The downturn in Japan's private sector economy gained momentum in April, with business activity slumping to the greatest extent on record, according to flash PMI data. The headline au Jibun Bank flash PMI plunged 8.5 points to 27.8. Stricter rules to limit the spread of COVID-19 has cut a swathe through demand, with new business inflows falling steeply which, in turn, led to a severe fall in backlogs of work. Business sentiment also plummeted to the lowest in the survey history, adding to expectations that the downturn has much further to run.
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