Japan’s manufacturing sector suffers from virus-beaten demand: PMI
May had seen Japan’s manufacturing sector dropping at its most rapid pace since March 2009, a private sector poll showed on Monday. The sector’s inactivity was due to a slump in demand brought by the novel coronavirus crisis.
Japan Manufacturing Purchasing Managers’ Index (PMI) dropped to a seasonally adjusted 38.4. It placed lower than April’s 41.9 record its weakest figure in 11 years
“May survey data revealed that production volumes are falling at an even faster rate than in April,” Joe Hayes of IHS Markit said.
First-quarter records showed that Japan had slipped into recession as the government-implemented restrictions curbed economic growth and dampened consumer sentiment. More so, trade-dependent countries have been suffering as pandemic-driven disruptions dragged worldwide supply chains.