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Production in Japan increased at the sharpest rate in ten months, supported by a return to new order growth. International demand also picked up, with new export orders increasing at the quickest rate since January. On the price front, both input prices and charges declined at weaker rates.
The headline Nikkei Japan Manufacturing Purchasing Managers’ Index (PMI) posted at 51.4 in October, up from 50.4 in September, signaling an improvement in operating conditions at Japanese manufacturers. In fact, the latest reading was the highest since January and greater than the long-run series average at 50.6.
Total new orders rose for the first time since January during October. According to a number of surveyed respondents, the launching of new products and success in gaining new customers helped boost new orders.
Japanese manufacturers were more confident to take on additional workers, with the rate of job hiring accelerating to a 30-month high. Buying activity remained in contraction territory, but only just. Meanwhile, goods producers continued to benefit from lower cost burdens, as input prices decreased for the tenth consecutive month.
