Japan: Manufacturing PMI posts second straight monthly gain in November – Nomura

By FXStreet FXStreet (Delhi) – Research Team at Nomura, notes that the Japanese manufacturing PMI for November came in at 52.8, rising 0.4pt from October’s 52.4, marking the second straight monthly rise after October’s 1.4pt, suggesting ongoing improvement in manufacturing activity and further indicating that the economy is firming in FY15 H2.

Key Quotes

“PMI data a mixed bag, but export orders index up for second straight month: Among the five component indices, there were positive contributions to the headline PMI from the output index (+1.5pt, from 52.4 in October to 53.9 in November), the supplier delivery times index (-0.6pt, from 49.8 to 49.2; a fall in this index pushes up the headline PMI), and the employment index (+0.3pt, from 52.4 to 52.7), and negative contributions from the new orders index (-0.2pt, from 54.2 to 54.0) and the stock of items purchased index (-0.7pt, from 50.4 to 49.7). All of that adds up to a mixed bag. The decline in the new orders index points to a possible deceleration in manufacturing activity, through the data is only for a single month.

However, the new export orders index—which is not included in the headline PMI calculations—rose for the second straight month, by 1.0pt (from 52.2 in …read more

Source:: FX Street