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Investing.com-- Japanese manufacturing activity picked up in November but still remained in contraction territory, while services were strong, preliminary purchasing managers index data showed on Friday.
The S&P Global manufacturing PMI rose to 48.8 in November from 48.2 in the prior month. A reading below 50 indicates contraction, with the sentiment-based print signaling that Japanese manufacturers still remained largely negative over their prospects.
But manufacturing PMI still contracted at its slowest pace in three months, pointing to some improvement.
Sticky inflation, however, pushed up input and selling prices, while overall demand for manufactured goods also remained weak.
Services were a point of support, with the S&P Global services PMI remaining at 53.1 in November, the same as October. This helped Japan’s composite PMI rise to 52.0 in November from 51.5 in October.
Sentiment was seen improving marginally as Prime Minister Sanae Takaichi flagged plans for more fiscal support. But doubts over how Takaichi will fund her spending plans also crept into markets, sparking a rout in bonds in November.
Inflation also remained a key concern for business, as both input and selling costs increased. Friday’s PMI data comes shortly after government data showed consumer inflation rose as expected in October.