By Gokhan Ergocun
ISTANBUL (AA) – Overall business conditions among Japanese manufacturing firms continued to deteriorate for the sixth consecutive month in November amid stronger reductions in both output and new orders, data provider S&P Global revealed on Friday.
"Firms commonly associated the declines to weak customer demand in domestic and international markets, as well as a lack of new product launches," it said.
Although sustained weakness in the headline reading, companies remained confident that new product launches and a broad-based domestic and global economic recovery would allow production levels to increase over the next 12 months.
The purchasing managers' index (PMI) for the Japanese manufacturing sector was at 48.3 in November, down from 48.7 in October.
Usamah Bhatti, an expert with S&P Global, said: "PMI was at its lowest since February. Panel members often commented on weak customer demand in both domestic and international markets."