TOPIX indices

The Tokyo Stock Exchange, Inc.(TSE) calculates and publishes TOPIX (Tokyo Stock Price Index)(東証株価指数) and its sub-indices, including the TOPIX New index Series. Each index is a free-float adjusted, market capitalization-weighted index. The Tokyo Stock Exchange began calculating and publishing the index on July 1, 1969. The TOPIX is calculated using 100 points as the value for January 4, 1968, (as indicated in Fig.1.)

TOPIX
The TOPIX is a composite index of all common stocks listed on the First Section of Tokyo Stock Exchange. The First Section consists of large stocks on the exchange. The Second Section consists of smaller companies. Currently, about 1,600 first section companies are listed on the TSE, along with 500 second section companies.

TOPIX New Index Series
On August 8, 1998, the Tokyo Stock Exchange first published the TOPIX New Index Series. This set of indexes provides a division of stocks according to company market capitalization size. As the table below indicates, the index series provides an index of large cap stocks (TOPIX 100); mid cap stocks (TOPIX 400); and small cap stocks (TOPIX Small). The TOPIX 1000 index consists of the TOPIX 100, the TOPIX 400, and the 500 largest stocks in the TOPIX small cap index.

The New Index Series also provides indexes which reflect growth stocks and value stocks:


 * TOPIX 500 Growth Index
 * TOPIX 500 Value Index
 * TOPIX Small Growth Index
 * TOPIX Small Value Index

Tokyo Stock Exchange REIT Index
The TSE began calculating and publishing the Tokyo Stock Exchange REIT Index on August 1, 2003. This is an index of J-REITS. J-REITs are Real Estate Investment Trusts that invest in commercial, residential, and industrial real estate and pass along rental income and property sales proceeds to investors. REITs are securities that trade on the stock exchange. . The total returns history of the Tokyo Stock Exchange REIT Index is included in the returns table below.

Index returns
The table below provides historical annual index returns for the TOPIX index (from 1990 forward) as well as for the New TOPIX Index Series. These are total return indexes.