Asia's factory activity in March contracts sharply on coronavirus fallout

Japan's factory activity contracted at the fastest pace in about a decade in March, adding to views that the world's third-largest economy is likely already in recession

Factory activity contracted sharply across most of Asia in March as the coronavirus pandemic paralyzed economic activity across the globe, with sharp falls in export power-houses Japan and South Korea overshadowing a modest improvement in China.

Manufacturing gauges also tumbled in Indonesia, Vietnam and the Philippines, Purchasing Managers' Index (PMI) surveys showed on Wednesday, underscoring the widening damage brought by the pandemic that has infected more than 700,000 people, upended supply chains and led to city lockdowns worldwide.

China's factory activity improved slightly more than expected in March after plunging a month earlier, a private business survey showed, but growth was marginal,