Japan’s PMI Manufacturing was finalized at 47.2 in February, down from January’s 48.0. This marks the ninth consecutive month of contraction, presenting the most significant downturn since August 2020.
According to S&P Global, the decline was characterized by sharper falls in both output and new orders. Additionally, the sector experienced the most substantial decline in employment seen in over three years, indicating that the downturn is having a tangible impact on workforce. Furthermore, rate of increase in output prices slowed to the lowest level since June 2011, suggesting that price pressures are easing amid weakened demand.
