TOKYO, March 1 (Reuters) - Japanese manufacturing activityexpanded at a slightly slower but still solid pace inFebruary, revised data showed on Thursday, as the stronger yenweighed on new export orders.However, hiring rose at the fastest pace in 11 years ascompanies remain optimistic about future demand.The final Markit/Nikkei Japan Manufacturing PurchasingManagers Index (PMI) was a seasonally adjusted 54.1, versus apreliminary 54.0 and a final 54.8 in January.The index remained above the 50 threshold that separatesexpansion from contraction for the 18th consecutive month, butdeclined for the first time in four months."The trend of building momentum in the Japanesemanufacturing sector came to an end in the latest PMI surveyperiod," said Joe Hayes, economist at IHS Markit, which compilesthe survey."Output growth slowed for the first time since July 2017,while both domestic and foreign demand rose to lesser extents."Export order growth ebbed to slowest pace in three monthsbut remained solid overall after hitting a 92-month high inJanuary.The yen has risen around 5 percent versus the dollarso far this year, raising worries among policymakers andcomanies that it could reduce the country's exportcompetitiveness, while increasing deflationary pressure byreducing import prices.Input costs continued to rise sharply, particularly foroil-related products, but firms were able to pass on some of thehigher cost burden to their customers.In one positive sign, the PMI showed job creationaccelerated to an 11-year high because companies expect outputto grow more in the future.Japan's economy has grown for eight straight quarters, thelongest continuous expansion since a 12-quarter stretch betweenApril-June 1986 and January-March 1989 around the height ofJapan's notorious economic bubble. Many economists expect growth to continue as domestic demandstrengthens, but further appreciation in the yen could pose arisk to prospects for continued expansion. (Reporting by Stanley White; Editing by Kim Coghill)
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