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The Changed Components of the Indexes of Business Conditions

August 6, 2015
March 8, 2017 (Revised)

   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 July 24, 2015 to change significantly the components of the indexes for the first time after October 2011, following the determination by the Committee for Business Cycle Indicators.
   The information of the changed components is shown in the table below.
(1 series (Index of Shipment in Small and Medium Sized Enterprises (Manufacturing)) of components (Coincident Index) has been excluded (March 8, 2017) , because the updating of "Indices of Industrial Production on SMEs" was ceased in February, 2017. )

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) Machinery Orders at Constant Prices (Manufacturing) (=L4)
L5:Total Floor Area of New Housing Construction Started unchanged (=L5)
L6:Consumer Confidence Index unchanged (=L6)
L7:Nikkei Commodity Price Index (42items) unchanged (=L7)
L8:Interest Rate Spread Money Stock (M2) (Change from Previous Year) (=L8)
L9:Stock Prices (TOPIX) unchanged (=L9)
L10:Index of Investment Climate (Manufacturing) unchanged (=L10)
L11:Sales Forecast DI 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 excluded
C4:Index of Producer's Shipment of Durable Consumer Goods unchanged (=C3)
C5:Index of Non-Scheduled Worked Hours (Industries Covered) unchanged (=C4)
C6:Index of Producer's Shipment (Investment Goods Excluding Transport Equipments) unchanged (=C5)
C7:Retail Sales Value (Change From Previous Year) unchanged (=C6)
C8:Wholesale Sales Value (Change From Previous Year) unchanged (=C7)
C9:Operating Profits (All Industries) unchanged (=C8)
C10:Index of Shipment in Small and Medium Sized Enterprises (Manufacturing) excluded (March 8, 2017)
C11:Effective Job Offer Rate (Excluding New School Graduates) unchanged (=C9)
3. Lagging Index
Old components New components
Lg1:Index of Tertiary Industry Activity (Business Services) unchanged (=Lg1)
Lg2:Index of Regular Workers Employment (Industries Covered) (Change From Previous Year) unchanged (=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)(Not Including Agricultural, Forestry and Fisheries) unchanged (=Lg4)
Lg5:Corporation Tax Revenue unchanged (=Lg5)
Lg6:Unemployment Rate unchanged (=Lg6)
none Contractural Cash Earnings (Manufacturing) (=Lg7)
none Consumer Price Index (All items, Less Fresh Food) (Change from Previous Year) (=Lg8)
none Index of Producer's Inventory (Final Demand Goods) (=Lg9)

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