November's is the slowest since August of 2017
the October result was a six month high at 52.9
- Nov flash of 51.8
Key points via Markit:
- New orders rise at joint-weakest rate in just over two years
- Production growth moderates
- Business confidence drops for sixth month running
Joe Hayes, Economist at IHS Markit, which compiles the survey:
- "The fall in Japan's manufacturing PMI tells us that October's bounce-back was indeed a transitory jump back to normality following weather-related disruptions in September.
- The underlying picture remains subdued, with momentum tilting towards a slowdown. New orders rose at just a slight pace as goods producers raised concerns about the demand environment. Subdued sales performances reflected fragile conditions both domestically and abroad. According to firms, weak demand from China and parts of Europe hampered export growth.
- As such, expectations for future growth were reduced, with business confidence towards the year-ahead sliding for a sixth straight month to the lowest in two years."
