Steen Jakobsen has some interesting comments on China and Japan in his latest email.
Steen discusses China's "official" PMI which is different than the Markit PMI on China that I covered earlier (see Weaker China PMI, Especially New Orders and Exports).
Emphasis in italics mine.
Steen Writes ...
China's official manufacturing PMI report just came out – and it's weaker than projected. The print was 50.8 vs. 51.2 expected. Orders backlog looks especially weak.