Japan's Nikkei 225 hits fresh record high; China markets digest manufacturing data

China’s manufacturing activity contracted for a fifth straight month in February, according to official figures. The manufacturing PMI fell to 49.1, in line with estimates. However, a private survey showed that factory activity expanded, with the Caixin/S&P Global manufacturing PMI edging up to 50.9. In India, the GDP grew 8.4% in the third fiscal quarter, surpassing expectations. The data raised the country’s GDP growth outlook for fiscal year 2023-24. Bank of Japan Governor, Kazuo Ueda, expressed uncertainty about achieving the 2% inflation target. Japan’s unemployment rate remained unchanged at 2.4% in January.