JPX-Nikkei400, etc. (JPX-Nikkei Co-brand Index)
Aim of the Index
The new index will be composed of companies with high appeal for investors, which meet requirements of global investment standards, such as efficient use of capital and investor-focused management perspectives. The new index will promote the appeal of Japanese corporations domestically and abroad, while encouraging continued improvement of corporate value, thereby aiming to revitalize the Japanese stock market.
Main Points of Index
| Index Name |
JPX-Nikkei Index 400
Abbrev.: JPX-Nikkei 400 |
| Index Provider |
JPX Market Innovation & Research, Inc., and Nikkei Inc. |
| No. of Constituents |
400 issues |
| All the eligible constituents |
Common stocks whose main market is the TSE Prime Market, Standard Market, Growth Market |
Constituent Selection/
Review Method |
Constituent selection and review will be conducted as follows.
[Selection Criteria]
Constituents are selected according to the following process and criteria.
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Screening
a. Screening by Eligibility Criteria
Issues are excluded from selection if they fall under any of the following criteria.
- Listed for under 3 years (excluding technical listings)
- Liabilities in excess of assets during any of the past 3 fiscal years
- Operating deficit in all of the past 3 fiscal years
- Overall deficit in all of the past 3 fiscal years
- Designation as Security to be Delisted, etc.
b. Screening by Market Liquidity Indicator
The top 1000 issues will be selected from those eligible, excluding the above, in consideration of the following 2 items.
- Trading value during the most recent 3 years
- Market capitalization on the base date for selection
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Scoring based on Quantitative Indicators
The 1,000 issues selected in (1) will be scored according to the ranking of the following 3 items. (1st: 1000 points – 1000th: 1 point). Then, overall score is determined by aggregating those ranking scores with the following weights. (There are handling rules for the overall scoring with negative ROE and operating profit.)
- 3-year average ROE: 40%
- 3-year cumulative operating profit: 40%
- Market capitalization on the base date for selection: 20%
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Scoring based on Qualitative Factors
Following the scoring in (2), issues will be further scored based on the following matters. This score is complementarily added to the quantitative scores explained above (2)*.
- Appointment of independent directors(Out of the total number of directors, a majority are independent directors.) and female board members/executive officers
- Adoption or Scheduled Adoption of IFRS
- Disclosure of English Earnings Information and/or Corporate Governance Report via TDnet (Company Announcements Distribution Service in English)
* The score is determined so that at most around 10 constituents are different from those chosen with only quantitative score above (2).
-
Determination of Constituents
Following scoring in (3), the 400 issues will be selected as below procedures.
i.Constituents selected in the previous year will be selected as long as their scores are ranked within the top 440.
ii. If 400 issues are not selected in the preceding paragraph i., the top ranking issues according to the rankings in (3) above that meet the two conditions indicated below shall be selected until the number of
constituents reaches 400.
- Either 3-year average ROE or latest ROE surpasses the median ranking in (1).b. above
- Ranking is at or within the top ranking 400 issues in (3) above
iii. If the number of selected issues falls below 400 even after selection according to the preceding paragraph ii., then the top-ranking 400 issues in (3) that were not selected shall be selected according to the rankings of 3-year average ROE until the number of constituents reaches 400.
[Periodic Review]
A constituent review will be conducted on the last business day of August each year with the last business day of June as the base date. (The result of the constituent review will be announced on the 5th business day of August)
Even though the number of constituents in JPX-Nikkei 400 may decrease between
periodic reviews due to the removal of constituents by means other than the periodic review, no supplementary inclusions are made to meet the intended number of constituents (inclusions to meet the intended number of constituents are only made during the periodic review in August).
|
| Calculation Method |
Free-float adjusted market capitalization-weighted (with 1.5% cap) |
| Start of Calculation |
Jan. 6, 2014
Real-time dissemination (per sec) of the index via Tokyo Stock Exchange’s Market Information System |
| Base Date/Base Point |
Aug. 30, 2013 / 10,000 points |
JPX-Nikkei Index 400 Chart
Constituents List
| Constituents (As of November 28, 2025) |
 |
End of month constituents data for the index will be updated normally after 4:20 pm (Japan time) on the second business day of each month.
In time of periodic review, end of month constituents data for the index will be updated normally after 9:00 am(Japan time) on the last business day of each month.
Constituents List with Weight
Alternative information on "Free Float Weight of JPX-Nikkei Index 400" is available on "J-Quants DataCube".
Please refer to "End of month Master Of Index" from the following link.
Other Referential Data
Calculation Method
Currency Hedged Index
(Note)
(*) As for the index values and factsheets of JPX-Nikkei 400 Currency Hedged Index, please refer to the following website on "Nikkei Indexes"(NikkeiInc.).
Leveraged and Inverse Index
(Note)
(*) As for the index values and factsheets of JPX-Nikkei 400 Leveraged and Inverse Index, please refer to the following website on "Nikkei Indexes"(NikkeiInc.).
News
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Nov. 20, 2025
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Deletion from the JPX-Nikkei 400
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Nov. 13, 2025
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Deletion from the JPX-Nikkei 400
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Sep. 10, 2025
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Change to the JPX-Nikkei Index 400 and the JPX-Nikkei Index Human Capital 100
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Sep. 03, 2025
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Change to the JPX-Nikkei Index 400
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Aug. 07, 2025
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Periodic Review of "JPX-Nikkei Index 400" and "JPX-Nikkei Mid and Small Cap Index"
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Jun. 24, 2025
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Deletion from the JPX-Nikkei 400
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May. 20, 2025
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Deletion from the JPX-Nikkei 400
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Mar. 04, 2025
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Deletion from the JPX-Nikkei 400
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Feb. 18, 2025
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Deletion from the JPX-Nikkei 400
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Feb. 07, 2025
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Deletion from the JPX-Nikkei Index 400 and the JPX-Nikkei Mid and Small Cap Index
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Aug. 07, 2024
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Periodic Review of "JPX-Nikkei Index 400" and "JPX-Nikkei Mid and Small Cap Index"
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Jul. 03, 2024
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Deletion from the JPX-Nikkei 400
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Apr. 26, 2024
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Deletion from the JPX-Nikkei 400
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Nov. 14, 2023
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Deletion from the JPX-Nikkei 400
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Aug. 07, 2023
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Periodic Review of "JPX-Nikkei Index 400" and "JPX-Nikkei Mid and Small Cap Index"
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Jun. 02, 2023
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Deletion from the JPX-Nikkei 400
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Feb. 02, 2023
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Deletion from the JPX-Nikkei 400
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Sep.16, 2022
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Calculation of JPX-Nikkei Index 400 in relation to shares of NIPPON TELEGRAPH AND TELEPHONE CORPORATION (9432)
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Aug. 05, 2022
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Periodic Review of "JPX-Nikkei Index 400" and "JPX-Nikkei Mid and Small Cap Index"
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Jul. 21, 2022
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Deletion from the JPX-Nikkei 400
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Feb. 25, 2022
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Deletion from the JPX-Nikkei 400
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