Japan sees manufacturing industry growth increase in April following three months of decline

The manufacturing industry in Japan has had a successful month in April, as the month records an increase in growth.

The news follows three months of decline, with the expansion anticipated to be linked to output and business confidence growth.

The Nikkei-Markit flash manufacturing purchasing manager’s index (PMI) noted a reading of 53.3 this month.

This is the first rise for Japan’s manufacturing in three months, up from 53.1 in March.

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April was also the 20th consecutive month in which the reading was above the 50-point threshold that marks contraction within the industry.

“Although new export orders declined for the first time since August 2016, as the stronger yen begins to impact price competitiveness, the rise in total new business inflows signals stronger domestic demand,” Reuters reported Joy Hayes, an Economist at IHS Markit, stating.

The reading for total new orders reached 53.5 on the PMI, up from the previous month’s 53.1.