TOKYO - Japan's factory activity contracted at a faster pace in July, a business survey showed on Tuesday, taking a hit from soft orders amid weakening global economic conditions.The final au Jibun Bank Japan manufacturing purchasing managers' index (PMI) fell to 49.6 in July, slightly higher than flash 4
TOKYO - Japan's factory activity contracted at a faster pace in July, a business survey showed on Tuesday, taking a hit from soft orders amid weakening global economic conditions.
The decline was largely due to a deterioration in new orders, given weak customer demand from domestic and overseas markets, said Usamah Bhatti at S&P Global Market Intelligence, which compiled the survey. Subindexes gauging new orders and output both stayed in the sub-50 territory in June for a second month. A reading below the 50 line indicates a contraction.
On a brighter note, the S&P survey showed easing cost pressures for companies thanks to sliding fuel and commodity prices.
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