TOKYO - Japan’s factory activity contracted for a ninth straight month in January but at the slowest pace in five months, possibly reflecting easing U.S.-China trade tensions and alleviating fears of a recession.
The index stayed below the 50.0 threshold that separates contraction from expansion for a ninth month - the longest stretch since a nine-month run to February 2013. Weak exports and factory activity have been a source of concern for Japanese policymakers. They are counting on solid domestic demand to pick up the slack, although the October sales tax hike may weigh on private consumption which accounts for some 60% of the economy.
“The January flash numbers will certainly allay fears for now of a technical recession in Japan,” Hayes said. “Consumer-driven growth will once again be a vital force in 2020 as PMI suggest industrial sector weakness still lingers.”
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