The manufacturing sector in Japan continued to expand in February, and at a faster pace, the latest survey from S&P Global revealed on Monday with a Purchasing Manager Index score of 53.0.
That’s up from 51.5 in January and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
Sub-sector data indicated that business conditions strengthened across the investment and intermediate goods industries but stagnated at makers of consumer goods. One key factor driving the PMI higher was a stronger increase in manufacturing production in February.
Output expanded at a solid rate that was the fastest in just over four years, with companies often attributing the upturn to increased amounts of new business. Total new orders likewise expanded at a solid pace that was the fastest since January 2022.
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