---
source: Cabinet Office, Economic and Social Research Institute (ESRI), Government of Japan
url: https://www.esri.cao.go.jp/en/stat/di/0427ci.xlsx
document_type: xlsx
date_retrieved: 2026-04-27
period: February 2026 (revised release)
parent_publication: Indexes of Business Conditions (Composite Indexes)
indicators_covered: [Leading Economic Index, Coincident Index, Lagging Index]
---

# Indexes of Business Conditions — February 2026 (Revised Release)

**Release date:** April 27, 2026

**Assessment of Coincident Index:** "Halting to fall"

**Source document:** Historical Data Excel file (Composite Indexes, base 2020=100) published by the Cabinet Office ESRI. This consolidated workbook contains the official composite Leading, Coincident, and Lagging Economic Indexes along with reference series.

## Composite Indexes Table (most recent 24 months)

| Year | Month | Leading Index | Coincident Index | Lagging Index |
|------|-------|---------------|------------------|---------------|
| 2026 | 02 | 113.3 | 116.3 | 113.1 |
| 2026 | 01 | 112 | 118.1 | 112.8 |
| 2025 | 12 | 110.4 | 114.6 | 112.2 |
| 2025 | 11 | 109.5 | 114.9 | 113.4 |
| 2025 | 10 | 109.2 | 115.8 | 113.1 |
| 2025 | 09 | 108 | 115.1 | 113.2 |
| 2025 | 08 | 106.9 | 114 | 113 |
| 2025 | 07 | 106.1 | 115 | 114.1 |
| 2025 | 06 | 105.3 | 115.8 | 114 |
| 2025 | 05 | 104.3 | 115.9 | 114.4 |
| 2025 | 04 | 104.3 | 115.8 | 113.4 |
| 2025 | 03 | 107.1 | 115.9 | 112.1 |
| 2025 | 02 | 107.1 | 116.6 | 112.1 |
| 2025 | 01 | 107.6 | 116.3 | 112.1 |
| 2024 | 12 | 107.4 | 116.4 | 110.7 |
| 2024 | 11 | 107.6 | 115.3 | 110 |
| 2024 | 10 | 108.4 | 115.9 | 109.7 |
| 2024 | 09 | 108.4 | 114.2 | 109.1 |
| 2024 | 08 | 107.5 | 114.1 | 109.8 |
| 2024 | 07 | 109.2 | 115.6 | 109.2 |
| 2024 | 06 | 109.8 | 114.8 | 108.8 |
| 2024 | 05 | 111 | 115.6 | 109.2 |
| 2024 | 04 | 110.6 | 114.6 | 107.7 |
| 2024 | 03 | 111.3 | 113.7 | 108.1 |

**Latest values (February 2026):**
- Leading Economic Index: **113.3** (previous: 112)
- Coincident Index: **116.3** (previous: 118.1)
- Lagging Index: **113.1** (previous: 112.8)

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### Document Structure and Coverage

The Excel sheet `指数 Indexes` contains the following structure:
- Row 1: Section title — ＣＩ指数 (Composite Indexes)
- Row 2: English subtitle — Composite Indexes
- Row 3: Japanese column headers (先行指数, 一致指数, 遅行指数, etc.)
- Row 4: English column headers (Leading Index, Coincident Index, Lagging Index, plus no-outlier versions and Diffusion Indexes)
- Row 5–6: Unit notes — base year 2020=100 for composite indexes; Diffusion indexes have no unit
- Rows 7 onward: Monthly data records from 1980-01 to present

**Column mapping (primary composite indexes):**
- Column D (index 3): `先行指数` / `Leading Index` (outlier-adjusted, 2020=100)
- Column E (index 4): `一致指数` / `Coincident Index` (outlier-adjusted, 2020=100)
- Column F (index 5): `遅行指数` / `Lagging Index` (outlier-adjusted, 2020=100)

**Data characteristics:**
- Frequency: Monthly
- Observations: 554 months (1980-01 to 2026-02)
- Base year: 2020 = 100

### Methodology notes (from component indicator sheets)

**Leading Index sheet footnote (L6 – Consumer Confidence Index):**
> (注)「L6消費者態度指数」は2001年11月分以降が月次データであり、2001年10月分以前は四半期データから月次のＣＩを計算するため四半期に該当する3か月のそれぞれの変化量を等しいとして線形補間している(4－6月期分であれば6月分に四半期値を代入)。

**Coincident Index sheet footnote (C8 – Operating Profits):**
> (注)「C8営業利益(全産業)」は四半期データであるが、月次のＣＩを計算するため四半期に該当する3か月のそれぞれの変化量を等しいとして線形補間している(4－6月期分であれば6月分に四半期値を代入)。

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*End of extracted content from the Cabinet Office ESRI Indexes of Business Conditions historical composite index release.*