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Manufacturing activity in Japan in July grew at its slowest pace in four months, as overseas demand slackens following a rapid recovery earlier this year.
The Nomura/JMMA Japan Manufacturing Purchasing Managers Index, or PMI, fell to a seasonally adjusted 52.8 in July from 53.9 in June. It's the lowest level since March. The output component of the PMI index declined to 53.8 from 55.9 in June. And this is the slowest pace of output growth in 13 months.
Economists say these results suggest the expansion of manufacturing output is easing off gradually, against a backdrop of slower growth in new orders.