JAPAN DATA: Japan’s manufacturing PMI (Purchasing Managers’ Index)
plunged to 46.4 in March from 52.9 in February as the March 11
earthquake and tsunami have disrupted production, Markit Economics said.
The 6.5-point drop in March was the largest on record, surpassing the
falls seen after the collapse of Lehman Brothers in September 2008
and the U.S. terror attacks in September 2001, the firm said, adding
that the March PMI index was the lowest since 41.4 marked in April 2009.
Kohei Okazaki, economist at Nomura Securities, said March industrial
output due out on Apr. 28 is expected to show a m/m fall of at least
10%. The PMI index is closely correlated to industrial output released
by the Ministry of Economy, Trade and Industry. Markit, a UK-based
research firm, conducted the latest survey between March 11 and March
25, and only 67% of those polled responded. It releases manufactures
PMIs for 25 areas in the world every month.