Japan Coincident Economic Index Rises in Jan.

Tokyo, March 9 (Jiji Press)–Japan’s composite index of coincident economic indicators rose 2.5 points from the previous month in January, up for the first time in three months, the Cabinet Office said Monday. The coincident index, which reflects current economic conditions, stood at 116.8 against the 2020 base of 100, according to the government agency’s preliminary report. The Cabinet Office maintained its basic assessment of the index, saying it is “halting to fall.” The coincident index was pushed up partly by strong production and shipments of automobiles and auto parts. Shipments of lithium-ion batteries and industrial robots were also robust. Sales of prime movers and electronic components to China increased due to the later start of the Lunar New Year holiday period, during which production activity in China typically slows. The holiday period began in February this year, compared with January last year. The leading index, a yardstick of the economy’s performance months ahead, rose 2.1 points to 112.4, marking the ninth consecutive month of growth amid rising stock prices and improving consumer sentiment. END [Copyright The Jiji Press, Ltd.]