TOKYO—Japan’s manufacturing activity contracted for a third straight month in January as export weakness persisted amid a worsening global outlook, a corporate survey showed on Tuesday.
The au Jibun Bank flash Japan manufacturing purchasing managers’ index (PMI) was at a seasonally adjusted 48.9 in January, unchanged from the final reading in the previous month.
The soft factory activity clouds policymakers’ hopes that key wage talks in the months ahead will offset the squeeze to consumers from 41-year-high inflation and help sustain the fragile post-pandemic recovery.
The index stayed below the 50-line that separates contraction from expansion for a third straight month, after December’s final figure marked the fastest fall in 26 months….