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

The Economic Times  Aug 31  Comment 
The broader Topix gained 1.3 percent to a near six-week closing high of 1,329.54, with 2.089 billion shares changing hands, the highest since Aug. 8.
Mondo Visione  Jul 29  Comment 
On July 17, 2013, IOSCO (The International Organization of Securities Commissions) published “Principles for Financial Benchmarks” (the “Principles”). The Principles require Benchmark Administrators to disclose their status of compliance...
The Economic Times  Jul 27  Comment 
The benchmark Nikkei 225 index rose 1.72 per cent, or 281.78 points, to close at 16,664.82, while the broader Topix index of all first-section shares gained 1.13 per cent.
The Economic Times  Jul 7  Comment 
The broader Topix dropped 0.7 percent to 1,226.09 with 1.83 billion shares changing hands, down from Wednesday's 2.2 billion.
Mondo Visione  Jul 1  Comment 
The Tokyo Stock Exchange has been calculating and publishing the TOPIX Total Return Hedged Index(Euro, GBP, US Dollar) and will begin calculating the TOPIX Total Return Index hedged into Singapore Dollar on July 1. [Overview of the TOPIX...
Clusterstock  Jun 24  Comment 
TOKYO (Reuters) - Japan's benchmark Nikkei average fell 6.39 percent to 15,200.56 on Friday, while the broader Topix shed 6.37 percent to 1,215.92. (Reporting by Tokyo markets team) Join the conversation about this story »
The Economic Times  Jun 15  Comment 
The broader Topix rose 0.4 percent to 1,277.11 and the JPX-Nikkei Index 400 gained 0.4 percent to 11,510.18.
The Economic Times  Jun 7  Comment 
The Nikkei average rose 0.6 percent to 16,675.45 while the broader Topix gained 0.6 percent to 1,340.77, with resource-related companies outperforming the market.
The Economic Times  Apr 20  Comment 
The broader Topix edged up 0.2% to 1,365.78 and the JPX-Nikkei Index 400 rose 0.2% to 12,353.47. Nikkei share average ended 0.2 % higher.
The Economic Times  Mar 29  Comment 
The broader Topix fell 0.3% to 1,377.60 and the JPX-Nikkei Index 400 declined 0.3% to 12,446.45.The Nikkei share average dropped 0.2% to 17,103.53.


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
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