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The new stock price indices are classified according to market capitalization and liquidity, and are based on all stocks listed on the TSE first section. The new indices are TOPIX Core 30, TOPIX 100, TOPIX 500, TOPIX 1000,TOPIX Small, TOPIX Large 70, TOPIX Mid 400. Their composition is illustrated below.
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ADVANTAGES OF THE NEW INDICES
- Component stocks based on market capitalization and liquidity
The selection of stocks is based on market capitalization and liquidity, making it easy for investors to assess the size of each of the component stocks. Component stocks will be revised every September in order to accurately reflect the market.
- Transparency of selecting component stocks
In order to avoid ambiguity, the decision of whether or not to include a stock in the indices will be based purely on numerical values such as market capitalization and trading value.
- Well-known component stocks
The large companies whose stocks make up the "Core 30" and "TOPIX 100" indices are well known not only to domestic investors, but also to foreign investors.
CALCULATION METHOD
- Calculation method
The market capitalization weighted average will be calculated to 2 decimal places (the same as for TOPIX).
- Base date
The indices are set at 1000 points, as of April 1,1998.(TOPIX 1000 will be set at 1000 points, as of September 12, 2003.)
- Calculation starting date
April 2, 1998 (TSE will begin calculation and publication of the TOPIX 1000 from September 16, 2003.)
- Public Information
Tick movements will be transmitted by the TSE market information system to securities companies and information vendors.
TOPIX Core 30 etc.
