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Japan manufacturing PMI rises to 4-year high in January

Japan's manufacturing sector expanded at its fastest rate in nearly four years in January as growth in output and new orders advanced, data from IHS Markit and Nikkei showed.

The Markit/Nikkei Japan Manufacturing Purchasing Managers' Index rose to 54.8 in January from 54.0 in December 2017, its highest level since February 2014.

Output rose for the 18th consecutive month and was at its sharpest growth rate in 47 months.

New order growth rose to a four-year high on new product launches and strong demand from existing customers, the report said. New business from abroad recorded its fastest growth rate since May 2010 on stronger demand from China, South Korea and Taiwan.

Purchase costs rose in January, with manufacturers attributing cost pressures to higher oil prices. Output price inflation rose by the sharpest extent since October 2008, the report noted.

Looking ahead, manufacturers' positive outlook on future output improved to a four-month high as they hired more staff to meet higher production demand. The rate of job creation advanced to the joint-fastest since April 2014, the report said.