A private survey shows that Japan's factory activity contracted for a third consecutive month in January, although manufacturers outlooks remained positive on improved supply and price conditions, despite the fact that Japan's factory activity contracted for a third month in January.
Amid worsening global economic conditions, Japanese companies are facing calls for higher wage hikes at spring labor talks to counter inflation and support the consumption-led recovery in the world's third-largest economy.
The Jibun Bank Japan Manufacturing Purchasing Managers Index was at 48.9 in January, unchanged from the flash reading and the last month's final figure, which was the weakest level since October 2020.
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