Weak Overseas Demand, Tariff Concerns Cause Japan's Manufacturing Activity to Contract for 10th Straight Month

Published: May 7, 2025 10:54

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["[Weak Overseas Demand, Heightened Tariff Concerns: Japan's Manufacturing Activity Contracts for 10th Consecutive Month]", "The final value of Japan's manufacturing Purchasing Managers' Index (PMI) for April rose slightly to 48.7 from 48.4 in March, indicating a mild contraction in business conditions. This figure was slightly higher than the flash estimate of 48.5 but remained below the 50.0 threshold, which separates expansion from contraction, for the 10th consecutive month. 'Business conditions in Japan's manufacturing sector continued to weaken in April,' said Annabel Fiddes, Associate Director of Economics at S&P Global Market Intelligence. The new orders index contracted at the fastest pace since February 2024. Respondents cited weak consumer spending and a decline in demand for products such as semiconductors and machinery equipment. Business confidence fell to its lowest level since June 2020 amid concerns about the global outlook and tariffs. 'Unless there is a significant improvement in both domestic and overseas demand, firms may struggle to see an economic recovery,' Fiddes said."]

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