TOKYO : Japan's factory activity shrank in February at the fastest pace in over two years, a private survey showed, highlighting companies' struggles amid a global economic slowdown, raw material inflation and policymakers' calls for higher wages.The final au Jibun Bank Japan Manufacturing Purchasing Mana
TOKYO : Japan's factory activity shrank in February at the fastest pace in over two years, a private survey showed, highlighting companies' struggles amid a global economic slowdown, raw material inflation and policymakers' calls for higher wages.
"Both new orders and production levels, which make up 55 per cent of the headline PMI figure, fell at the fastest pace since July 2020 as weak domestic demand and a global economic slowdown hindered sales and output volumes," said economist Usamah Bhatti at S&P Global Market Intelligence, which compiles the survey.
The final PMI reading comes a day after government data showed Japanese factories slashed output in January at the fastest pace in eight months, dragged down by auto and semiconductor sectors. The sub-index gauging backlogs of work was at the lowest since September 2020, underscoring the frail customer demand.
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