Nikkei 225

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Linear graph of the Nikkei 225
Linear graph of the Nikkei 225 (USD)
Logarithmic graph of the Nikkei 225 from 1914 to 2012
Trading volume of TSE 1st section from January 1972 (monthly average, end of month)

The Nikkei 225 (日経平均株価 Nikkei heikin kabuka?, 日経225), more commonly called the Nikkei, the Nikkei index, or the Nikkei Stock Average[1][2] (/ˈnɪk/, /ˈnk/, or /nɪˈk/), is a stock market index for the Tokyo Stock Exchange (TSE). It has been calculated daily by the Nihon Keizai Shimbun (Nikkei) newspaper since 1950. It is a price-weighted index (the unit is yen), and the components are reviewed once a year. Currently, the Nikkei is the most widely quoted average of Japanese equities, similar to the Dow Jones Industrial Average. In fact, it was known as the "Nikkei Dow Jones Stock Average" from 1975 to 1985.[3]

The Nikkei 225 began to be calculated on September 7, 1950, retroactively calculated back to May 16, 1949. Since January 2010 the index is updated every 15 seconds during trading sessions.

The Nikkei 225 Futures, introduced at Singapore Exchange (SGX) in 1986, the Osaka Securities Exchange (OSE) in 1988, Chicago Mercantile Exchange (CME) in 1990, is now an internationally recognized futures index.[4]

The Nikkei average has deviated sharply from the textbook model of stock averages which grow at a steady exponential rate. The average hit its all-time high on December 29, 1989, during the peak of the Japanese asset price bubble, when it reached an intra-day high of 38,957.44 before closing at 38,915.87, having grown sixfold during the decade. Subsequently, it lost nearly all these gains, closing at 7,054.98 on March 10, 2009—81.9% below its peak twenty years earlier.

Another major index for the Tokyo Stock Exchange is the Topix.

On March 15, 2011, the second working day after the massive earthquake in the northeast part of Japan, the index dropped over 10% to finish at 8605.15, a loss of 1,015 points. The index continued to drop throughout 2011, eventually bottoming out at 8160.01 on November 25, putting it at its lowest close since March 10, 2009. The Nikkei fell over 17% in 2011, finishing the year at 8455.35, its lowest year-end closing value in nearly thirty years, when the index finished at 8016.70 in 1982.[5]

The Nikkei started 2013 near 10,600, hitting a peak of 15,942 in May. However, shortly afterward, it plunged by almost 10% before rebounding, making it the most volatile stock market index among the developed markets. In October, 2013, the UK-based hedge fund Algorates, whose strategy is based partially on high-frequency trading, a technique most successful in markets with high volatility, announced major positions in the Nikkei 225. [6]

Weighting and modifications[edit]

Stocks are weighted on the Nikkei 225 by giving an equal weighting based on a par value of 50 yen per share. Events such as stock splits, removals and additions of constituents impact upon the effective weighting of individual stocks and the divisor. The Nikkei 225 is designed to reflect the overall market, so there is no specific weighting of industries.

Changes to the components[edit]

Stocks are reviewed annually and announcements of review results are made in September. Changes, if required, are made at the beginning of October. Changes may also take place at any time if a stock is found to be ineligible (e.g., delisting). All proposed changes will be announced in Nikkei's Japanese newspapers and will appear on Nikkei.com.

After a stock has been replaced, the divisor is reviewed and modified to ensure a smooth transition of the stock index.

Recent changes[edit]

Date Addition Deletion
2011 September 28 Amada Co CSK Holdings Corporation
2011 August 29 Aozora Bank Mizuho Trust & Banking
Sony Financial Mizuho Securities
2011 March 29 Yaskawa Electric Corporation Sanyo Electric
Dainippon Screen Panasonic Electric Works
Dai-ichi Life Sumitomo Trust and Banking
2010 October 1 Tokyo Tatemono Clarion Co., Ltd.
2010 September 28 Nippon Electric Glass Mitsubishi Rayon
2010 April 2 JX Holdings
NKSJ
2010 March 29 Nisshin Steel Nippon Oil
Nippon Mining
Sompo Japan
2010 January 22 Central Japan Railway Company
2010 January 20 Japan Airlines

References:[7][8][9][10][11]

Components[edit]

As of April 2011, the Nikkei 225 consists of the following companies: (Japanese securities identification code in parentheses)

Constituent Security identification Sector
Ajinomoto Co., Inc. (TYO: 2802) Foods
Asahi Breweries, Ltd. (TYO: 2502) Foods
Japan Tobacco Inc. (TYO: 2914) Foods
Kikkoman Corp. (TYO: 2801) Foods
Kirin Brewery Co., Ltd. (TYO: 2503) Foods
Meiji Holdings Company, Limited (TYO: 2269) Foods
Nichirei Corp. (TYO: 2871) Foods
Nippon Meat Packers, Inc. (TYO: 2282) Foods
Nisshin Seifun Group Inc. (TYO: 2002) Foods
Sapporo Holdings Ltd. (TYO: 2501) Foods
Takara Holdings Inc. (TYO: 2531) Foods
Nisshinbo Industries, Inc. (TYO: 3105) Textiles & apparel
Teijin Ltd. (TYO: 3401) Textiles & apparel
Toray Industries, Inc. (TYO: 3402) Textiles & apparel
Toyobo Co., Ltd. (TYO: 3101) Textiles & apparel
Unitika, Ltd. (TYO: 3103) Textiles & apparel
Hokuetsu Paper Mills, Ltd. (TYO: 3865) Pulp & paper
Mitsubishi Paper Mills Ltd. (TYO: 3864) Pulp & paper
Nippon Paper Group, Inc. (TYO: 3893) Pulp & paper
Oji Paper Co., Ltd. (TYO: 3861) Pulp & paper
Asahi Kasei Corp. (TYO: 3407) Chemicals
Denki Kagaku Kogyo K.K. (TYO: 4061) Chemicals
Fujifilm Holdings Corp. (TYO: 4901) Chemicals
Kao Corp. (TYO: 4452) Chemicals
Kuraray Co., Ltd. (TYO: 3405) Chemicals
Mitsubishi Chemical Holdings Corp. (TYO: 4188) Chemicals
Mitsui Chemicals, Inc. (TYO: 4183) Chemicals
Nippon Kayaku Co., Ltd. (TYO: 4272) Chemicals
Nippon Soda Co., Ltd. (TYO: 4041) Chemicals
Nissan Chemical Industries, Ltd. (TYO: 4021) Chemicals
Shin-Etsu Chemical Co., Ltd. (TYO: 4063) Chemicals
Shiseido Co., Ltd. (TYO: 4911) Chemicals
Showa Denko K.K. (TYO: 4004) Chemicals
Sumitomo Chemical Co., Ltd. (TYO: 4005) Chemicals
Tosoh Corp. (TYO: 4042) Chemicals
Ube Industries, Ltd. (TYO: 4208) Chemicals
Astellas Pharma Inc. (TYO: 4503) Pharmaceuticals
Chugai Pharmaceutical Co., Ltd. (TYO: 4519) Pharmaceuticals
Daiichi Sankyo Co., Ltd. (TYO: 4568) Pharmaceuticals
Dainippon Sumitomo Pharma Co., Ltd. (TYO: 4506) Pharmaceuticals
Eisai Co., Ltd. (TYO: 4523) Pharmaceuticals
Kyowa Hakko Kirin Co., Ltd. (TYO: 4151) Pharmaceuticals
Shionogi & Co., Ltd. (TYO: 4507) Pharmaceuticals
Takeda Pharmaceutical Company, Ltd. (TYO: 4502) Pharmaceuticals
JX Holdings (TYO: 5020) Oil & coal products
Showa Shell Sekiyu K.K. (TYO: 5002) Oil & coal products
Bridgestone Corp. (TYO: 5108) Rubber products
The Yokohama Rubber Co., Ltd. (TYO: 5101) Rubber products
Asahi Glass Co., Ltd. (TYO: 5201) Glass & ceramics
NGK Insulators, Ltd. (TYO: 5333) Glass & ceramics
Nippon Electric Glass Co., Ltd. (TYO: 5214) Glass & ceramics
Nippon Sheet Glass Co., Ltd. (TYO: 5202) Glass & ceramics
Nitto Boseki Co., Ltd. (TYO: 3110) Glass & ceramics
Sumitomo Osaka Cement Co., Ltd. (TYO: 5232) Glass & ceramics
Taiheiyo Cement Corp. (TYO: 5233) Glass & ceramics
Tokai Carbon Co., Ltd. (TYO: 5301) Glass & ceramics
Toto Ltd. (TYO: 5332) Glass & ceramics
JFE Holdings, Inc. (TYO: 5411) Steel products
Kobe Steel, Ltd. (TYO: 5406) Steel products
Nippon Steel Corp. (TYO: 5401) Steel products
Nisshin Steel Co., Ltd. (TYO: 5407) Steel products
Pacific Metals Co., Ltd. (TYO: 5541) Steel products
Dowa Holdings Co., Ltd. (TYO: 5714) Nonferrous metals
Fujikura Ltd. (TYO: 5803) Nonferrous metals
Furukawa Co., Ltd. (TYO: 5715) Nonferrous metals
The Furukawa Electric Co., Ltd. (TYO: 5801) Nonferrous metals
Mitsubishi Materials Corp. (TYO: 5711) Nonferrous metals
Mitsui Mining & Smelting Co., Ltd. (TYO: 5706) Nonferrous metals
Nippon Light Metal Co., Ltd (TYO: 5701) Nonferrous metals
SUMCO Corp. (TYO: 3436) Nonferrous metals
Sumitomo Electric Industries, Ltd. (TYO: 5802) Nonferrous metals
Sumitomo Metal Mining Co., Ltd. (TYO: 5713) Nonferrous metals
Toho Zinc Co., Ltd. (TYO: 5707) Nonferrous metals
Toyo Seikan Kaisha, Ltd. (TYO: 5901) Nonferrous metals
Amada Co. Ltd. (TYO: 6113) Machinery
Chiyoda Corp. (TYO: 6366) Machinery
Daikin Industries, Ltd. (TYO: 6367) Machinery
Ebara Corp. (TYO: 6361) Machinery
Hitachi Construction Machinery Co., Ltd. (TYO: 6305) Machinery
Hitachi Zōsen Corporation (TYO: 7004) Machinery
IHI Corp. (TYO: 7013) Machinery
The Japan Steel Works, Ltd. (TYO: 5631) Machinery
JTEKT Corp. (TYO: 6473) Machinery
Komatsu Ltd. (TYO: 6301) Machinery
Kubota Corp. (TYO: 6326) Machinery
Mitsubishi Heavy Industries, Ltd. (TYO: 7011) Machinery
NSK Ltd. (TYO: 6471) Machinery
NTN Corp. (TYO: 6472) Machinery
Okuma Corporation (TYO: 6103) Machinery
Sumitomo Heavy Industries, Ltd. (TYO: 6302) Machinery
Advantest Corp. (TYO: 6857) Electric machinery
Alps Electric Co., Ltd. (TYO: 6770) Electric machinery
Canon Inc. (TYO: 7751) Electric machinery
Casio Computer Co., Ltd. (TYO: 6952) Electric machinery
Dainippon Screen Mfg. Co., Ltd. (TYO: 7735) Electric machinery
Denso Corp. (TYO: 6902) Electric machinery
FANUC Corp. (TYO: 6954) Electric machinery
Fuji Electric Holdings Co., Ltd. (TYO: 6504) Electric machinery
Fujitsu Ltd. (TYO: 6702) Electric machinery
GS Yuasa Corp. (TYO: 6674) Electric machinery
Hitachi, Ltd. (TYO: 6501) Electric machinery
Kyocera Corp. (TYO: 6971) Electric machinery
Panasonic Corp. (TYO: 6752) Electric machinery
Meidensha Corp. (TYO: 6508) Electric machinery
Minebea Co., Ltd. (TYO: 6479) Electric machinery
Mitsubishi Electric Corp. (TYO: 6503) Electric machinery
Mitsumi Electric Co., Ltd. (TYO: 6767) Electric machinery
NEC Corp. (TYO: 6701) Electric machinery
Oki Electric Industry Co., Ltd. (TYO: 6703) Electric machinery
Pioneer Corporation (TYO: 6773) Electric machinery
Ricoh (TYO: 7752) Electric machinery
Sharp Corp. (TYO: 6753) Electric machinery
Sony Corp. (TYO: 6758) Electric machinery
Taiyo Yuden Co., Ltd. (TYO: 6976) Electric machinery
TDK Corp. (TYO: 6762) Electric machinery
Tokyo Electron Ltd. (TYO: 8035) Electric machinery
Toshiba Corp. (TYO: 6502) Electric machinery
Yaskawa Electric Corporation, Limited (TYO: 6506) Electric machinery
Yokogawa Electric Corp. (TYO: 6841) Electric machinery
Kawasaki Heavy Industries, Ltd. (TYO: 7012) Shipbuilding
Mitsui Engineering & Shipbuilding Co., Ltd. (TYO: 7003) Shipbuilding
Fuji Heavy Industries Ltd. (TYO: 7270) Automotive
Hino Motors, Ltd. (TYO: 7205) Automotive
Honda Motor Co., Ltd. (TYO: 7267) Automotive
Isuzu Motors Ltd. (TYO: 7202) Automotive
Mazda Motor Corp. (TYO: 7261) Automotive
Mitsubishi Motors Corp. (TYO: 7211) Automotive
Nissan Motor Co., Ltd. (TYO: 7201) Automotive
Suzuki Motor Corp. (TYO: 7269) Automotive
Toyota Motor Corp. (TYO: 7203) Automotive
Citizen Holdings Co., Ltd. (TYO: 7762) Precision instruments
Konica Minolta Holdings, Inc. (TYO: 4902) Precision instruments
Nikon Corp. (TYO: 7731) Precision instruments
Olympus Corp. (TYO: 7733) Precision instruments
Terumo Corp. (TYO: 4543) Precision instruments
Dai Nippon Printing Co., Ltd. (TYO: 7912) Other manufacturing
Toppan Printing Co., Ltd. (TYO: 7911) Other manufacturing
Yamaha Corp. (TYO: 7951) Other manufacturing
Nippon Suisan Kaisha, Ltd. (TYO: 1332) Fishery
Maruha Nichiro Holdings, Inc. (TYO: 1334) Fishery
Inpex Corp. (TYO: 1605) Mining
Comsys Holdings Corp. (TYO: 1721) Construction
Daiwa House Industry Co., Ltd. (TYO: 1925) Construction
JGC Corporation (TYO: 1963) Construction
Kajima Corp. (TYO: 1812) Construction
Obayashi Corp. (TYO: 1802) Construction
Sekisui House, Ltd. (TYO: 1928) Construction
Shimizu Corp. (TYO: 1803) Construction
Taisei Corp. (TYO: 1801) Construction
Itochu Corp. (TYO: 8001) Trading companies
Marubeni Corp. (TYO: 8002) Trading companies
Mitsubishi Corp. (TYO: 8058) Trading companies
Mitsui & Co., Ltd. (TYO: 8031) Trading companies
Sojitz Corp. (TYO: 2768) Trading companies
Sumitomo Corp. (TYO: 8053) Trading companies
Toyota Tsusho Corp. (TYO: 8015) Trading companies
Aeon Co., Ltd. (TYO: 8267) Retail
Fast Retailing Co., Ltd. (TYO: 9983) Retail
Isetan Mitsukoshi Holdings Ltd. (TYO: 3099) Retail
J. Front Retailing Co., Ltd. (TYO: 3086) Retail
Marui Group Co., Ltd. (TYO: 8252) Retail
Seven & I Holdings Co., Ltd. (TYO: 3382) Retail
Takashimaya Co., Ltd. (TYO: 8233) Retail
Uny Co., Ltd. (TYO: 8270) Retail
Aozora Bank, Ltd. (TYO: 8304) Banking
The Bank of Yokohama, Ltd. (TYO: 8332) Banking
The Chiba Bank, Ltd. (TYO: 8331) Banking
Sumitomo Mitsui Trust Holdings, Inc. (TYO: 8309) Banking
Fukuoka Financial Group, Inc. (TYO: 8354) Banking
Mitsubishi UFJ Financial Group, Inc. (TYO: 8306) Banking
Mizuho Financial Group, Inc. (TYO: 8411) Banking
Resona Holdings, Inc. (TYO: 8308) Banking
Shinsei Bank, Ltd. (TYO: 8303) Banking
The Shizuoka Bank, Ltd. (TYO: 8355) Banking
Sumitomo Mitsui Financial Group, Inc. (TYO: 8316) Banking
Daiwa Securities Group Inc. (TYO: 8601) Securities
Matsui Securities Co., Ltd. (TYO: 8628) Securities
Nomura Holdings, Inc. (TYO: 8604) Securities
Dai-ichi Life Insurance Company, Limited (TYO: 8750) Insurance
MS&AD Insurance Group, Inc. (TYO: 8725) Insurance
NKSJ Holdings, Inc. (TYO: 8630) Insurance
Sony Financial Holdings Inc. (TYO: 8729) Insurance
T&D Holdings, Inc. (TYO: 8795) Insurance
Tokio Marine Holdings, Inc. (TYO: 8766) Insurance
Credit Saison Co., Ltd. (TYO: 8253) Other financial services
Heiwa Real Estate Co., Ltd. (TYO: 8803) Real estate
Mitsubishi Estate Co., Ltd. (TYO: 8802) Real estate
Mitsui Fudosan Co.,Ltd (TYO: 8801) Real estate
Sumitomo Realty & Development Co., Ltd. (TYO: 8830) Real estate
Tokyo Tatemono Co., Ltd. (TYO: 8804) Real estate
Tokyu Land Corp. (TYO: 8815) Real estate
Central Japan Railway Company (TYO: 9022) Railway/bus
East Japan Railway Company (TYO: 9020) Railway/bus
Keio Corp. (TYO: 9008) Railway/bus
Keisei Electric Railway Co., Ltd. (TYO: 9009) Railway/bus
Odakyu Electric Railway Co., Ltd. (TYO: 9007) Railway/bus
Tobu Railway Co., Ltd. (TYO: 9001) Railway/bus
Tokyu Corp. (TYO: 9005) Railway/bus
West Japan Railway Company (TYO: 9021) Railway/bus
Nippon Express Co., Ltd. (TYO: 9062) Other land transport
Yamato Holdings Co., Ltd. (TYO: 9064) Other land transport
Kawasaki Kisen Kaisha, Ltd. (TYO: 9107) Marine transport
Mitsui O.S.K. Lines, Ltd. (TYO: 9104) Marine transport
Nippon Yusen K.K. (TYO: 9101) Marine transport
All Nippon Airways Co., Ltd. (TYO: 9202) Air transport
Mitsubishi Logistics Corp. (TYO: 9301) Warehousing
KDDI Corp. (TYO: 9433) Communications
Nippon Telegraph and Telephone Corp. (TYO: 9432) Communications
NTT Data Corp. (TYO: 9613) Communications
NTT DoCoMo, Inc. (TYO: 9437) Communications
SKY Perfect JSAT Holdings Inc. (TYO: 9412) Communications
Softbank Corp. (TYO: 9984) Communications
Chubu Electric Power Co., Inc. (TYO: 9502) Electric power
The Kansai Electric Power Co., Inc. (TYO: 9503) Electric power
The Tokyo Electric Power Co., Inc. (TYO: 9501) Electric power
Osaka Gas Co., Ltd. (TYO: 9532) Gas
Tokyo Gas Co., Ltd. (TYO: 9531) Gas
Dentsu Inc. (TYO: 4324) Services
Konami Corp. (TYO: 9766) Services
Secom Co., Ltd. (TYO: 9735) Services
Tokyo Dome Corp. (TYO: 9681) Services
Toho Co., Ltd. (TYO: 9602) Services
Trend Micro Inc. (TYO: 4704) Services
Yahoo Japan Corp. (TYO: 4689) Services


See also[edit]

References[edit]

External links[edit]