Release Explanation: This release is derived from a survey of approximately 300 purchasing managers which asks them to rate the business conditions including employment, production, new orders, prices, supplier deliveries, and inventories.

Trade Desk Thoughts: The Japanese manufacturing PMI came in slightly higher than the previous reading of 31.6 to an actual 33.8 in February. Meanwhile the manufacturing output rose to 25.9 from a 22.7. A reading below 50 denotes contraction from expansion and this is the thirteenth consecutive contraction in the manufacturing activity of Japan.

Forex Technical Reaction: The yen has not reacted to the recent report and is currently trading just above the neutral pivot point at 97.35.