Japan PMI manufacturing was finalized at three-month high at 50.2 in April, back above 50 too. Markit noted that new orders and output continued to fall, but to lesser extends. Meanwhile, employment growth picked up and business confidence improved.
Commenting on the Japanese Manufacturing PMI survey data, Joe Hayes, Economist at IHS Markit, which compiles the survey, said:
“A pick-up in the Japan Manufacturing PMI to a three-month high will be a welcome sign that the recent drop in momentum has potentially subsided for now. New orders and output both declined in April, but to lesser extents, while business confidence continued to climb from its near-record low in February. Given the difficulties faced by firms in semi-conductor and automobile-related industries in recent months, it bodes well that anecdotal evidence indicated that stronger optimism was in part driven by more upbeat forecasts for these two key Asian industries.”
