TOKYO - Japan's factory activity expanded in May for the first time in seven months thanks to increases in output and new orders and buoyed by a positive outlook for the year ahead, a private sector survey showed on Thursday.The final au Jibun Bank Japan manufacturing purchasing managers' index stood at 5
TOKYO - Japan's factory activity expanded in May for the first time in seven months thanks to increases in output and new orders and buoyed by a positive outlook for the year ahead, a private sector survey showed on Thursday.
Output and new orders hit their highest in 12 and 13 months, respectively, as business and consumer confidence lifted demand. At the same time, some firms in the survey said overstocked clients and lower export sales, especially toward China, dented growth in new orders. Japan has so far withstood the impact of deteriorating global economic conditions thanks to a recovery in services sector activity, but signs of a slowdown in U.S., European and Chinese growth cloud the outlook for the export-reliant economy.
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