The manufacturing sector in Japan continued to contract in February, and at a faster rate, the latest survey from Jibun Bank revealed on Wednesday with a PMI score of 47.7.
That's down from 48.9, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.
The lower reading of the headline index was partly the result of a sharper decrease in new orders. Sales fell for the eighth month running, and at the fastest pace since July 2020. Firms commented that orders were dampened by weaknesses in domestic and global economic conditions.
Export orders also fell at a steeper rate that was the fastest for 31 months and meant that foreign demand for Japanese manufactured goods had fallen consistently for a year. Production levels fell for the eighth consecutive month in February.
