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The Changed Components of the Indexes of Business Conditions

November 7, 2011

   The components of the Indexes of Business Conditions have always been reexamined after they had been used through a single business cycle, and have been changed if the indexes were expected to improve their performances.
   The ESRI has determined on October 19, 2011 to change significantly the components of the indexes for the first time after November 2004, following the advice of the Working Group of Indexes of Business Conditions.
   The information of the changed components is shown in the table below.

1. Leading Index
Old components New components
L1:Index of Producer's Inventory Ratio of Finished Goods (Final Demand Goods) unchanged (=L1)
L2:Index of Producer's Inventory Ratio of Finished Goods (Producer Goods For Mining and Manufacturing) unchanged (=L2)
L3:New Job offers (Excluding New School Graduates) unchanged (=L3)
L4:Machinery Orders at Constant Prices (Except for Volatile Orders) unchanged (=L4)
L5:Total Floor Area of New Housing Construction Started unchanged (=L5)
L6:Index of Producer's Shipment of Durable Consumer Goods (Change From Previous Year) excluded
L7:Consumer Confidence Index unchanged (=L6)
L8:Nikkei Commodity Price Index (42items) (Change From Previous Year) Nikkei Commodity Price Index (42items) (=L7)
L9:Interest Rate Spread unchanged (=L8)
L10:Stock Prices (TOPIX) (Change From Previous Year) Stock Prices (TOPIX) (=L9)
L11:Index of Investment Climate (Manufacturing) unchanged (=L10)
L12:Sales Forecast D.I. of Small Business unchanged (=L11)
2. Coincident Index
Old components New components
C1:Index of Industrial Production (Mining and Manufacturing) unchanged (=C1)
C2:Index of Producer's Shipments (Producer Goods for Mining and Manufacturing) unchanged (=C2)
C3:Large Industrial Power Consumption unchanged (=C3)
C4:Index of Capacity Utilization Ratio (Manufacturing) Index of Producer's Shipment of Durable Consumer Goods (=C4)
C5:Index of Non-Scheduled Worked Hours (Manufacturing) Index of Non-Scheduled Worked Hours(Industries Covered) (=C5)
C6:Index of Producer's Shipment (Investment Goods Excluding Transport Equipments) unchanged (=C6)
C7:Retail Sales Value (Change From Previous Year) unchanged (=C7)
C8:Wholesale Sales Value (Change From Previous Year) unchanged (=C8)
C9:Operating Profits (All Industries) unchanged (=C9)
C10:Index of Sales in Small and Medium Sized Enterprises (Manufacturing) Index of Shipment in Small and Medium Sized Enterprises (Manufacturing) (=C10)
C11:Effective Job Offer Rate (Excluding New School Graduates) unchanged (=C11)
3. Lagging Index
Old components New components
Lg1:Index of Tertiary Industry Activity (Business Service) unchanged (New Definition) (=Lg1)
Lg2:Index of Regular Workers Employment (Manufacturing) (Change From Previous Year) Index of Regular Workers Employment(Industries Covered) (Change From Previous Year) (=Lg2)
Lg3:Business Expenditures for New Plant and Equipment at Constant Prices (All Industries) unchanged (=Lg3)
Lg4:Living Expenditure (Workers' Households) (Change From Previous Year) unchanged (=Lg4)
Lg5:Corporation Tax Revenue unchanged (=Lg5)
Lg6:Unemployment Rate unchanged (=Lg6)

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Cabinet Office, Government of JapanEconomic and Social Research Institute
1-6-1 Nagata-cho, Chiyoda-ku, Tokyo 100-8914, Japan.