IHREF - Flash Japan PMI Shows Severe Downturn Persisting Into July
Japanese business activity contracted further in July, according to flash PMI data, adding to concerns about the depth of the economic downturn and recovery speed relative to other countries as conditions remain challenging for many manufacturing and service sector companies due to the COVID-19 pandemic. Businesses continued to be adversely impacted, in particular, by subdued global trade flows and restrictions on travel, while the gradual reopening of the economy provided only a modest boost to demand.
The likelihood of a robust recovery remains uncertain as Japanese firms continued to be pessimistic about the business outlook,