Nikkei Business Index
FactSheet
Nikkei Business Index is designed to reflect the economic trends broadly. To combine the change rate ofindicators which represent 3 aspects (production, demand, labor) of the economics, it indicates not only theeconomic trends but also the economic levels. It is calculated based on 3 indices ("Industrial Production","Commercial Sales Value", "Active Job Openings-to-Applicants Ratio") and has been calculated and announced
monthly since June 2000 (retroactively calculated in the past to January 1973). At present, the year 2020 isspecified as the reference year (100 in 2020). The reference year is periodically reviewed.
Nikkei Business Index is applied to Stock and Watson methodology which was developed by US economists
James Stock and Mark Watson. It estimates the common elements in plural economic indicators using Kalmanfilter, one of the time-series analysis methods. As it consists of only flash monthly indicators, it has the advantagethat data are able to be calculated approximately at the end of next month.
■Graph (May/2023)
115
110
105
100959085
80
2018/6

2019/62020/62021/62022/6<<Disclaimer>>
The Nikkei Business Index, which is calculated by a method independently developed by Nikkei Inc. (hereinafter "Nikkei"), is a copyrightable work.
Nikkei owns the copyright and any other intellectual property rights in the Nikkei Business Index itself, and the method for calculating the Nikkei
Business Index and the like. All ownership of trademarks and any other intellectual property rights with respect to marks representing "Nikkei Inc.,""Nikkei," and "Nikkei Business Index" belongs to Nikkei. Nikkei owns the right to change the content of the Nikkei Business Index, such as thecalculation method thereof, and the right to suspend the publication thereof. Nikkei is not obliged to continuously publish the Nikkei BusinessIndex, nor is it liable for any error or delay in, or discontinuation of the publication thereof. Nikkei does not give any warranty, nor is it responsible
for any and all financial instruments and the like, which are based on, or otherwise refer to, the Nikkei Business Index.
<<Regarding this material>>
This material is a copyrightable work of Nikkei. It is prohibited to copy, reproduce, reprint, or circulate all or part of this material in any form
without Nikkei's permission. This material was prepared for in-depth understanding of the Nikkei Business Index, but is not for the purpose ofsoliciting any sale or purchase of financial instruments and the like, which are based on, or otherwise refer to, the Nikkei Business Index. Thismaterial was prepared based on various types of information and data, which were deemed reliable as of the time of the preparation of this material.
However, Nikkei is not liable for its accuracy, appropriateness, completeness, and the like. In addition, Nikkei assumes no liability for any costs ordamages accrued from using information contained in this material. It is not guaranteed that this material will always be kept updated, and thismaterial may change without any prior notice. Methods or the like different from this material may apply to the operation of indices subject to thismaterial. In any event, the latest information disclosed by Nikkei prevails.

FS-NBI-E-20230500<<Contact>>
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Index Business OfficeTel: +813-6256-7341
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