economy, so a single positive month offers a tentative signal after the prior decline. It says little on its own about whether the recovery is durable or broad-based across service industries, and the data carries no direct read-through to crypto or RWA markets. The open question is whether the next reading confirms the turn or fades back, which would shape the wider growth picture rather than any single sector.