Manufacturing activity in Japan continued to report an improving performance in November, to reach the highest in 20 months, as the closely-watched purchasing managers’ survey posted the highest reading since March 2014.
The Nikkei/Markit manufacturing PMI reading for November came in at 52.8, compared to 52.4 in October. Any level above 50 indicates expansion in the sector. The index remained above the 50 threshold that separates expansion from contraction for the seventh straight month.
The upbeat data helped the yen strengthen against the dollar and the euro. USD/JPY fell after the data to 122.65 from a level of 122.95 where it was just before the data. EUR/JPY fell to a session low of 130.34. The Asian session high was 130.78.