Japan Manufacturing Slows to 21-Month Low, Services Pick Up With Reopening for Visa-Free Travel

Japan’s factory activity growth slowed further to a 21-month low in October as relentless cost pressures torment manufacturers; but service-sector firms received a boost as the country reopened to foreign tourists visa-free.
The au Jibun Bank Flash Japan Manufacturing Purchasing Managers’ Index (PMI) eased to a seasonally adjusted 50.7 in October, down from the prior month’s final of 50.8.
The headline figure marked the seventh month of weaker growth and the slowest expansion since January 2021, although it stayed above, on a monthly basis, the 50-mark that separates contraction from expansion.
Factory output looked set to contract for the fourth month running as new domestic and export orders continued to shrink….