Japan's factory activity expanded at the slowest pace in four months in June, in a sign momentum in the world's third-largest economy was levelling out before Tokyo is set to host the Olympic Games next month.
Activity for the private sector as a whole contracted for a second straight month due to the weaker reading for manufacturing and continued shrinking in the services sector, clouding the outlook for second-quarter economic growth in the country.The au Jibun Bank Flash Japan Manufacturing Purchasing Managers' Index fell to a seasonally adjusted 51.5 in June from a final 53.0 in the previous month, largely due to a sharp decline in output.
"Flash PMI data signalled a quicker deterioration in business activity," said Usamah Bhatti, economist at IHS Markit, which compiles the survey. But manufacturers' optimism for the year ahead stayed largely intact on hopes that Japan's delayed vaccine roll-out would lead to an easing of coronavirus restrictions and fuel an economic recovery.
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