TOPIX

The Tokyo Stock Price Index (東証株価指数), commonly known as the TOPIX, is an important stock market index for the Tokyo Stock Exchange (TSE) in Japan, along with the Nikkei 225. The TOPIX tracks the entire market of domestic companies and covers most stocks in the Prime market and some stocks in the Standard market. It is calculated and published by the TSE. As of January 2025, there are planned to be 1,716 companies listed on the TSE, since about 400 stocks with low liquidity were phased out after the TSE reform in 2022.

The index transitioned from a system where a company's weighting is based on the total number of shares outstanding to a weighting based on the number of shares available for trading (called the free float). This transition started in October 2005 and was completed in June 2006. Although the change is a technicality, it had a significant effect on the weighting of many companies in the index, because many companies in Japan hold a significant number of shares of their business partners as a part of intricate business alliances, and such shares are no longer included in calculating the weight of companies in the index.

The TOPIX index is traded as a future on the Osaka Exchange under the ticker symbol JTPX.[1] The CQG contract specifications for the TOPIX Index are listed below. TSE currently calculates and distributes TOPIX every second and further plans to launch a new High-Speed Index dissemination service provided at the millisecond level starting from February 28, 2011.

History

• 1969-07-01　TSE to begin calculating and publishing "TOPIX" and "TOPIX Sector Indices"
• 1969-08-18　TSE to begin calculating and publishing "Tokyo Stock Exchange Second Section Stock Price Index"
• 1988-09-03　TOPIX Future Trades begin at TSE
• 1989-10-20　TOPIX Option Trades begin at TSE
• 1998-08-02　TSE to begin calculating and publishing "TOPIX New Index Series"
• 1999-02-01　TSE to begin calculating and publishing "TOPIX Total Return Index"
• 2001-07-13　TOPIX ETF Trades begin TSE
• 2003-08-01　TSE to begin calculating and publishing "Tokyo Stock Exchange REIT Index"
• 2003-09-16　TSE to begin calculating and publishing "Tokyo Stock Exchange Mothers Index"
• 2005-10-31 Introduction of Free Float Adjusted Indices (Shift in three phases)
• 2005-11-17 Lyxor AM (Lyxor Asset Management) introduces Lyxor ETF Japan (TOPIX) for trading on Euronext Paris
• 2006-04-05 Lyxor (Societe Generale) lists on Borsa Italiana a UCITS III compliant ETF with TOPIX as the underlying index
• 2006-04-25 Development of New Custom Index that incorporates Corporate Social Responsibility (CSR)

Statistics (close price)

The following table shows the annual development of the TOPIX from 1985.[2]

TOPIX components

TOPIX new index series

• 1) New companies which have not been listed on the TSE for 6 months or more, out of the companies listed on the 1st section of the TSE

See also

• Nikkei 225

External links

• Bloomberg page for TPX:IND
• TSE: Stock price index – real time (archived 25 December 2010)
• TSE: Index Value Data (archived 26 December 2010)
• TOPIX profile at Wikinvest