TOKYO : Japan's factory activity growth hit a 20-month low in September, as firms struggled with a global slowdown and pressure from high energy and raw material prices that was exacerbated by a weak yen.
The headline figure marked the slowest expansion since January 2021, although it stayed above the 50-mark that separates contraction from expansion. "Overall growth remains subdued as inflationary pressures and deteriorating global economic growth weigh on activity in both the manufacturing and services sectors," said Joe Hayes, senior economist at S&P Global Market Intelligence, which compiles the survey.
"The remarkable weakness we've seen ... year-to-date in the yen continues to push up price pressures, with companies struggling to fully pass on these higher cost burdens to clients," Hayes said.
Source: Energy Industry News (energyindustrynews.net)
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