Before Joe Biden sat face-to-face with Xi Jinping on Monday night at a seaside resort in Bali, US officials played down hopes for tangible progress. The outcome easily exceeded those low expectations.
The index of business activity in the manufacturing sector of Japan soars in April
In April, Japanese manufacturing activity rose at a faster tempo than the previous month, as the final results of the Nikkei survey disclosed today. As a matter of fact, new orders increased in sign of the Japanese economy reviving from the expected considerable decline in the first quarter.
Nevertheless, the growth of new export orders has speeded down abruptly due to a stronger yen, thus generating extra risk for the Japanese export sector of the industry, even when global trade tensions are rising.
The final index of purchasing managers in Japan from Nikkei rose to 53.8 in April, taking into account seasonal fluctuations, versus an average of 53.3 as well as a final of 53.1 in the previous month.
The index remained above the value of 50, which separates the expansion from the contraction for the 20th month in a row and also grew in three months for the first time.
As some market experts pointed out data for April indicate a resumption of the acceleration of the surge of the Japanese industrial sector. However, the subcomponent of the index of new export orders has considerably headed south, although it remained on the territory above 50, to indicate only the marginal growth rates.
The final index for all new orders accounted for 53.8, which appears to be more than the preliminary 53.5 as well as the final 53.1 in the previous month, although the growth of export orders has speeded down abruptly only to the marginal levels.
The Japanese yen has risen by up to 3% since the beginning of the year against the evergreen buck, and some economists have expressed concern that Japan's exports might weaken if the Japanese yen jumps, as it pushes up export prices.
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