Japanese factory activity shrank at the fastest pace in over three years in October, largely hurt by slumping new orders and output, in yet another sign of broadening economic cracks in the face of slowing global demand and trade frictions. The weak reading adds to pressure on the government and the central bank to take steps to shield the economy from heightening risks to the outlook from a Sino-U.S. trade dispute, slowing global growth and a sales tax hike at home. The Jibun Bank Flash Japan Manufacturing Purchasing Managers’ Index (PMI) in October contracted at the quickest pace since June 2016, slipping to 48.5 ... (full story)