Despite remaining above the neutral level of 50.0, the seasonally adjusted headline Nomura/JMMA Purchasing Managers’ Index (PMI), published today, fell to a four-month low of 52.3 in November, signalling that growth in the Japanese manufacturing sector continued to lose momentum. Official data issued today showed that industrial output rose 0.5% from the previous month, in October, much lower than forecasts for a 2.5% increase. The figure was also lower than the revised 2.1% increase in September, the Ministry of Economy, Trade and Industry said. In a separate report, the Labour Ministry reported that wages dipped for a 17th straight month in October.