(a) January 1990: the triple sell-off in the yen, equity, and bond markets, which is considered the beginning of the bursting of the asset-price bubble; and (b) November 1997: the bankruptcy of Sanyo Securities, which is considered the start of a series of financial institution bankruptcies Data is called a leading indicator if the Juglar cycle extracted turns down before the above two crises, or a lagging indicator if the extracted Juglar cycle turns down after the two crises.
FCIXs comprise leading and lagging indexes. Kamada and Nasu propose three different types of index: type D, C, and B.