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

The Economic Times  Mar 4  Comment 
The Nikkei 225 index at the Tokyo Stock Exchange eased 111.56 points to 18,703.60, while the Topix index of all first-section issues dropped 0.64%.
The Economic Times  Mar 3  Comment 
The Nikkei 225 index at the Tokyo Stock Exchange slipped 0.06%, or 11.72 points, to 18,815.16, while the Topix index of all first-section issues rose 0.12%.
Financial Times  Feb 20  Comment 
Nikkei 225 and Topix both advance
The Economic Times  Feb 13  Comment 
The benchmark Nikkei at the Tokyo Stock Exchange fell 55.7 points to 17,923.95 by the break, while the Topix index of all first-section shares was flat.
The Economic Times  Feb 13  Comment 
However, the broader Topix outperformed, rising 0.2 per cent to 1,451.82, with 19 of its 33 subsectors in positive territory.
Reuters  Feb 13  Comment 
Japan's benchmark Nikkei average opened down 0.49 percent at 17,892.10 on Friday, while the broader Topix shed 0.02 percent to 1,449.12.
Reuters  Feb 12  Comment 
Japan's benchmark Nikkei average opened up 1.40 percent at 17,899.40 on Thursday, while the broader Topix gained 1.30 percent to 1,446.22.
The Economic Times  Feb 10  Comment 
Nikkei 225 dropped 138.42 points to 17,573.51 by the break, while the Topix index of all first-section issues slid 0.20 per cent to 1,422.12.
Reuters  Feb 10  Comment 
Japan's benchmark Nikkei average opened down 0.28 percent at 17,662.67 on Tuesday, while the broader Topix shed 0.06 percent to 1,424.10.


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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