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Japan December factory activity grows at fastest pace in 46 months

Japan's manufacturing activity grew at the fastest pace in 46 months in December as new orders surged, data from IHS Markit showed.

The Markit/Nikkei Japan Manufacturing Flash Purchasing Managers Index rose to a seasonally adjusted 54.2 in December from a final reading of 53.6 in November. It was the highest reading since February 2014.

The increase came on the back of the sharpest spike in order book volumes since Jan. 2014, said IHS Markit economist Joe Hayes.

"Recent yen weakness appeared to benefit exporters, with new orders from abroad rising strongly," he added in a Reuters report.

The flash index for new orders rose to 56.6 in December, from a final 54.7 in November.

The output price index was also up at 51.4 from a final reading of 51.3 in November. It was the highest since July 2014.