Japan PMI Manufacturing was finalized at 41.9 in April, down from March’s 44.8, hitting an eleven-year low. Markit said plummeting demand led to further sharp production cutbacks. Supply chain disruptions intensified as coronavirus pandemic continued. Manufacturing employment fell at strongest rate since mid-2009.
Joe Hayes, Economist at IHS Markit, said: “Based on comparisons with official statistics, the latest survey data suggest manufacturing output declined by approximately 15% on an annual basis in April… The latest figures show that until we’re past the peak of the COVID-19 pandemic and export demand can begin its slow recovery, a sizeable chunk of Japan’s manufacturing economy is set to remain effectively shut down.”
