Japan's government downgraded its view on the economy in February for the first time in three months on sluggish consumer spending, suggesting a bumpy path out of a recession in the face of slow wage recovery and lackluster industrial output.

Japan welcomed more than 2 million visitors for an eighth consecutive month in January, official data showed on Wednesday, setting the stage for a potential record year for tourism.

Japanese manufacturing activity shrank more than expected in February, preliminary data showed on Thursday, while service sector activity grew at a slower pace as the broader economy remained under pressure from sticky inflation. 

Japan's factory activity extended declines and service sector growth eased in February, surveys showed on Thursday, suggesting business conditions were worsening as the economy struggles to emerge from recession.

S&P Global, a provider of market intelligence and analytics, released its "Look Forward" research series, offering insights into the evolution of global supply chains up to 2030. The series highlights the challenges and opportunities that supply chains face amid geopolitical tensions, climate change threats, and technological advancements.

Oil prices rose slightly on Thursday, holding to gains from the previous session that came amid signs of tighter supply.