Global Leading Indicators

The positive financial components along with suspension of transactions and new construction drove LEI higher in the last month of 2025

The annual growth rate of the Japan LEI remained positive in December

About The Conference Board Leading Economic Index® (LEI) and Coincident Economic Index® (CEI) for Japan.
The composite economic indexes are key elements in an analytic system designed to signal peaks and troughs in the business cycle. Comprised of multiple independent indicators, the indexes are constructed to summarize and reveal common turning points in the economy in a clearer and more convincing manner than any individual component.

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:

• Real Money Supply, M2 + CD Money 
• Yield Spread, (10 year gov bonds minus Uncollateralized: Overnight Rate) 
• Stock Price Index 
• Dwelling Units Started 
• Suspension of transactions 
• Tankan Business Conditions, All Enterprises, All Industries 
• Six-Month Growth Rate of Labor Productivity Mfg 
• Real Operating Profits 
• New Orders for Machinery and Construction 
• Index of Overtime Worked, Mfg 

The four components of the Coincident Economic Index® for Japan are:

• Number of Employed Persons 
• Industrial Production 
• Wage and Salary Income 
• Real Retail, Wholesale, and Manuf. Sales

To access data, please visit: https://data-central.conference-board.org/