Japan Jibun Manufacturing PMI, final reading comes in at a dour 48.9
vs. preliminary 48.8, previous 50.1Japan's factory activity contracted in July, with the S&P Global Manufacturing PMI falling to 48.9 from 50.1 in June, confirming a return to decline after briefly stabilising. The final reading was nearly unchanged from the flash estimate of 48.8.
Key driver: Weaker domestic and external demand pulled output lower, with production shrinking at the fastest pace since March.
New orders continued to decline, though the pace eased slightly.
Employment rose, but hiring slowed to a three-month low.
Input cost inflation eased to a 4.5-year low, while output prices rose at their fastest pace in a year as firms passed on costs.
Business confidence improved to a six-month high, aided by hopes for stronger demand and easing trade tensions following the new Japan-U.S. trade deal, which lowers tariffs to 15% from a previously threatened 25%.
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Yesterday we had the Bank of Japan announcing no change to its 0.5% short-term policy rate, a move widely expected.
Governor Kazuo Ueda upgraded the bank’s inflation forecast to 2.7%, citing higher food prices and the economic lift from the recent trade deal with the U.S.
The yen briefly strengthened, before losing ground. This data is nudging the yen just a few ticks higher, not a lot in it. Its around 150.67, down from an early high above 150.75.
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