FX.co ★ Japan Manufacturing PMI Revised Slightly Lower

The S&P Global Japan Manufacturing PMI was revised slightly down to 54.8 in June 2026 from the preliminary estimate of 54.9, but remained above May’s 54.5 and close to April’s 55.1, which had marked the strongest expansion since January 2022. This was the sixth consecutive month of growth in factory activity, underpinned by faster increases in both output and new orders. Output rose at the second-fastest pace since January 2022 and was the main engine of production growth. New orders also accelerated, with overall sales expanding at their quickest rate since January 2022. This was partly driven by clients building up inventories in response to ongoing supply chain disruptions and concerns about future price increases linked to the conflict in the Middle East, while export sales grew at a slightly slower pace. Even so, foreign demand continued to rise at a solid overall rate.