JPX-Nikkei Index 400

Overview

The JPX-Nikkei Index 400 is composed of companies with high appeal for investors, which meet requirements of global investment standards, such as efficient use of capital and investor-focused management perspectives. The index was jointly developed by Nikkei, Japan Exchange Group and Tokyo Stock Exchange.

• Chart
• Constituents
  Common stocks whose main market is the Tokyo Stock Exchange Prime Market, Standard Market or Growth Market (in principle)
• Periodic review
  Annually (August)
• Selection rules
  • (1)1000 stocks are selected based on trading value in the past 3 years and the market value on the selection base date (the end of June) of the Annual Review, (2)Each stock is scored by 3-year average ROE, 3-year cumulative operating profit and market value on the selection base date with the weights on the each indicator 40%, 40%, 20% respectively, (3)400 stocks are selected by the final ranking with the scores calculated in (2) and qualitative factors from the perspectives of corporate governance and disclosure.
  • In case of delisting of the components due to a merger or bankruptcy etc, new stocks shall not be added in principle.
• Number of constituents
  400
• Weighting
  Free-float adjusted market value weight (1.5% cap)
• Calculation Method
  • The index is calculated based on market capitalization adjusted by FFW (Free Float Weight) and the index is calculated by dividing the current total free float adjusted market value by "base market value".
  • In case where the cap maximum of the components exceed 1.5% at the Annual Review, the each weight to the total market value of the index shall be adjusted within 1.5% at the end of June, the selection base date of the Annual Review.
• Calculation frequency
  Real time (every 1 second)
• Commencement date
  January/06/2014
• Inception date
  August/31/2006
• Calculation base date
  August/30/2013 ＝ 10,000