Japan’s manufacturing activity greatly accelerated in March, a private survey showed on Wednesday. The expansion seen in the sector was mainly from the prospect of a global economic rebound as more and more countries roll out coronavirus vaccines.
The au Jibun Bank Flash Japan Manufacturing Purchasing Managers’ Index (PMI) rendered a seasonally adjusted 5.2 reading in March. The figure placed higher than the 51.4 record seen the previous month.
The index stood above the 50 threshold that separates growth from decline for two consecutive months, and this upbeat reading could be owed to an increase in output and new orders. However, the services sector remains gloomy as businesses continue to struggle even after the government lifted coronavirus restrictions in Tokyo.