More data from Japan. Third month in a row for expansion for this PMI.

April, final 53.6, its highest in three years (best since February 2018)

  • Preliminary 53.3, prior 52.7

There is a manufacturing tailwind from strong external demand, particularly from China.

  • higher for the employment subindex
  • rate of input cost inflation fastest since late 2018
  • positive medium-term activity outlook

Usamah Bhatti, economist at IHS Markit:

  • "This does not fully recover the output lost to the pandemic in 2020,"
  • "Further disruption to the manufacturing sector cannot be ruled out as COVID-19 restrictions are reintroduced as infections rise once again."

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Earlier from Japan: