JPX-Nikkei Index 400
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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.
JPX-Nikkei 400 is composed common stocks whose main market is the Tokyo Stock Exchange Prime Market, Standard Market or Growth Market (in principle).
The components are reviewed annually to keep the representativeness of the market. The Annual Review shall be conducted at the end of August as follows.(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. When the Annual Review is conducted, the number of components is back to 400, therefore the index is calculated with less than 400 components until then.
The index is calculated based on market capitalization adjusted by FFW (Free Float Weight). The index is calculated by dividing the current total free float adjusted market value by "base market value". Base market value is adjusted to maintain continuity in the index when the market value of constituents changes for non-market reasons. 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.
Base Date
The index was calculated from January 6, 2014. The inception value was 10,000 points on August 30, 2013 (calculation base date) and calculated retroactively back to August 31st, 2006. The index is calculated every 1 second during the trading hours of the Tokyo Stock Exchange.
Publication of FFW
The publications of "FFW Change for JPX-Nikkei 400" and "FFW for the new JPX-Nikkei 400 constituent" are terminated at the end of October. Also effective as of the end of October 2016, the constituent weights will be updated on the last business day of the following month and publication of "FFW Ratio Following Cap-adjustment" is terminated.
Derived Index
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