The manufacturing sector in Japan continued to expand in September, albeit at a slower pace, the latest survey from Jibun Bank revealed on Monday with a manufacturing PMI score of 50.8.
That’s down from 51.5, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
A significant drag on the sector came on the demand side in September as new orders fell at the sharpest pace in two years. According to panelists, high prices and weak market conditions caused clients to rein in their spending. Weaker demand from international markets was evidenced by a further reduction in new export orders. New business from customers in China, South Korea, Europe and the US reportedly dropped.
Subsequently, Japanese manufacturers cut their production volumes at the end of the third quarter for the third successive month. The decrease was the fastest in a year, but modest overall.
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