Japan’s factory activity shrank in February at the fastest pace in over two years, a private survey showed, highlighting companies’ struggles amid a global economic slowdown, raw material inflation and policymakers’ calls for higher wages. | Reuters
The final PMI reading comes a day after government data showed Japanese factories slashed output in January at the fastest pace in eight months, dragged down by auto and semiconductor sectors.
The sub-index gauging backlogs of work was at the lowest since September 2020, underscoring the frail customer demand.
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