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The Jibun Bank Japan Manufacturing Purchasing Managers’ Index (PMI) fell to 48.5 in October, the lowest level since June 2016, having printed at 48.9 in September.  

The headline figure printed below 50, signaling contraction, for the sixth successive month.  

Further, new orders registered its sharpest decline since December 2012, as global trade conditions and softer growth weakened demand from key export markets.  

So far, the data has not had a notable impact on the USD/JPY pair, which is currently trading at 108.61, representing marginal losses on the day.