Index Revisions


Since its launch on July 1, 1969, the Tokyo Stock Price Index (TOPIX) has been widely used as a market benchmark with functionality as an investable index, covering a wide range of stocks listed on the Japanese market.
TOPIX is being used in a variety of ways: in line with the recent boom in passive investment, assets under management of passively managed assets such as ETFs and pension trusts linked to TOPIX is over JPY 70 trillion, with TOPIX Futures being traded at Osaka Exchange (OSE) and Chicago Mercantile Exchange (CME).
Using the opportunity provided by the market restructuring, these revisions of TOPIX aim to further enhance its functionality as an investable index as well as how accurately it represents the market.


With the new constituent selection, JPXI cuts TOPIX loose from market segments and aims to further improve its functionality as an investable index in addition to its representation of the market.
The revisions will be carried out in stages from October 2022 to January 2025, taking into account the large amounts of capital in TOPIX-based passive funds and the impact on the market.
The selection method for post-transition TOPIX constituents will be decided later after seeking opinions from a wide range of market participants.

Calculation rules during the transition to TOPIX revisions

Calculation rules during the transition to the TOPIX revisions were determined through an "Index Consultation“, which was introduced as a framework to seek comments from a wide range of market participants on any initiatives related to TSE indices.

For more information about the revisions of TOPIX and other indices, please refer to the link below:

Index Consultation - Revisions of TOPIX and Other Indices
Existing 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 from the last day of October 2022 to that of January 2025.
Tradable share market capitalization will be checked up to three times in order to reflect efforts of listed companies to enhance it.
Additions Initial listings on or transfers to the Prime Market and technical listings whose previous companies were TOPIX constituents
Removals Designations as Securities to be Delisted, delistings, or designations as Securities on Alert
Introduction of upper weighting limit 10% (base date: last business day of August every year)

Diagram of the revisions