Japanese manufacturing hits a seven year low

JAPAN has reached its lowest PMI reading since December 2001, with the Japan Purchasing Managers Index showed manufacturing activity fell to a seven-year low in October, suggesting conditions in the sector may be worsening as a global slowdown and credit crisis push the country further towards recession.

JAPAN has reached its lowest PMI reading since December 2001, with the Japan Purchasing Managers Index showed manufacturing activity fell to a seven-year low in October, suggesting conditions in the sector may be worsening as a global slowdown and credit crisis push the country further towards recession.

The Nomura/JMMA Japan Purchasing Managers Index, which gives an early snapshot of the health of manufacturing, sank to a seasonally adjusted 42.2 in October, below the 50 mark dividing growth from contraction for the eighth straight months.

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