Tokyo Stock Price Index - TOPIX (TPX/09M-TO)

The Economic Times  Jun 28  Comment 
The Nikkei share average shed 0.5 per cent to 20,130.41 while Topix declined 0.3 per cent.
The Hindu Business Line  Jun 15  Comment 
The broader Topix dropped 0.5 per cent to 1,583.42.
The Economic Times  Jun 9  Comment 
The Nikkei share average ended 0.5 per cent higher at 20,013.26. For the week, the index posted a 0.8 per cent drop.
Financial Times  Jun 5  Comment 
Surge in Japanese stocks comes in spite of reluctance to back the market by global funds
Financial Times  Jun 5  Comment 
Surge in Japanese stocks not dependent on foreign investors
The Economic Times  Apr 27  Comment 
The Nikkei fell 0.2 percent to 19,251.87, while the broader Topix dipped 0.05 percent to 1,536.67.
The Economic Times  Apr 25  Comment 
The Topix index of all first-section issues added 0.36%, or 5.46 points to 1,508.65.
Japan Today  Mar 7  Comment 
Tokyo stocks ended mixed Tuesday, following overnight falls on Wall Street and an advance in the transportation sector amid reports that an industry leader may raise delivery prices. The 225-issue Nikkei Stock Average ended down 34.99 points,...
The Economic Times  Feb 28  Comment 
The broader Topix gained 0.1 per cent to 1,535.32 and the JPX-Nikkei Index 400 advanced 0.1 per cent to 13,748.21.
The Economic Times  Feb 23  Comment 
The Nikkei ended down 0.04 per cent to 19,371.46, while the broader Topix dropped 0.1 per cent to 1,556.25.


The Tokyo Stock Price Index is the composite index for the Tokyo Stock Exchange tracking all domestic stocks from the First Section of the exchange. The index is a measure of the market value changes of the common stocks on the TSE. The TOPIX can be mapped back to its base date on January 4th, 1968 and its base value of 100 points[1].

Weighting and Calculations

TOPIX shows the measure of current market capitalization assuming that market capitalization as of January 4 ,1968 is 100 points. The index is formulated as such[2]:

  • The index computation is as follows: Current aggregate Market Capitalization x 100 /Base Aggregate Market Capitalization

Where the aggregate market capitalization is calculated as:

  • Σ(Price of stock* Number of shares)*free float factor/Index divisor.

The Free float Adjustment factor represents the proportion of shares that is free floated as a percentage of issued shares and then its rounded up to the nearest multiple of 5% for calculation purposes. To find the free-float capitalization of a company, first find its market cap (number of outstanding shares x share price) then multiply its free-float factor. The free-float method, therefore, does not include restricted stocks, such as those held by company insiders.

While one might track this portfolio’s value in dollar terms, it would probably be an unwieldy number. Rather than deal with ten or more digits, the figure is scaled to a more easily handled number. Dividing the portfolio market value by a factor, usually called the Index divisor, does the scaling.



Since the TOPIX covers all the domestic stocks on the First section of the Tokyo Stock Exchange, the criteria for the TOPIX is the same as the one established for selection of stocks in the First Section. They are[3]:

  • There should be more than 800 shareholders in the company
  • Number of tradable shares must be more than 4000. Tradable shares refers to listed shares which exclude shares owned by the company, officers, and people who own more than 10% of the company listed shares.
  • The Tradable shares ratio to the listed shares must exceed 30%
  • Market Capitalization for the 1st section listed shares should exceed 50 billion yen.
  • Shareholders equity must be at least 1 billion yen in the past fiscal year.
  • Annual total of pre-tax profit for the last two years should be 500 million yen (400 million yen for the past fiscal year) or the last three years be 600 million yen.

List of companies

The TOPIX covers all the companies on the first section of the Tokyo Stock Exchange. As of 10th November 2008, there were 1713 companies listed on the first section of the TSE[4]. The market value for the index on the same date, was 294,733 Billion Yen, with a trading volume of 212 million shares[5].


  1. TOPIX Index
  2. TOPIX Index facts
  3. List Criteria for the TSE
  4. TSE Search
  5. TSE First section statistics
Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki