Japan’s PMI Points to War-Driven Frontloading of Factory Output

Japan’s manufacturers ramped up production to the highest level in 12 years in a sign of frontloading amid concerns over the implications of the war in the Middle East.

The S&P Global purchasing managers’ index for factory output climbed to 55.4 in April, the strongest reading since February 2014, S&P Global reported Thursday. The broader gauge of manufacturing activity climbed to 54.9 while a reading for services activity dropped to 51.2 from 53.4.