Japan's Key Economic Index Down 2.6 Points to 6-Year Low

Japan's composite index (CI) of coincident economic indicators sank for the sixth consecutive month in January to the lowest level since December 2002, the cabinet office said in a preliminary report Tuesday.

The key gauge of Japan's current economic state lost 2.6 points from the previous month to 89.6, compared with 100 for the base year of 2005, said the report.

The office maintained its basic view for the eighth straight month, labeling the nation's economy as "worsening".

The CI consists of a wide range of indicators such as industrial production, large-lot electricity use, overtime work hours at manufacturers, wholesale and retail sales, and the ratio of job offers to job seekers.

The index of leading indicators declined for four months in a row, shedding 2.3 points to 77.1 while that of lagging indicators fell for the 10th straight month, down 1.2 points to 92.1.