Japan's index of coincident economic indicators—which tracks factory output, employment, and retail sales—fell to 115.5 in April 2025 from a downwardly revised 115.8, preliminary estimates showed. This marked the lowest level since last November, as persistently high costs continued to weigh on private consumption and the burden of steep US tariffs intensified. Japan’s trade performance was mixed during the month: imports declined, while exports grew at the slowest pace in seven months, dampened by the impact of new US tariffs. On the monetary side, the Bank of Japan unanimously held its key short-term interest rate at around 0.5% during its March meeting—the highest level since 2008. The board signaled continue raising its policy interest rate and adjusting monetary accommodation if its economic and price outlook materializes.