Sharp decline in manufacturing activity in Japan
Business activity in Japan has recorded its first contraction since December 2022.
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According to estimates by Au Jibun Bank, Japan's business activity contracted in October for the first time since December 2022. The country's composite purchasing managers' index fell to 49.9 from 52.1 in September.
The primary reason for the decline was a sharp drop in manufacturing activity; the manufacturing PMI showed a faster contraction at 47.6 compared to 48.7 in September.
The bank stated that service activity continued to expand but grew at its weakest pace since the beginning of the year "amid reports of deteriorating economic conditions in October."
The services PMI came in at 51.1 compared to 53.8 in September.