Japan’s seasonally adjusted Nomura/JMMA Purchasing Managers’ Index (PMI) remained above the neutral 50.0 threshold in July, pointing to a further improvement of operating conditions in the Japanese manufacturing sector. However, the index fell to a four-month low of 52.8, from 53.9 in June, to signal that the rate of improvement was only modest. Japan’s unemployment unexpectedly rose for a fourth straight month and industrial production in June fell the most in more than a year, signalling a slowing in the economic expansion.
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