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Japan's leading composite index posts 2nd consecutive monthly drop

Japan's leading composite index posted a second consecutive monthly drop in October, preliminary data from the Cabinet Office of Japan showed.

The index, which anticipates changes in the direction of the economy, was down to 106.1 in the month after having slipped to a revised 106.5 figure in September.

October's coincident composite index, which indicates the current economic state, posted 116.5, reversing some of the drop to 116.2 seen in the month before. The index retained its "improving" assessment.

Meanwhile, the lagging composite index, which is a measure of turning points and business cycle phases, climbed for the third month in a row in October to hit the highest level since October 2008 of 118.4, compared to 117.3 in September, the data showed.