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TheTokyo Stock Price Index (東証株価指数,Tōshō Kabuka shisū), commonly known as theTOPIX, is an importantstock market index for theTokyo Stock Exchange (TSE) inJapan, along with theNikkei 225. The TOPIX tracks the entire market of domestic companies and covers most stocks in thePrime market and some stocks in the Standard market. It is calculated and published by the TSE. As of January 2025, there are planned to be 1,716 companies listed on the TSE, since about 400 stocks with low liquidity were phased out after the TSE reform in 2022.
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 thefree float). This transition started 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 hold a significant number 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.
The TOPIX index is traded as a future on theOsaka Exchange under the ticker symbol JTPX.[1] TheCQG contract specifications for the TOPIX Index are listed below.
| TOPIX Index (JTPX) | |
|---|---|
| Contract Size: | TOPIX Index times 10,000 JPY |
| Exchange: | OSE |
| Sector: | Index |
| Tick Size: | 0.5 |
| Tick Value: | 5000 JPY |
| Big Point Value (BPV): | 10000 |
| Denomination: | JPY |
| Decimal Place: | 1 |
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.[needs update]
| Year | High | Low |
|---|---|---|
| 1985 | 1058.35 | 916.93 |
| 1986 | 1583.35 | 1025.85 |
| 1987 | 2258.86 | 1557.46 |
| 1988 | 2357.03 | 1690.44 |
| 1989 | 2884.80 | 2364.33 |
| 1990 | 2867.70 | 1523.43 |
| 1991 | 2028.85 | 1638.06 |
| 1992 | 1763.43 | 1102.50 |
| 1993 | 1698.67 | 1250.06 |
| 1994 | 1712.73 | 1448.45 |
| 1995 | 1585.87 | 1193.16 |
| 1996 | 1722.13 | 1448.45 |
| 1997 | 1560.28 | 1130.00 |
| 1998 | 1300.30 | 980.11 |
| 1999 | 1722.20 | 1048.33 |
| 2000 | 1754.78 | 1255.16 |
| 2001 | 1440.97 | 988.98 |
| 2002 | 1139.43 | 815.74 |
| 2003 | 1105.59 | 770.62 |
| 2004 | 1217.87 | 1022.61 |
| 2005 | 1663.75 | 1109.19 |
| 2006 | 1783.72 | 1458.30 |
| 2007 | 1816.97 | 1437.38 |
| 2008 | 1430.47 | 746.46 |
| 2009 | 975.59 | 700.93 |
| 2010 | 998.90 | 803.12 |
| 2011 | 974.63 | 706.08 |
| 2012 | 872.42 | 695.51 |
| 2013 | 1,302.29 | 871.88 |
| 2014 | 1,454.22 | 1,121.50 |
| 2015 | 1,702.83 | 1,343.29 |
| 2016 | 1,558.75 | 1,192.80 |
| 2017 | 1,844.05 | 1,452.15 |
| 2018 | 1,911.07 | 1,415.55 |
| Component[2] | Weight |
|---|---|
| Transportation equipment | 12% |
| Electric Appliances | 12% |
| Banks | 10% |
| Information and Communication | 7% |
| Chemicals | 5% |
| Machinery | 5% |
| Wholesale trade | 4% |
| Pharmaceutical | 4% |
| Retail trade | 4% |
| Land Transportation | 4% |
| Food | 4% |
| Real Estate | 4% |
| Others | 24% |
| TOPIX 1000 | Component stocks in the TOPIX 500 and highly market capitalized stocks of the TOPIX small | TOPIX 500 | Component stocks in the TOPIX Core 30, the TOPIX Large 70 and the TOPIX Mid 400 | TOPIX 100 | Component stocks in the TOPIX Core 30 and the TOPIX Large 70 | TOPIX Core 30 | The 30 most liquid and highly market capitalized stocks |
|---|---|---|---|---|---|---|---|
| TOPIX Large 70 | After the Core 30, the 70 most liquid and highly market capitalized stocks | ||||||
| TOPIX Mid 400 | Excluding TOPIX 100 stocks, these are the remaining stocks in the TOPIX 500 | ||||||
| TOPIX Small | Outside the component stocks in the TOPIX 500 and non-eligible1 stocks in the TOPIX | ||||||
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