Japan's factory activity shrank for a seventh consecutive month in November...
TOKYO - Japan’s factory activity shrank for a seventh consecutive month in November, as domestic and export demand remained in the doldrums and reinforced the challenge facing policymakers trying to prop up an economy growing at its slowest pace in a year.
The Jibun Bank Flash Japan Manufacturing Purchasing Managers’ Index edged up to a seasonally adjusted 48.6 from a final 48.4 in the previous month. Friday’s PMI survey showed key activity gauges such as factory output and total new orders shrank again, though at a slower pace than in the previous month, while the backlog of work slipped to a level not seen since late 2012.
The PMI follows recent calls by Japan’s ruling coalition lawmakers for an extra budget that would include $92 billion in spending to support slowing growth and ensure a fragile economic recovery remains on track.
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