Japan PMI Manufacturing dropped to 48.8 in December, down from 48.9. The index stayed below 50 threshold for the eighth straight month. PMI Services rose to 50.6, up from 50.3. PMI Composite was unchanged at 49.8.

Joe Hayes, Economist at IHS Markit, said: “Latest survey data showed that the Japanese economy remained stagnant in December… The most disconcerting takeaway from the fourth quarter survey data has been the marked loss of momentum in the services sector… It’s now clear that service sector is unable to offset the industrial weakness, which does not bode well for growth prospects in 2020”.

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