Japan's factory activity shrank at the fastest pace since March 2009 in May, a private sector survey showed on Monday, as manufacturers widely struggled with the demand blow from the coronavirus pandemic.
TOKYO - Japan’s factory activity shrank at the fastest pace since March 2009 in May, a private sector survey showed on Monday, as manufacturers widely struggled with the demand blow from the coronavirus pandemic.
“May survey data revealed that production volumes are falling at an even faster rate than in April,” said Joe Hayes, economist at IHS Markit, which compiled the survey. The pandemic has been particularly disruptive for trade-reliant nations such as Japan, which already slipped into recession in the first quarter.
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