Not much to add to this total and utter disaster... Markit's Japan Manufacturing PMI plunged from 53.9 to 49.4 - it's first contractionary print since Feb 2013 and its biggest MoM drop on record. Under the surface the picture is just as bad with output falling at the fastest pace since December 2012 and New orders also down. The blame for all this - the tax hike... hhm (well, it's better than the weather we guess). Both prices charged and input prices rose in April with some panellists attributing inflation to an increase in raw material prices (stunned?). And if you think this terrible news is great news (because more QQE), forget it - Kuroda already say no and inflation is near the BoJ's target.