Download of Multilateral ECM Brief

Latest: ECM_202403 (published on March 27, 2024).

Multilateral ECM

The Multilateral ECM provides a high-frequency indicator that effectively measures real energy cost differentials across eight industrialized countries: China, France, Germany, Italy, Japan, South Korea, the UK, and the U.S., developed by Nomura Lab, Keio Economic Observatory (KEO), Keio University, Tokyo, Japan.
For the details on the measurement framework and primary data sources, see Nomura, Koji and Sho Inaba (2024) "Post-Pandemic Surges of Real Unit Energy Costs in Eight Industrialized Countries," RCGW Discussion Paper No.70, Research Center on Global Warming, Development Bank of Japan, March.
The first multilateral ECM was released in March 2024. The framework and data will continue to be revised as needed. Further information, please contact us at

Copyright Notice

The copyright for all materials published in ECM belongs to Nomura Lab, Keio Economic Observatory, Keio University. However, they may be freely printed, reproduced, cited, reprinted, or used for secondary purposes, provided that the source is attributed as "Multilateral Energy Cost Monitoring (ECM), Nomura Lab, Keio Economic Observatory, Keio University." No formal application is required, but we would appreciate it if you could contact us at


Data Publication Date ECM Brief
ECM_202404 To be published on April 29, 2024 n.a.
ECM_202403 March 27, 2024 [pdf]
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