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Index Revisions

Designation of phased weighting reduction constituents

Constituents as of April 1, 2022 will continue to be included after the market restructuring on April 4, 2022, regardless of their selected market segment.
However, constituents with tradable share market capitalization of under JPY 10 billion will be designated as "phased weighting reduction constituents" and their weighting will be gradually reduced every quarter in ten (10) stages starting from the last day of October 2022 to the last day of January 2025.
Phased weighting reduction constituents will be designated and re-evaluated in multiple stages in order to reflect efforts of listed companies to enhance tradable share market capitalization.

The tradable share market capitalization used for the second decision shall be calculated by multiplying the number of tradable shares as of the end of each company's business year by the average of the daily closing price for the three months prior to the end of the business year.
The applicable fiscal year end is from the fiscal year ending May 2021 to the fiscal year ending April 2022.
For example, in the case of a company whose fiscal year-end is March, the tradable share market capitalization is calculated by multiplying the number of tradable shares as of the end of March 2022 by the average of daily closing price from January to March 2022.

Schedule of TOPIX Revisions

Date Event
～December 2021 First decision for designation of phased weighting reduction constituents
January 28, 2022 TSE notified to the listed companies whose tradable share market capitalization was less than 10 billion yen in the first decision about the details of the procedure.
～October 2022 Second decision for designation of phased weighting reduction constituents
October 7, 2022 Publish the list of phased weighting reduction constituents on JPX website
*The list of phased weighting reduction constituents in Tokyo Stock Exchange Mothers Index has been also published
End of October 2022～ Start the weight reduction (every quarter in ten (10) stages starting from the last day of October 2022 to the last day of January 2025.)
October 6, 2023 Publish the list of phased weighting reduction constituents (after re-evaluation) on JPX website
List of Phased Weighting Reduction Constituents in TOPIX (As of October 7, 2022)
List of Phased Weighting Reduction Constituents in TOPIX (After Re-evaluation)