• Flash Japan Manufacturing PMI rises to 54.4 in January (54.0 in December).

• Output expands at quickest rate in 47 months.

• New orders continue to rise sharply. Inflationary pressures intensify.

Commenting on the Japanese Manufacturing PMI survey data, Joe Hayes, Economist at IHS Markit, which compiles the survey, said: "The sector has observed accelerated rates of improvement in each of the past three months. "The strongest reading in the PMI since February 2014 was supported by quickened rates of output and employment growth, in addition to a relatively sharp expansion in new orders. "Strikingly, output price inflation accelerated to the fastest rate since October 2008 amid sharper rises to input costs. With a low rate of unemployment and sustained growth in official GDP data, inflationary pressures should continue to mount."