Japanese manufacturing activity expanded at its fastest pace in four years in December.

The revised final PMI survey for December came in at 54, just above a final reading of 53.6 in November. It was thanks to output growth and higher prices. The increase indicated that steady economic growth would continue into the new year. Prime Minister Shinzo Abe's cabinet approved a record budget for fiscal 2018 that the government hopes will keep the economy on track for a sustained recovery.