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au Jibun Bank Japan’s manufacturing PMI was revised down from the initial value of 50.1 to 50.0 in June 2024, following the final value of 50.4 in May, marking the second consecutive month of expansion in the manufacturing sector. Continue to create jobs, clear backlog and build inventory.
Factory output rose for the first time in more than a year, driven by rising demand for key products, but new orders fell as foreign sales fell further.
In a separate report, Japan’s consumer confidence index rose to 36.4 in June 2024 from a six-month low of 36.2 in May, but was below market forecasts of 36.5. Household confidence in income growth has improved (40.6 vs. 39.9 in May), as has willingness to purchase durable goods (29.6 vs. 29.0 in May). At the same time, confidence weakened in employment (41.7 vs 42.0) and overall livelihoods (33.8 vs 33.9).
The yen rose to 161 per dollar from a 38-year low of 161.28 hit last week.
The Nikkei 225 Index (NKY:IND) rose 0.12% to close at 39,631 points on Monday, hitting a record high, as upbeat business confidence data in Japan boosted market sentiment.
