Framing Analysis
Japan's manufacturing PMI rose to 54.8 in June from 54.5 in May, extending expansion to a sixth consecutive month and delivering the strongest quarterly performance in over 12 years. South Korea's PMI declined to 52.1 from 54.8 in May, with new export orders falling for a second month. Employment in Japan grew for a 19th straight month at the joint-fastest pace since April 2018.