Coincident Index Unchanged

Yomiuri Shimbun file photo
The Cabinet Office building in Chiyoda Ward, Tokyo

TOKYO (Jiji Press) — Japan’s composite index of coincident economic indicators in March was unchanged from the previous month, the Cabinet Office said Wednesday.

A decline in the ratio of effective job openings to job seekers offset positive factors such as a recovery in shipments of durable goods including passenger cars.

The coincident index, which reflects current economic conditions, stood at 98.7 against the 2015 base of 100, the government agency said in a preliminary report. The index was “weakening,” the Cabinet Office said, keeping its assessment unchanged.

Two of the eight component indicators available for the preliminary report made positive contributions to the March index.

While the production of passenger cars and semiconductor manufacturing equipment rose, volumes of exports to the rest of Asia, Europe and the United States fell. Wholesale sales were also sluggish.

The leading index, a yardstick for the economy’s performance months ahead, fell 0.7 points to 97.5 after rising 1.4 points the previous month.