“True Price Index” utilizing POS data.
Nikkei CPINow - T Index

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High precision price trend display using POS data from 800 stores nationwide.

Retail price trends, trend in sales, allows for multifaceted analysis of price level

Possible to grasp differences in price increase in each region

T Index utilization example. The BOJ has been using the Nikkei CPINow
T Index for materials and discussion concerning monetary policy decisions

Quoted in Govenor of BOJ Haruhiko Koroda's presentation material

Looking at the movement of the daily and weekly price indexes for food and daily necessities, since last spring there has been a notable trend of expansion observed which has not seen change until recently.

Comparison between the Nikkei CPINow and Hitotsubashi Price Index

Details of T Index can be found here An analysis example using the T Index can be found here

Discussed at the Bank of Japan Monetary Policy Meeting

Proceedings of the Monetary Policy Meeting (held in March 2016) VI. Summary of the review of the committee at the time on monetary policy management

Consumer prices (excluding fresh foods and energy) in January decreased compared to the plus width of last year , as a result of sluggish sales due to the warm winter. Taking into account the daily and weekly price movements, it was recognized that there was no change to the long term trend.

Press Conference after the monetary policy decision meeting (December 2015)

Even after looking at corporate pricing behaviour, price revisions since April have continued steadily. The daily and weekly University of Tokyo and Hitotsubashi University price index even show the maintenance of high values.

Source - The Bank of Japan

MODE index allows for in depth analysis of price levels

Capture fluctuations in the inflation trend.
Nikkei CPINow / Mode Index

In order to differentiate between temporary movements of prices and long term trends, it is necessary to eliminate noise such as discounts etc. In order to achieve this we need to follow the movement of prices with low noise.

特売効果 通常価格寄与(mode指数
Details of the MODE index can be found here

Ratio of items rising in price and items decreasing in price

The end of the inflationary environment

Recently, the component ratio of items decreasing in price has begun to rise. The component ratio of increasing price items and decreasing price items is provided on a daily basis.

Movement of price increase / price decrease items component ratio (days).

Click here for details on the ratio of products
increasing in price and decreasing in price

Sales Index:Allows for analysis of consumption in addition to price level

Sales Index that allows for prompt identification of consumption trends

Fastest in the country to grasp consumption trends.

  • Daily index provided 2 days after.
  • Monthly Index provided on the 3rd of following month.

By looking at the sales and price index together, it is possible to analyze whether the movement in price is being caused by demand / supply factor.

T Index Sales (25-day moving average) and macro monthly consumption related index

Nikkei CPINow by region can capture differences in inflation between different areas


  • In the vicinity of the city office of subject cities, we compute the price level from the POS data of 30 stores.

Subject cities and data period

  • Hokkaido region:01/01/2015
  • Tohoku region, Kanto region, Hokuriku region, Tokai region, Kinki region, Chugoku region, Shikoku region, Kyushu region:01/01/2010


  • In the vicinity of the city office of subject cities, we compute the price level from the POS data of 30 stores.

Subject cities and data period

  • Hokkaido region:01/01/2015
  • Saitama City, Chiba City, Yokohama City, Osaka City, Kobe City, Nara City:01/01/2015
  • Sendai City, Hiroshima City, Fukuoka City:01/01/2015
  • Sapporo City:01/01/2015
  • Kanazawa City, Nagoya City, Okayama City, Matsuyama City, Kumamoto City:01/01/2015

Replicate data of the Ministry of Internal Affairs and Communication CPI through the use of POS data and Web-Scraping
Nikkei CPINow · S index

Made public 10 days earlier

We realize highly precise and accurate predictions

Fast prediction of decline in Tokyo's Ward CPI

Speed of Nikkei CPINow

(Example) Ministry of Internal Affairs and Communications CPI and Nikkei CPINow for January 2016








(Tokyo's Ward CPI)



Stock Brokerage Firm
Mr A

  • The Ministry of Affairs and Communications (National) utilizes the Tokyo Ward CPI from the previous month to make estimations and predictions.
  • When predicting the CPI of the Tokyo ward section, when predicting the past I, we perform analysis of past trends.
  • In forecasting the CPI of Ministry of Internal Affairs and Communications, the T index that is released 2 days after the investigation day, the S index that is released 10 days earlier than the Tokyo Ward Department are indispensable indicators.

Turning Point of official CPI

The S Index indicated a decline one month in advance of the BOJ Core Core

(Example) Ministry of Internal Affairs and Communications CPI and Nikkei CPINow for January 2016

BOJ Core Core Actual Value Preliminary Value using the S Index
Sep-2015 1.20% 1.21%
Oct-2015 1.20% 1.36%
Nov-2015 1.20% 1.43%
Dec-2015 1.30% 1.42%
Jan-2016 1.10% 1.31%
Feb-2015 1.21%
Mar-2015 1.21%

City Bank
Mr B

  • When the Nikkei CPINow ・S Index fell in January we were at first a bit skeptical, however, upon learning that the overall, Core, Core Core Tokyo Ward Index CPI along with the BOJ Core Core also all fell , the reputation of the S Index increased significantly.