Tokyo, Dec. 5 (Jiji Press)–Japan’s composite index of coincident economic indicators for October rose 0.5 point from the previous month, improving for the second consecutive month, according to a preliminary report released by the Cabinet Office on Friday. The increase was mainly attributed to a recovery in automobile production and shipments, following an auto tariff cut by the administration of U.S. President Donald Trump. The coincident index, which reflects current economic conditions, stood at 115.4 against the 2020 base of 100. The Cabinet Office maintained its basic assessment of the index as “halting to fall.” Five of the eight component indicators available in the preliminary report, including those for industrial production and durable consumer goods shipments, made positive contributions to the index. Among auto-related indicators, growth in retail sales also pushed up the index. Shipments of lithium-ion batteries were robust, as well as trade in nonferrous metals with Southeast Asia. The leading index, a yardstick for the economy’s performance months ahead, climbed 1.8 points to 110.0, up for the sixth straight month, backed by improvements in the inventory rate for electric components and in housing starts. END [Copyright The Jiji Press, Ltd.]
Japan Coincident Economic Index Up 0.5 Point in Oct.
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