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The au Jibun Bank Japan Manufacturing PMI was revised lower to 50.0 in June 2024 from a preliminary reading of 50.1 and after a final 50.4 in May, marking the 2nd straight month of expansion in the manufacturing sector supported by sustained job creation, the clearing of backlogs, and stock-building efforts.
Factory output grew for the 1st time in over a year, boosted by rises in demand for key products, while new orders fell, due to a further drop in foreign sales.
In a separate release, the consumer confidence index in Japan increased to 36.4 in June 2024 from May’s six-month low of 36.2 but below market forecasts of 36.5. Households’ sentiments improved for income growth (40.6 vs 39.9 in May) and willingness to buy durable goods (29.6 vs 29.0). Meanwhile, sentiment weakened for employment (41.7 vs 42.0) and overall livelihood (33.8 vs 33.9).
The Japanese yen traded 161 per dollar from a 38-year low of 161.28 hit last week.
Nikkei 225 (NKY:IND) rose 0.12% to close at 39,631 on Monday, hitting new all-time highs as upbeat business confidence readings in Japan lifted market sentiment.