Japão - PMI Manufatura

The Jibun Bank Japan Manufacturing PMI came in at 48.8 in December 2019, little-changed from 48.9 in the prior month and slightly above market consensus of 48.4, a flash figure showed. Output, new orders and new export orders all declined, amid unfavourable demand conditions. In addition, employment growth slowed, while backlogs of work fell and supplier delivery times improved for the first time since April 2016. On the price front, output prices continued to fall, while input price inflation accelerated. Lastly, business sentiment strengthened.

The Jibun Bank Japan Manufacturing PMI was revised higher to 48.9 in November 2019 from a flash figure of 48.6 and compared to a final 48.4 in October. The latest reading pointed to the seventh straight month of contraction in factory activity, as falling order book volumes led to an eleventh successive month-on-month fall in production. Weakness was particularly apparent in overseas markets, with export demand deteriorating at the fastest pace in five months. Meanwhile, employment rose the most since April, amid the fastest rate of depletion in backlogs since December 2012. On the price front, output prices fell faster, while input cost inflation slowed. Looking ahead, business sentiment remained subdued.

The Jibun Bank Japan Manufacturing PMI increased to 48.6 in November 2019 from a final 48.4 in the previous month and compared to market expectations of 48.7, a preliminary estimate showed. The latest reading pointed to the seventh straight month of contraction in factory activity, with output, new orders and new export orders all falling. Meanwhile, employment growth accelerated and backlogs of works depleted further. On the price front, output prices fell faster, while input cost inflation slowed. Looking ahead, sentiment strengthened.

The Jibun Bank Japan Manufacturing PMI was revised lower to 48.4 in October 2019 from a preliminary 48.5 and compared to a final 48.9 in the previous month. This was the sixth straight month of contraction in the manufacturing sector and the steepest since June 2016, due to the impact of the typhoon and amid ongoing trade row between the US and China. Output fell the most in seven months and total new orders dropped the most since May 2016, led by another decline in new export orders. In addition, buying level fell at the sharpest rate in three months. Meantime, employment growth picked up to a six-month high, while backlogs of work declined. On the price front, input cost inflation remained relatively subdued. Lastly, business confidence edged up slightly.

The Jibun Bank Japan Manufacturing PMI dropped to 48.5 in October 2019 from a final 48.9 in September and missing market consensus of 48.8, a preliminary reading showed. This was the sixth consecutive month of contraction in factory activity and the steepest since June 2016, amid reports of weaker global trade conditions and softer growth at key export markets. New orders fell the most in nearly seven years and overseas sales also shrank but at a weaker pace. Meantime, output declined strongly with backlogs of work depleting faster. On the price front, input price inflation slowed, while selling charge decreased at a softer rate. Looking ahead, sentiment turned to negative.

The Jibun Bank Japan Manufacturing PMI was confirmed at 48.9 in September 2019, compared to a final 49.3 in August, signalling a sharper deterioration in the health of the manufacturing sector. Both output and new orders declined at accelerated rates and overseas sales fell for the tenth month in a row, amid lower demand from China, the US and Europe. Also, firms tapered their purchasing of inputs, while pre-production stocks fell the most in eight months. At the same time, employment growth slowed, due to lower inflows of new work and the retirement of ageing employees. Regarding prices, input cost inflation eased to a near three-year low, while selling prices were reduced for a fourth month in succession. Looking ahead, confidence was subdued on the back of global trade frictions and fears of a domestic economic slowdown.