Japan’s manufacturing PMI slows to 50.7 in October

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Japan’s manufacturing sector continued to expand in October, albeit at a slower pace, the latest Jibun Bank survey showed on Monday with a manufacturing PMI of 50.7.

That’s down from 50.8 in September, though it remains above the 50 boom or bust line that separates expansion from contraction.

For the fourth month in a row, production and new orders fell, although at a slower pace than in September. Meanwhile, cost pressures in the manufacturing sector remained elevated, while the rate of producer price inflation accelerated to a new survey high. Despite this, overall Company sentiment rose on hopes of a sustained recovery from COVID-19.

The survey also showed that the services PMI improved to 53.0 from 52.2, while the composite also rose to 51.7 – from 51.0 in September.

Service providers reported growth in order books that was often linked to increased travel volumes following the rollout of the nationwide travel discount program. At the same time, input and output price inflation remained historically high, while the 12-month growth outlook weakened to a seven-month low amid concerns over pricing pressures and general economic conditions.

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