2023-11-01 01:44:36 ET
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The au Jibun Bank Japan Manufacturing PMI was revised upward to 48.7 in October 2023 from a flash figure and September’s 7-month low of 48.5, however, was the fifth consecutive fall in factory activity, as output and new orders contracted further.
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Meantime, foreign sales shrank the most since June, with China being a key source of reduced overseas orders, although Europe and the US were also mentioned.
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"Companies continued to batten down the hatches by cutting purchasing, not replacing leavers and focusing on smart inventory management to minimise any unnecessary plant costs," said Usamah Bhatti at S&P Global Market Intelligence, which compiled the survey.
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"Inflationary pressures remained somewhat sticky, with costs again rising quite steeply and charges up to a marked degree," Bhatti said.
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Currency: ( USD:JPY )
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More on Japan economy:
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Japan September factory output, retail sales rise; jobless rate falls to 2.6%
For further details see:
Japan manufacturing PMI revised higher at 7-month low amid weak demand, inflationary pressures