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Japan Nov coincident indicator index -2.8 points m/m

Published 01/09/2009, 12:02 AM
Updated 01/09/2009, 12:08 AM

TOKYO, Jan 9 (Reuters) - Japan's index of coincident economic indicators fell 2.8 points to a preliminary 94.9 in November from 97.7 in October, government data showed on Friday, signalling that the world's second-largest economy faces an even deeper recession.

The index of leading economic indicators, compiled using data such as the number of new job offers and consumer sentiment, fell 3.7 points to a preliminary 81.5 in November.

The Cabinet Office maintained its assessment on the coincident index, saying the economy was worsening. That phrase is defined as a provisional judgment that the economy is likely to be in recession.

The assessment is decided automatically based on moves in the coincident index in the previous few months.

The Japanese government defines a recession as the period between the peak and trough of the economic cycle, rather than the often used definition of two straight quarters of economic contraction.

The economy contracted in the two quarters to the end of September, and analysts fear it may have shrunk even more sharply in the final quarter of last year. (Reporting by Yuzo Saeki; Editing by Hugh Lawson)

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