Japan October Manufacturing PMI Falls to Seven-Month Low of 53.3
nashnova research
Japan's October manufacturing PMI finalized at 53.3, down from 54.1 in September and the lowest since March, as output and new-order growth both cooled — yet input-price inflation picked up for the first time in four months, keeping manufacturers' pricing power intact.
What does 53.3 actually mean — is manufacturing still growing?
The PMI (Purchasing Managers' Index — above 50 signals expansion, below 50 contraction) held at 53.3, still in expansion territory but down from September's 54.1.
This means → factories are still growing, just more slowly — the weakest pace since March.
Output and new-order growth both decelerated, the main drag on the headline number.
Why is price pressure rising even as growth slows?
Input-cost inflation picked up for the first time in four months in October, with raw-material prices climbing again.
Order backlogs kept building — This means → manufacturers retain strong pricing power and can pass costs downstream.
In plain terms = fewer new orders than before, but enough queued up that factories can raise prices and buyers still pay.
How did markets react — stocks up, yen down?
On the day of the release, the Nikkei 225 bounced from its morning low, closing up roughly 0.4% above 63,500.
The yen weakened, pushing toward 158 per dollar.
This reflects a market more focused on inflation persistence than on the growth slowdown — sustained price pressure keeps Bank of Japan rate-hike expectations alive, which weighs on the yen.
市场有风险，内容仅供研究参考，不构成投资建议。