Nikkei 225 Domestic Exposure 50 Index is the equal-weighted stock index designed for focusing on trend of Japanese equities with high domestic exposure. The constituesnts are chosen from the Nikkei 225 constituents using a gauge "Oversea Sales Ratio" (the ratio of oversea sales from outside Japan to the gross sales of each company).
The 50 issues are selected from the constituents of the Nikkei Stock Average (Nikkei 225).
Changes in constituents
The constituents are changed at the end of October (final business day) as a result of the Periodic Review once a year. Using the "Oversea Sales Ratio" reported by Securities Reports of the companies whose accounting fiscal year has ended till March in each year, the stocks with lower "Oversea Sales Ratio" will be added and the stocks with higher "Oversea Sales Ratio" will be deleted. In case that companies have the same "Overseas Sales Ratio", the company with higher liquidity (average daily trading values for a one year) will become an added stock preferentially. Although Nikkei extraordinarily removes the stocks deleted from the Nikkei 225, the new constituents will not be added for the removals and the number of the constituents will be back to 50 at the next Periodic Review.
The index is calculated by summing up the constituent share prices multiplied by the Weight Factors, and dividing the summation by the Divisor. The Weight Factor is determined by the constituent share prices on the Base Date. However, the constituents' weights with low liquidity (lowest 20%) shall be halved. Although the Weight Factor remains unchanged in principle until the next Periodic Review, it will be adjusted in case of the stock split or reverse split, based on the ratio.
Base date etc.
The commencement date of the calculation is April 15th 2019, which has been retroactively calculated to December 28th 2001 with the level of 10,000. This index is calculated on an end-of-day basis.
Nikkei Stock Average (Nikkei 225)
Nikkei 225 Global Exposure 50 Index