The preliminary for this was 47.6
Some of the highlights from the report:
- Manufacturing output hit by biggest drop in new orders since December 2012
- Firms cut production as demand deteriorates markedly
- Supply chains adversely impacted by COVID-19 outbreak
- Output growth expectations weaken in February
Comment, Joe Hayes, Economist at IHS Markit, said:
- "Near-term prospects for Japan's industrial sector appear very bleak, according to the February Manufacturing PMI report. "Weakness was driven by the demand-side in a broad-based fashion. Consumer, intermediate and capital goods producers recorded faster declines in demand and overall order books fell at the sharpest rate in over seven years. This certainly cannot be wholly attributed to the COVID-19 outbreak, so it appears that Japan's manufacturing recession goes much deeper, but lower sales in China during the month add further woes to an already-fragile external environment. "Demand-side weakness was exacerbated by shipment delays and delivery cancellations. Some panellists reported that they were unable to source key raw materials from suppliers in China. Existing buffer stocks helped to offset some of the shortfall, but if supply chain disruptions carry on for an extended period then the risk to industrial output will be far greater. "That said, the decline in manufacturing production was not as bad as some other countries in the Asia-Pacific region in February."
more to come
