JAPAN – Markit/JMMA Manufacturing PMI for July – this is the preliminary, ‘flash’ reading,

  • prior was 51.5

This is the Japan reading, the market focus is the China flash reading, which is coming up at 0145GMT

japan manufacturing PMI 24 July 2014

Amy Brownbill, Economist at Markit:

  • Japanese manufacturers’ new orders remained in growth territory for the second month running, while there was a rise in new exports for the first time in four months
  • These weren’t enough to prevent output stagnating, although this most likely reflects a little payback from the solid gains seen in June and the on-going unwinding of the impact of the hike in sales tax earlier in the year
  • Looking through this noise therefore remains a challenge, but we note payroll numbers rose again suggesting manufacturers retain some positive forecasts for the coming months.

Yen not doing a lot on the release.