Economics
Japan’s Economic Activity Pummeled by Virus Emergency
- Service sector activity drops at record pace with PMI at 22.8
- Factory sector shrinks at fastest pace since financial crisis
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Activity in Japan’s economy took a hammering in April as the impact of the coronavirus pandemic and restrictions under a state of emergency hit demand at home and abroad.
A gauge of Japan’s service sector activity slid to a record low of 22.8, according to preliminary purchasing managers data. The au Jibun Bank Japan purchasing managers index for manufacturing fell to 43.7 in April, indicating the strongest contraction in the factory sector since April 2009. PMI readings below 50 signal activity is shrinking.