USD/JPY+0.37%
Japan's factory activity deteriorates in September
The manufacturing sector in Japan deteriorated at a "stronger rate" at the close of the third quarter of 2023, marking the weakest reading since February, S&P Global's report released on Monday showed. The Japanese Jibun Bank Manufacturing PMI Index landed below the neutral 50-point threshold, falling by 1.1 index points on a monthly basis to reach 48.5 in September, "despite softer pressures on demand, overall input price inflation quickened."
"Depressed economic conditions domestically and globally weighed heavily on the sector, as both output and new orders were scaled back further," S&P Global Market Intelligence Economist Usamah Bhatti commented on the report. "Japanese manufacturers faced additional price pressures according to the latest data, as the rate of input price inflation accelerated for the second month running to a four-month high" he added.