Japan's economy may slow over coming months, while there are signs that China's economy is stabilizing, according to leading indicators released Monday by the Organization for Economic Cooperation and Development.

The Paris-based research body said its gauges of future economic activity—which are based on information available for December—continue to point to slowdowns in the U.S., the U.K. and Russia, steady growth in the eurozone, and an acceleration in India.

As with Japan, the OECD said its leading indicators for Canada now show "signs of easing growth," having previously pointed to stable growth.

Late last month, the Bank of Japan set a key short-term interest rate below zero as part of a broader effort to reinvigorate a sputtering economy and sluggish inflation.

Three years after taking office, Prime Minister Shinzo Abe's effort to revive Japan's economy are still struggling to gain traction. The economy contracted in the second quarter of last year, but grew slightly in the third quarter. Figures for the fourth quarter of 2015 will be released Feb. 15. The OECD's leading indicators indicate that the economy was on course for a weak 2016 before the BOJ decided to take fresh action.

However, the leading indicators for China and Brazil suggest that slowdowns in two of the world's largest developing economies may come to an end over coming months. According to the OECD, the gauges of future activity point to "tentative signs of stabilization."

The OECD said its leading indicator China rose to 98.1 in December from 98.0 in November, its second straight month of increase.

The OECD's leading indicators are designed to provide early signals of turning points between the expansion and slowdown of economic activity, and are based on a variety of data series that have a history of anticipating swings in future economic activity. The changes in economic activity signaled by the indicators usually follow six to nine months after they are recorded.

Taken as a whole, the indicators suggest the global economy is unlikely to pick up significantly in 2016, with only India and France set for an acceleration.

The OECD's composite leading indicator for its 34 members fell to 99.7 from 99.8 in November. A reading below 100.0 points to growth that is slower than normal.

Write to Paul Hannon at paul.hannon@wsj.com

(END) Dow Jones Newswires

February 08, 2016 06:35 ET (11:35 GMT)