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Japan’s factory activity contracted for a third straight month in January, a private survey showed on Wednesday, although manufacturers’ outlook remained upbeat on improved supply and price conditions.
Amid worsening global economic conditions, Japanese companies are facing calls for higher wage hikes at spring labour talks to counter inflation and support the consumption-led recovery in the world’s third-largest economy.
The au Jibun Bank Japan Manufacturing Purchasing Managers’ Index was at 48.9 in January, unchanged from the flash reading and the previous month’s final figure, which was the weakest level since October 2020.
