23 March 2001, 16:50 Japan February corporate service prices down 0.7% year
Tokyo, March 23 (BridgeNews) - Japan's February corporate service price
index averaged 96.2 (1995=100), down 0.7% on the year and down 0.1% on the
month, the Bank of Japan announced Friday. Year-on-year falls in the February
CSPI surpassed a 0.3% drop in both December and January.
The BOJ has said the CSPI continues to show small drop in the monthly
economic and financial report for March released Wednesday.
Japan's CSPI covers services provided to corporations in seven major
sectors, including finance, based on trading volume.
The BOJ said real estate, finance and insurance, communication and
broadcasting, rental and leasing and other services helped lower the February
CSPI on the year.
Also, the BOJ said another CSPI, which is designed to measure the strength
of domestic demand, fell 1.4% on the year in February, accelerating from a 1.1%
drop in December and a 1.3% fall in January.
This CSPI excludes regulated service charges, overseas freighting and
travel charges and charges of some services which are very volatile.
The BOJ has revised the past CSPI figures back to January 1985 by shifting
the base year from 1990 to 1995 starting with the release of the November 1999
data.
Also, the BOJ has revised the weighting of seven major CSPI components,
reflecting changes in the structure of the Japanese economy. For example, the
BOJ has increased the weighting of telecommunication charges, personal computer
leasing charges and charges for financial services in the new data.
As a result, the October 1999 index stood at 97.2 with the new base, which
is equivalent to 102.0 with the old base.
The domestic wholesale price index for February, released earlier, averaged
95.7, down 0.4% on the year and unchanged on the month.
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