JAPAN/ Manufacturing PMI at 48.4 in march, better than expected

The Purchasing Managers' Index (PMI) measuring manufacturing activity in Japan recorded a contraction in March, although less pronounced than analysts had forecasted. The PMI, published by Markit and compiled by Jibun Bank, came in at 48.4 points, compared to 49 points in January. Although the figure indicates ongoing contraction, the March result was better than the expected reading of 48.3 points. Despite the improvement compared to forecasts, the PMI remains below the critical 50-point threshold, signaling that the sector is still in contraction territory. The data, however, outperformed expectations.