What is the story about?
TOKYO,
March 2 (Reuters) - Japan's manufacturing activity accelerated in February to its fastest pace in almost four years, as robust demand led to sharp increases in output, new orders and employment across the board, a private-sector survey showed on Monday.
* The S&P Global Japan Manufacturing Purchasing Managers'Index (PMI) rose to 53.0 in February, up from January's 51.5,marking the biggest expansion since May 2022 and inching up fromthe flash reading of 52.8. A reading above 50.0 indicatesexpansion, while below that level signals contraction. * Manufacturing output, new orders and employment grew attheir quickest rates since January 2022, driven by improvedglobal demand conditions and new product launches, according tothe survey. * New export business expanded at the fastest rate sinceJune 2021, with stronger demand noted across Europe and Asia.This marked quite a contrast from just two months ago, whenexport business was on a contraction streak for nearly fouryears. * Annabel Fiddes, economics associate director at S&P GlobalMarket Intelligence, said: "Firms were also much more upbeatabout the year ahead, with confidence rising to the highestsince mid-2024. There were expectations that global demandconditions will continue to revive and push up sales in themonths ahead, particularly in key sectors such as technology andautomotives." * Inflationary pressures remained elevated but slightlyeased from January, as both input and output prices rose atslower rates.(Reporting by Kantaro Komiya; Editing by Jacqueline Wong)
