Japan PMI Manufacturing dropped to 44.8 in March, down fro 47.8. That’s the lowest level since April 2019. PMI Services dropped sharply to 32.7, down from 46.8. That’s the lowest level since the start of the survey in September 2007. PMI Composite dropped to 35.8, down from 47.0, lowest since April 2011.
Joe Hayes, Economist at IHS Markit said: ” Latest PMI data show that the Japanese economy slipped into an aggressive downturn in March that was primarily led by the service sector… In contrast to other parts of Asia, the US and Europe, Japan (at the time of writing) has not issued a public lockdown, while there are reports that footfall in places such as Tokyo remains high. If the outbreak were to accelerate, the economic damage could far exceed what we’ve seen so far, particularly if The Olympic Games are postponed”.
