India, March 24 -- The Japanese yen weakened against other major currencies in the Asian session on Monday, as the weak Japan Manufacturing PMI almost closed the doors for the Bank of Japan rate hike in the upcoming monetary policy meeting.
Data from Jibun Bank showed that the manufacturing sector in Japan continued to contract in March, and at a faster pace, with a manufacturing PMI score of 48.3. That's down from 49.0 in February, and it moved further beneath the boom-or-bust line of 50 that separates expansion from contraction.
The services sector also slipped into contraction, falling to 49.5 in March from 53.7 in February.
The BoJ may be forced to postpone rate hikes due to the weaker growth outlook.
Meanwhile, Chinese and Australi...