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Japan PMI February 2023

Japan: Composite PMI stable in February

The flash release of the au Jibun Bank Composite Purchasing Managers’ Index (PMI) came in at 50.7 in February, matching January’s reading. As a result, the index remained above the 50.0 no-change threshold, signaling a continued improvement in private sector operating conditions from the previous month.

The flash release of the Manufacturing PMI stood at 47.4 in February, down from January’s 48.9, while the flash release of the services PMI increased to 53.6 in February (January: 52.3).

In February, business conditions improved in the services sector for the sixth month running and deteriorated in the manufacturing sector for the fourth month running. Services sector activity improved as Covid-19 cases fell: Output and new orders expanded at faster rates compared to the prior month. However, employment continued to decline. In contrast, manufacturing sector activity deteriorated as firms continued to struggle with high inflation and weak global economic growth: Output and both domestic and foreign new orders contracted at a sharper pace. More positively, employment continued to tick up in the sector. Looking at prices, both input and output inflation increased in the services sector. In the manufacturing sector, input inflation fell, while output inflation rose. Finally, business sentiment improved in the services sector but worsened in the manufacturing sector.

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