“Demand was reported to be lower from key export clients based in China, Europe and North America, and from important sectors like electronics,” said Paul Smith, Economics Director at S&P Global Market Intelligence.
“Firms are confident that client destocking will soon end and that new product launches will help to support an upturn in production during 2024,” Smith said.
Domestically, Japan was rocked by an earthquake that has claimed at least 65 lives and a collision at Tokyo’s Haneda airport involving Japan Airlines.
