Japan leading index dropped to 96.3 in March, down from 97.1. Coincidence indicator dropped to 101.9, down from 102.8. The Cabinet Office described the assessment of coincidence index as “worsening”. That’s a clear follow up to February’s assessment of  “a turning point towards a downgrade”.

The deterioration in economic situation raised the chance that Japan is already heading to a recession. US-China trade conflict has been a clear drag to the export-led economy. With current escalation in tensions, Japan could start to feel heavier impact ahead.

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