The Nikkei Stock Average Dividend Point Index is an index that accumulates dividends received from the companies when investors are supposed to hold the constituents of the Nikkei Stock Average (Nikkei 225) on a calendar year basis, i.e. January to December in a year. The index is calculated by substituting the each actual dividend per share into the formula of the Nikkei 225 every time the each dividend value is fixed. Its final index value of the year is published at the beginning of April in the subsequent year after the all dividend payments of the constituents are fixed. The index is expressed with a year such as the Nikkei Stock Average Dividend Point Index (2011) since the index is calculated by accumulating the dividends every calendar year basis.
Dividends to cover
Gross cash dividends whose ex-dividend dates are between January 1 and December 31, including special dividends and commemorative dividends
The index is calculated by substituting the received dividends of the constituents into the formula of the Nikkei 225. After adjusting the each dividend by the presumed par value, the adjusted value shall be divided by the divisor on its ex-dividend date and accumulated. The index value is expressed with two decimal places in Japanese yen.
Timing to include
Dividend paid corresponding to the annual accounting period shall be included on the next dates of the annual regular shareholder meetings. Dividends paid on the other dates shall be included on the next dates of the publication by the companies
Base date etc
The commencement date of the calculation was April 9th 2010, which had been retroactively calculated in the past to 1998. The index is calculated and published on the end-of-day basis at around 3pm on every business date.