TOKYO (Reuters) – Japan’s factory activity shrank at the softest pace in five months in March due to an expansion of inventories, but still-weak global and domestic demand conditions meant the post-COVID economic recovery will take a while to solidify.
The final au Jibun Bank Japan Manufacturing Purchasing Managers’ Index released on Monday rose to 49.2 in March from February’s 47.7, marking the slowest contraction since November 2022. It was also higher than the flash reading of 48.6.
“The health of the Japanese manufacturing sector showed signs of improvement at the end of the first quarter of 2023,” said economist Usamah Bhatti at S&P Global Market Intelligence, which compiles the survey.
“Both output and new orders fell at the softest rates for five months, though the latter still saw a solid reduction, with panel members signalling subdued market demand in both domestic and international markets,” Bhatti…
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