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Japan’s Manufacturing PMI Eases to 51.5 in Sept as Delivery Delays Persisted

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Japanese Business People Bowing Down Office Concept

Japanese manufacturing firms posted a softening improvement in the operating conditions in September.

Source: IHS Markit

Nikkei 225 down -2.31%, JPY USD up +0.09%

The headline au Jibun Bank Japan Manufacturing Purchasing Managers’ Index (PMI) eased from 52.7 in August to 51.5 in September, indicating a softer, more marginal improvement in the health of the industry.

The recent increase indicated the second successive decline in manufacturing performance and was the lowest reading since February.

New orders among Japanese manufacturers have dropped for the first time since December 2020. The rate of the decline was the quickest posted in the last 10 months.

Both Japan’s output and new orders fell into contraction for the first time since 2020 as pandemic curbs and increased supply chain disruption hampered activity in the manufacturing sector.

Shortages of raw materials and delivery delays increased price pressures as input costs increased at the quickest pace since September 2008.

Businesses are highly optimistic that activity will improve in 2021, with the level of positive sentiment strengthening for the first time since June.

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