Flash reading for the Japan S&P Global / Jibun Bank PMIs for July 2023:
From the report, in brief:
- headline PMI slipped slightly further into contraction territory, largely because of a quicker deterioration in new order inflows, although the decline in production was also sustained
- Panel members often commented on weak customer demand in both domestic and international markets
- There were sustained signs that inflationary pressures were easing in July, as signalled by the slowest rate of input cost inflation since February 2021 to a reading that was broadly similar to the long-run series average. That said, selling price inflation was unchanged from the previous survey period and sharp overall as Japanese goods producers partially passed higher cost burdens on to clients.
USD/JPY update:
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The South Korean July manufacturing PMI comes in at 49.4 in July
- prior 47.8