First, what is the tertiary index? An explanation via DailyFx:
Evaluates the monthly change in output produced by Japan's service sector. Japan's economy is very export based, because this report excludes manufacturing and only measures service industries catering mainly to domestic needs, the Tertiary Industry Index is a key indicator of domestic activity.ForexTV with the details:
Tertiary industrial activity in Japan fell a seasonally adjusted 0.1% month-on-month in May, after rising 2.2% in the preceding month, the Ministry of Economy, Trade and Industry said Thursday. Economists expected an increase of 0.4%.
Year-on-year, the tertiary industrial activity was down 6.8% in May,on an unadjusted basis, faster than a 6.1% fall in the preceding month. Moreover, the activity index has been declining continuously since August last year.
On a monthly basis, activity decreased the most in compound services by 4.6%, followed by a 4.1% drop in scientific research, professional and technical services. Activity also declined in finance and insurance, recreational services, medical and healthcare as also in learning support.