Japan's PMI Manufacturing was finalized at 49.5 in May, up from April's 48.7. S&P Global’s Annabel Fiddes noted that business conditions “moved closer to stabilisation,” as declines in sales eased and firms reported improved hiring activity. Global trade tensions stemming from US tariffs continue to weigh on demand, with businesses citing "increased client hesitancy" and weaker orders. Despite persistent external challenges around tariffs, sentiment around future output improved, and hiring rose at the fastest pace in over a year. Full Japan PMI manufacturing final release here.