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For Release 10:30 AM ET, January 12, 2026
Using the Composite Indexes: The Leading Economic Index (LEI) provides an early indication of significant turning points in the business cycle and where the economy is heading in the near term. The Coincident Economic Index (CEI) provides an indication of the current state of the economy. Additional details are below.
The Conference Board Leading Economic Index®(LEI) for Japan rose by 0.1% in November 2025 to 88.1 (2016=100), slowing down from an increase of 0.5% in October. Over the six-month period from May to November 2025, the LEI for Japan also increased by 1.1%, an improvement compared to the 0.1% decline recorded between November 2024 and May 2025.
The Conference Board Coincident Economic Index® (CEI) for Japan fell by 0.4% in November 2025 to 98.0 (2016=100), after being unchanged in October. Over the most recent six-month period ending in November 2025, the CEI ticked down by 0.1%, continuing the 0.3% decline observed over the previous six months (November 2024 to May 2025).
Note for Change in Annual BCI Benchmark Revision Timing
Annual BCI Benchmark Revisions
Release of the annual benchmark revisions for Business Cycle Indicator (BCI) composite economic indexes will be moved from January 2026 to June 2026. Releases in subsequent years will also be in June. This modification ensures that the sample period fully incorporates the most recent completed calendar year of the underlying components (source data) of composite indexes (leading and coincident). This data is used for calculating standardization factors and subsequently trend adjustments.
Due to the change in revision release timing from January to June, the cutoff for incorporating source data revisions into the benchmark process will shift accordingly:
- For the next benchmark revision in June 2026, the cutoff used for calculating standardization factors and trend adjustment will be December 2025, rather than December 2024.
- This change in timing allows the volatility calculations and factor updates to reflect a more complete dataset prior to the annual recalculation of the historical composite indexes.
The next release is scheduled for Wednesday, February 11, 2026, at 10:30 A.M. ET.
Positive financial components and suspension of transactions together with labor productivity drove LEI higher in November
The annual growth rate of the Japan LEI remained positive in November
About The Conference Board Leading Economic Index® (LEI) and Coincident Economic Index® (CEI) for Japan.
The CEI reflects current economic conditions and is highly correlated with real GDP. The LEI is a predictive tool that anticipates—or “leads”—turning points in the business cycle by around four months.
The ten components of the Leading Economic Index® for Japan are:
To access data, please visit: https://data-central.conference-board.org/
About The Conference Board The Conference Board is the member-driven think tank that delivers Trusted Insights for What’s Ahead®®. Founded in 1916, we are a non-partisan, not-for-profit entity holding 501 (c) (3) tax-exempt status in the United States. TCB.org
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All release times displayed are Eastern Time
Note: Due to the US federal government shutdown, all further releases for The Conference Board Employment Trends Index™ (ETI), The Conference Board-Lightcast Help Wanted OnLine® Index (HWOL Index), The Conference Board Leading Economic Index® of the US (US LEI) and The Conference Board Global Leading Economic Index® (Global LEI) data may be delayed.
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