The S&P Global Japan Manufacturing PMI was confirmed at 54.1 in September 2026, in line with the preliminary estimate and down from 54.9 in August. This marked the slowest pace of expansion in the manufacturing sector since March, as firms reported more moderate increases in both output and new orders. Production growth eased to a three-month low, while sales rose at the weakest rate in four months.
The loss of momentum occurred despite another solid rise in foreign sales, though the pace of export growth cooled from August’s eight-and-a-half-year high. At the same time, delivery times lengthened further amid reports of supplier shortages. Purchasing activity edged up, and input inventories rose for the first time in more than two years.
Employment continued to grow, with job creation remaining close to August’s multi-year peak. On the price front, input cost inflation slowed to a six-month low, even as firms continued to raise their output prices. Overall business sentiment was little changed.
