According to a report by Reuters, Japan's PMI has remained above the 50s for six consecutive months, indicating the economy's continuous expansion as well as its recovery from a heavy fluctuation in August.

The final reading for October may be down from its preliminary reading for the same month which was 52.5, but it is an improvement compared to its performance for September which gave a reading of 51.0.

This latest PMI data shows that demand from both inside and outside the country are finally starting to pick up and that Japan is finally getting back on its feet after the recent market collapse in China and other countries.

In a quote posted on Forex Live, a substantial growth can also be noticed with Japan's new export orders despite minor contractions taking place in September.

Buying trends and employment rates are also showing signs of increase compared to readings from the previous month, putting the country on the path of economic recovery despite economists predicting otherwise.

Trading Economics provides a detailed chart of Japan's Manufacturing PMI trend from as far back as 2008, revealing the country's highest reading of 56.2 on January of last year and its lowest of 29.6 on January of 2009.

While manufacturing PMI is reflecting a steady increase for Japan in the last few months, the country is also struggling to fight off deflation, as reported on Chicago Tribune.

The nation's core consumer price index is said to have fallen along with the decline of crude oil prices in the market, and the central bank is believed to implement additional measures to achieve monetary easing.

In a statement made by Bank of Japan official Haruhiko Kuroda, the central bank was confirmed to be against additional monetary easing. Kuroda stressed that "the basic price trend has been improving steadily" despite falling energy prices.