The manufacturing sector in Japan continued to contract in October, albeit at a slower pace, the latest survey from Jibun Bank revealed on Wednesday with a manufacturing PMI score of 48.7.
That’s up from 48.5, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.
Output and new orders remained on downward trajectories during October. Both have now fallen for five months in a row since some marginal growth was registered in May. Panelists commented that sales demand was weak regardless of whether it emanated from domestic or international markets.
Indeed, new export orders declined for a fifth successive month in October, and at a solid rate that was the steepest since June. High prices were in some cases reported to have weighed on sales. China was notably reported to be a key source of reduced international sales, although Europe and the US were also mentioned.