Girish Mahajan (Editor)

TOPIX

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Tokyo Stock Price Index (東証株価指数), commonly known as TOPIX, along with the Nikkei 225, is an important stock market index for the Tokyo Stock Exchange (TSE) in Japan, tracking all domestic companies of the exchange's First Section. It is calculated and published by the TSE. As of 1 February 2011, there are 1,669 companies listed on the First Section of the TSE, and the market value for the index was ¥197.4 trillion.

Contents

The index transitioned from a system where a company's weighting is based on the total number of shares outstanding to a weighting based on the number of shares available for trading (called the free float). This transition took place in three phases starting in October 2005 and was completed in June 2006. Although the change is a technicality, it had a significant effect on the weighting of many companies in the index, because many companies in Japan have significant holdings of shares of their business partners as a part of intricate business alliances, and such shares are no longer included in calculating the weight of companies in the index.

TSE currently calculates and distributes TOPIX every second and further plans to launch a new High-Speed Index dissemination service provided at the millisecond level starting from February 28, 2011.

History of TOPIX

  • 1969/7/1 TSE to begin calculating and publishing “TOPIX” and “TOPIX Sector Indices”
  • 1969/8/18 TSE to begin calculating and publishing “Tokyo Stock Exchange Second Section Stock Price Index”
  • 1988/9/3 TOPIX Future Trades begin at TSE
  • 1989/10/20 TOPIX Option Trades begin at TSE
  • 1998/8/2 TSE to begin calculating and publishing “TOPIX New Index Series”
  • 1999/2/1 TSE to begin calculating and publishing “TOPIX Total Return Index”
  • 2001/7/13 TOPIX ETF Trades begin TSE
  • 2003/8/1 TSE to begin calculating and publishing “Tokyo Stock Exchange REIT Index”
  • 2003/9/16 TSE to begin calculating and publishing “Tokyo Stock Exchange Mothers Index”
  • 2005/10/31 Introduction of Free Float Adjusted Indices (Shift in three phases)
  • 2005/11/17 Lyxor AM (Lyxor Asset Management) introduces Lyxor ETF Japan (TOPIX) for trading on Euronext Paris
  • 2006/04/05 Lyxor (Societe Generale) lists on Borsa Italiana the world's most cost-effective and diversified Japan-based UCITS III compliant ETF with TOPIX as the underlying index
  • 2006/04/25 Development of New Custom Index that incorporates Corporate Social Responsibility (CSR)
  • 2006/6/30 Free Float adjustment for TOPIX completed
  • 2006/08/09 TOPIX for the first time available as ETFs in Germany – Start of trading in Deutsche Borse's XTFsegment – Lyxor AM continues to expand investment universe
  • 2007/08/21 Lyxor AM, SGX and TSE introduce first Japan ETF in Singapore based on TOPIX
  • 2007/09/25 London Stock Exchange, Tokyo Stock Exchange, Inc. and Lyxor AM announce listing of Lyxor ETF Japan in London
  • 2007/11/21 Standard & Poor's Launches New Shariah Index for Japan
  • 2007/12/10 TSE begins calculating and publishing new sector indices, the "TOPIX-17 Series"
  • 2008/02/20 Korea Exchange, Tokyo Stock Exchange, Inc. and Samsung Investment Trust Management Co.,Ltd. announce listing of KODEX Japan ETF (TOPIX 100) in Seoul
  • 2008/06/03 Lyxor AM and TSE introduce first Japan ETF in Hong Kong based on TOPIX®
  • 2008/07/25 Listing of TOPIX ETF in the US
  • 2009/02/09 TSE to begin calculating and publishing "TOPIX Style Index Series" and "TOPIX Composite Index Series"
  • 2009/04/01 Daily reporting of TOPIX on the CCTV Economic Channel begins
  • 2009/05/22 TSE to begin to offer Historical Data of TOPIX Style Index Series
  • 2009/07/01 TOPIX celebrates 40th Anniversary
  • 2009/11/24 TOPIX Futures to trade on NYSE Liffe beginning in the summer of 2010
  • 2010/03/08 TSE to begin calculation of the Tokyo Stock Exchange Dividend Focus 100 Index – a new exchange index focused on dividend yield
  • 2010/06/18 TSE to begin calculating and publishing "Tokyo Stock Exchange REIT Property Sector Index Series" – a new index series focused on REITs' Investment Property Sectors
  • 2010/09/13 Real-time dissemination of "Tokyo Stock Exchange REIT Property Sector Index Series" begins
  • TOPIX New Index Series

    1. New companies which have not been listed on the TSE for 6 months or more, out of the companies listed on the 1st section of the TSE

    References

    TOPIX Wikipedia


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