Japan's May factory activity falls as Covid-19 lockdown hit demand: PMI

The survey pointed to the quickest contraction in output, new orders and work backlog since early 2009

Japan's factory activity shrank at the fastest pace since March 2009 in May, a private sector survey showed on Monday, as manufacturers widely struggled with the demand blow from the coronavirus pandemic.

The final au Jibun Bank Japan Manufacturing Purchasing Managers' Index (PMI) fell to a seasonally adjusted 38.4 from 41.9 in April, its lowest since March 2009, and matching a preliminary reading last month.

"May survey data revealed that production volumes are falling at an even faster rate than in April," said Joe Hayes, economist at IHS Markit, which compiled the survey.

"Anecdotal evidence from the survey showed that was the result