The key gauge of the current state of the economy was above the boom-or-bust line of 50 percent in January for the first time in three months, the government said Friday.

The index of coincident economic indicators stood at 88.9 percent, a jump from a revised 40 percent registered in December, the Cabinet Office said in a preliminary report.

Despite the enormous monthly advance, the government still considers the economy to be in an overall neutral trend, a Cabinet Office official said.