Monday, 28 February 2011

Japanese manufacturing expands

The Japanese economy appears to be back on the recovery path.

AFP/CNA reports that factory output was up in January.

Japan's industrial output rose a smaller-than-expected 2.4 per cent in January from the previous month, official data showed Monday.

It was the third successive monthly rise but was smaller than the market average forecast of a 3.8 per cent rise in a survey conducted by the Nikkei business daily.

In further evidence that Japanese manufacturing is growing, Reuters reports an increase in the manufacturing PMI in February.

Japanese manufacturing activity expanded at the fastest pace in eight months due to export demand, a survey showed on Monday, but input prices were at their highest in more than two years in an ominous sign for corporate earnings.

The Markit/JMMA Japan Manufacturing Purchasing Managers Index (PMI) rose to a seasonally adjusted 52.9 in February from 51.4 in January.

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