Japan final manufacturing PMI for March 48.4, a one year low:
- preliminary was 48.3
- prior was 49.0
Comments from the report, bolding is mine:
- "Japan's manufacturing sector slipped deeper into decline at the end of the first quarter of 2025, with the headline PMI hitting a one-year low. Indices for output and new orders fell further into contraction territory, as companies noted weaker demand from both domestic and international clients.
- "Employment was a bright spot, as firms hired additional workers at the fastest pace in three months, amid signs of slightly stronger optimism around the year ahead. However, business confidence remained below the series average, with greater uncertainty over the global economic outlook and trade environment weighing on forecasts. Cost pressures also remained a key concern, and the latest survey showed historically strong increases in both input costs and selling prices in March, to suggest inflationary pressure across the sector remains acute."
The BoJ Tankan earlier was not too bad:
USD/JPY is little changed on the session:
