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💴 | The reason why the Nikkei average exceeded 2 yen for the first time in two months, and why the stock still hasn't increased?


The reason why the Nikkei average exceeded 2 yen for the first time in two months, but why is the stock still not rising?

If you write the contents roughly
Starting last year, we introduced a "stock price conversion factor" to the calculation method for the stocks included in the Nikkei Stock Average.

Last weekend, the Nikkei Stock Average on August 8th (Friday) ended above 5 yen for the first time since June 6th (Thursday) this year. → Continue reading


MONEY PLUS is an economic media that conveys financial and economic information in an easy-to-understand manner for people who are not good at talking about money.

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Nikkei Stock Average

Nikkei Stock Average(Nikkei Heikinkabu,English: Nikkei stock average) IsJapan OfStock marketRepresentative ofStock indexone of.simplyNikkei average,Nikkei 225It is also called (Nikkani nikyugo, nikkakei ni nigo).English-speaking countries OfNews agencyThen.Nikkei 225Is written.

As a Japanese stock price indexTSE stock index It is as popular as (TOPIX).Made purely by the private sector as it is the most well-known stock indicatorEconomic indicatorsHoweverJapanese Government OfEconomic statisticsAlso used as[2].


The Nikkei Stock Average will be on the Tokyo Stock Exchange Prime Market (Part 2022 until April 4, 1).ListingOf about 2,000 stocksstockTransactions are activeLiquidity225 stocks with highNihon Keizai ShimbunSelects and calculates.Tokyo Stock Exchange Second World WardefeatReopened after19495/16Simple average stock price of the selected issue at the time 176 yen[3] Started fromDow type average stock price[Note 1] However, on June 2005, 6, the calculation method changed significantly and became the deemed face value method, and from October 7, 2021, the stock price conversion coefficient method was adopted, and it is not the Dow Jones Industrial Average at present.

東京証券取引所が開いており株式の取引できる、平日の午前9時から午前11時30分(前場)と、午後0時30分から午後3時まで(後場)の時間帯で定義される。日本の株式市場の開いている平日の毎日更新される(年末年始期間の12月31日から1月3日を除く)。5秒毎(2017年以降)に算出し公表する[4]..Brands are reviewed regularly, taking into account the balance of industries.We try to maintain continuity even during stock splits.[5](#Adopted stock rulesSee).

Financial products using the Nikkei XNUMX are ETFs, investment trusts, and futures (Nikkei 225 futures trading,Nikkei 225 Option TradingOthers), etc., are on sale all over the world.

Also, the Nikkei Stock AverageTSE stock indexThe value divided by "NT magnification"(For details,TSE Stock Index #Relationship with Nikkei Stock AverageSee).


  • 19500907th --The Tokyo Stock Exchange starts calculation using the current calculation method (corrected average stock price) (name is ""TSE First Section revised average stock price".Calculated as far back as May 1949, 5 when the exchange was reopened. ).
  • 19690701st-The Tokyo Stock Exchange begins publishing the Tokyo Stock Price Index.
  • 19700June 6-Tokyo Stock Exchange discontinues publication of revised average stock price.
  • 19700701st --The Nihon Keizai Shimbun Inc. takes over the calculation and publication of the index.
  • 19710701st-Japan Shortwave Broadcast (currentlyNikkei Radio= Radio NIKKEI)NSB225 XNUMX kinds average stock priceStarted publication under the name of ".
  • 19750501st-with Nikkei Inc.Dow JonesPartnered, "Nikkei Dow Jones Industrial AverageChanged the name.
  • 1985050The 1th - "Nikkei Stock AverageChanged the name (Financial index using the Nikkei Dow Jones Industrial Average as an index)Futures tradingFor the movement of implementation,DerivativesWas in a negative positionDow JonesShowed disapproval).
  • April 198501 day-The published value is updated every minute.
  • 19860903rd-Singapore International Financial Exchange (currentlySingapore Stock Exchange) Started trading Nikkei average futures.
  • 19880903rd-At Osaka Stock ExchangeNikkei 225 futures tradingStart trading.
  • 19890June 6-Osaka Stock ExchangeNikkei 225 Option TradingStart.
  • December 1989, 12-Highest price since calculation started (Zaraba 29 yen, closing price 38957.44 yen)[6].
  • 19900August 9- Chicago Mercantile ExchangeStarted trading Nikkei 225 futures denominated in US dollars.
  • April 199001 day-Temporarily below 9 yen in just 2 months from the highest price.Bubble economyTo collapse.
  • 20000April 4-Performed a large amount of replacement 24 stocks. Controversial (details below).
  • 20010July 7-Tokyo Stock Exchange, Osaka Stock Exchange Nikkei averageListed investment trustIs listed.
  • 20010August 9- American terrorist attacksThe next day, it fell below 1984 yen since 1.
  • 20030April 4-Lowest price after the highest price (Zara field 28 yen, closing price 7603.76 yen).
  • 20040February 2-Yen-denominated Nikkei 23 futures begin trading on the Chicago Mercantile Exchange.
  • 20050607th --Since this day, the calculated stock price when there is a capital increase has been changed from the previous denominator correction method = Dow method to a unique numerator correction method that corrects the deemed face value.
  • 20060July 7-Started trading Nikkei 18mini on the Osaka Securities Exchange.
  • 20060August 8-Trouble with calculation suspension during the day (first since 14) due to the impact of a large-scale power outage in the Tokyo metropolitan area.
  • 20100104th-The published value is updated every minute to every 1 seconds.
  • 20170July 7-Published values ​​are updated every 18 seconds to every 15 seconds.
  • April 202001 days - arrowhead Due to system trouble, trading was suspended all day.
  • April 202101st-Switched from the deemed face value method to the stock price conversion coefficient method.


Adopting stock rules

Until September 1991, the stocks to be calculated were very simple.That is, "The stocks adopted are not replaced at the discretion.bankruptcyOnly when it is merged or merged and disappears, the stocks are replenished to make 225 stocks. " 1970Fuji SteelExcluded from November 1990Mitsubishi Mining CementThis rule is followed until exclusion. The only exception is the April 1987Nippon Telegraph and TelephoneAt the time of listing, it was adopted as a special case because it was a super-large stock, and for this reasonOmi KenshiWas excluded.

From around 1990, the existence of stock index futures contracts became large, and arbitrage between cash and futures began to take place.The method is to sell one unit of futures and buy all 1 stocks in kind one unit at a time.In this case, of the 225 stocks, the stocks with a small total number of issued shares will be out of stock at all due to arbitrage transactions between cash futures and purchases from Nikkei 1 linked investment trusts. The stock price was significantly different from the corporate value of.In addition, the contribution of these high stock prices and shortage stocks to the Nikkei 225 has increased abnormally, and the Nikkei 1991 has begun to be swayed by the prices of these stocks.For this reason, a rule has been added to the rule of "replenishing stocks when they become available" to "exclude stocks that are significantly lacking in liquidity and replenish other stocks by that amount."According to this rule, in October 10Taiwan Sugar,Katakura Industry,Imperial Fiber,Matsuzakaya,Shochiku,TohoBut in May 1992Joint spirit,Daito Boshoku,TakashimayaWas excluded because of its low liquidity, regardless of business performance, and other stocks were replenished.As a result, the continuity of the index, which was the most characteristic feature, weakened.

However, other than that, there was no particular change, and the stocks that were once adopted continued to be adopted.Excludes cases where adopted stocks are absorbed and merged with non-adopted stocks[Note 2]However, in the sense of emphasizing continuity, this example was changed to continue hiring the new company as it is.For this reason, metabolism does not progress even if there is a merger, and it is said at present.Old economyThe brand continued to dominate. The Nikkei Stock Average has shifted from the experience of the whole market as many old economy stocks continue to dominate.

On April 2000, 4, 24 stocks were replaced to correct this problem.[Note 3]..At this time, there was a one-week time lag from the announcement to the implementation, and while the 1 excluded stocks were sold, the index was adopted after the 30 newly hired stocks were bought and soared, causing a large discontinuity.Moreover, many of the stocks excluded at this timeLow-ranked stock, Many of the newly adopted stocksValue is stockwas. Therefore, Nikkei average linkedInvestment trust(Index fund) Did not have enough funds to buy newly adopted stocks just by selling the excluded stocks.In order to raise additional funds, it was necessary to sell all stocks in equal shares and raise the difference in the purchased funds.As a result of these movements combined, the Nikkei Stock Average eventually fell by about 15% due to "stock replacement".At the timeMinistry of Finance,Economic White PaperThen, this acknowledges the discontinuity of the Nikkei Stock Average.Due to the above circumstances, it is not possible to make a simple comparison with the numbers before the replacement.From this reflection, since 2001, the constituent stocks of the Nikkei Stock Average have been replaced regularly by one or two stocks from September to October every year.

The ratio increased due to the exchange of brands, so-calledhigh techIt is also a "high-tech stock index" that is easily affected by stock price movements. In addition, due to the influence of the Dow correction method, the value is strongly influenced by the stock price, and the divisor is about 1% of the initial value, and the movement of the entire market tends to appear exaggerated.

Recruitment will continue in the form of a change in the form in which the hiring operating company becomes a subsidiary of the holding company.In this case, there may be a time gap when excluding operating companies and when hiring a new holding company to fill it, and the number may be less than 225 stocks for several days.For example, from March 2010th to April 3nd, 29, "4 stocks" were calculated.Also, it came off onceMitsui ToatsuMitsui Chemicals, which follows the flow of the above, was re-adopted in May 2005, Takashimaya in March 5, and Toho in October 2001.

Old OSE brand

On January 2013, 1, with the Tokyo Stock Exchange (TSE)Osaka Stock ExchangeA holding company that (OSE) merges its business and puts both exchanges under its umbrellaJapan Exchange Group (JPX) was launched, but the stocks that were mainly traded on the former Osaka Securities Exchange despite being large stocks have not been included in the Nikkei Stock Average for a long time.[Note 4]..However, from the beginning of the market integration of TSE and OSE in July 2013, it was said that "the stocks that had the old OSE as the center of trading may be selected in the future", but it was actually adopted. On March 7, 6, six years after the market integrationOMRONWas adopted for the first time, and after that, from October 2021, 10Nintendo-Murata Manufacturing-KeyenceIs adopted.[7].


As a general note of stock prices, during a recessionmonetary easingIs easy to go up because it tends to be done. In 2020COVID-19The Nikkei average continued to grow despite the corona recession caused by the economy, and the divergence from the real economy became clear.[8].

Trademark registration

Nihon Keizai Shimbun Inc. has designated "Provision of information on stock market conditions, evaluation of finance, financial analysis, provision of financial information, provision of information on financial market conditions, provision of information on foreign exchange market conditions" as a designated service.Nikkei average(Registration number 3047435),商標In addition to registering, "Nikkei 2544995" (registration number XNUMX) and "" are designated products such as "printed matter".Nikkei Stock Average(Registration No. 2569182) is registered as a trademark.[Note 5].

For this reason, media other than the Nikkei Group (National newspaper,Local newspaper,Specialty paper,NHK,Private broadcastingEtc.), from the balance of the times and trademark rights calculated by the TSE before June 1970, "TSE average stock price""Average stock price on the Tokyo stock market", But now it is expressed as" Nikkei Stock Average. "

Stock price conversion coefficient method

Nikkei Stock Average = Σ (stock price x stock price conversion coefficient) ÷ divisor

Many stock indexesMarket capitalization weighted average stock price index OfFloating stock benchmarkThe stock price index is calculated by weighting the market capitalization of floating stocks.On the other hand, the Nikkei Stock Average is

  • June 2005-October 6 --Average of stock prices converted at deemed face value
  • From October 2021 --Stock price x average stock price conversion factor

Has become[9][10].

The stock price conversion coefficient is determined as follows.

  • The basic stock price for newly hired stocks is 1.0. If 1.0 is used, the stock price conversion factor is determined so that it is less than 1% if it exceeds 1% of the total stock price, and the decimal point is set so that the stock price conversion factor is a multiple of 0.1. Round down the second place and below.
  • Brands adopted before October 2021 will be 10 yen ÷ deemed face value.For example, SoftBank Group will be 50.[9][10]

The weight of stocks adopted before October 2021 has not changed.[10], Some stocks remain high in proportion.

Top 10 high-weight stocks
Tokyo Electron8.12%8.12%
Fast retailing8.00%16.12%
Softbank Group3.99%20.12%
Daikin Industries3.20%23.31%
Recruit Holdings2.56%31.53%
Shin-Etsu Chemical2.44%36.45%
As of the end of 2021[11]..The cumulative total is the sum of the top rankings.

The divisor is updated to maintain continuity when changing stocks.

Next day's divisor = same day's divisor x Σ next day's base price for next day constituent stocks ÷ Σ same day closing price adopted price for same day constituent stocks

Deemed face value

The stock face value system was abolished by the revision of the Commercial Code in 2001, but the Nikkei 50 stipulates a “deemed face value” for each issue. The stock price is calculated by converting it to the deemed 50 yen face value without using the market price as it is. Most "deemed face value" is XNUMX yen,Stock split or Stock consolidationIn some cases, this does not reach 50 yen due to the influence of[12].. Nihon Keizai Shimbun publishes a list of deemed face values[12][13].

Problems with the deemed face value method

Basically, since it is a simple average of 225 stocks,Value is stockStrongly influenced by[14].. The Nikkei Stock Average does not reflect the movements of the entire Tokyo Stock ExchangeStock indexAccording to the view, investors around the world are not the Nikkei Stock Average, butTSE stock indexAttach importance to[14].. Especially,Fast retailingThe price movement of one company accounts for 1% of the price movement of the entire Nikkei Stock Average as of 2016.[14], The higher share price contributionKDDI-FANUC-Softbank Group-KyoceraIf you include, it will occupy 20% of the total stock index.On the other hand, the market capitalization is the largestToyotaThe Nikkei Stock Average is "2-digit club" and ""UNIQLOAlso called an "index", it is just a "report card of a supermarket company".[8], Criticized that it does not reflect the movement of the Japanese stock market as a whole[15]..In addition, speculative transactions that induce the Nikkei Stock Average to a price that is favorable to oneself by intentionally moving the stock prices of these stocks with a large contribution are often carried out, which is a problem.

History of constituent exclusions and hiring

All company names listed here are those of the time.

  • * Indicates a change in brand due to merger or business integration.
  • △ does not followDelistedCriteria (bankruptcy,Takeover bid).
  • ↓ is due to demotion (redesignation) to the Second Section of the Tokyo Stock Exchange or the standard market.
1970*Fuji SteelOki Electric Industry
1971* Mitsubishi Edogawa Chemical, △DaieiYuasa Battery,Fujitsu
1972*Meiji Shoji, *Train manufacturing, * National Pulp IndustryOkuma Iron Works,Takashimaya,Sumitomo Corporation
1975△Entertainer, * TetsukoshaIron construction,Daiwa House Industry
1978Nikka Oil Mills, △Hokkaido Colliery & Steamship, △ChissoNippon Shinpan, Nikko Securities,Nomura Securities
1979Dai-Nippon Sugar, *Nippon Pulp IndustryToyota Motor Sales,Ricoh
1980Meiji SugarSanko Steamship
1982* Toyota Motor Sales, △ Akiki IndustryNihon Denso,Sumitomo Electric Industries
1984△LickerDainippon Pharmaceutical
1985△ Sanko SteamshipYamanouchi Pharmaceutical
1986* Maruzen OilAll Nippon Airways
1987Omi KenshiNippon Telegraph and Telephone
1989*Japan lineKawasaki Heavy Industries
1990*Mitsubishi Mining Cementpioneer
1991Toho,Shochiku,Matsuzakaya,Imperial Fiber,Katakura Industry,Taiwan SeitoSankyu, Nissho Iwai,Tomen,Topy Industries,Sumitomo Heavy Industries,Kumagai Gumi
1992*Nippon Stainless, Takashimaya, Daito Boseki, Godo SakeAoki Construction,Western industry, Minebea,Hazama
1993* Sanyo National Policy Pulp, △NikkatsuIseki agricultural machinery,Shionogi Pharmaceutical
1995Japanese woolenMarui
1996*Bank of Tokyo, *Honshu PaperChubu Electric Power,Sanwa Bank
1997*Mitsui Toatsu ChemicalsToyo Tire & Rubber
1998Meiji shipping, * Nippon CementInternational telegraph telephone,Asahi Bank
1999* Navix Line, *Mitsubishi OilClarion,NTT Data
2000*Mitsui Trust Bank,Mitsui Warehouse, Sankyu, Maruzen,Iwatani Sangyo, Seika,Japan piston ring,Tokyo rope, Showa Densen Denki, Shimura Kako,Mitsubishi Steel,Nippon Denko,Nippon Metallurgical Industry,Nippon Metal Industry, Shinagawa White Brick,Noritake Company Limited,Nippon Carbon, Toyo Tires,NOF, Asahi Denka Kogyo,Nippon Synthetic Chemical Industry,Nippon Chemical Industry,Nippon Carbide Industry,Rasa Industries,Toho Rayon,Fuji spinning, Honen Corporation,Japanese beet sugar, Sumitomo Coal Mining, Mitsui Mine,Nichiro, Tonen, *Fuji Bank, *Daiichi Kangyo Bank, *The Industrial Bank of Japan, International Telegraph Phone,Japan Securities Finance, Tekken CorporationDaiwa Securities Group Inc.,NTT DoCoMo,Second Denden,East Japan Railway, Sumitomo Marine Fire Insurance,Yasuda Trust Bank,Sumitomo Trust Bank,Shizuoka Bank,Tokai Bank,Yamato Bank,The Industrial Bank of Japan,Jusco,Ito-Yokado,Seven-Eleven Japan,Tokyo Electron, Fuji Heavy Industries,Mitsubishi Motors, Matsushita Electric Works,Taiyo Yuden,Kyocera,FANUC,Casio calculator,Advantest, Matsushita Communication Industry,MITSUMI ELECTRIC,TDK,Terumo,Eisai,Daiichi Pharmaceutical,Kao,Japanese tobacco industry,Shiseido,Shinko Securities,Toyo Trust Bank,Yokohama Bank,Alps Electric,SECOM, * Mizuho Holdings
2001*Nippon Paper Industries, * Toyo Trust Bank, *Mitsubishi Trust Bank, * Tokai Bank, * Sanwa Bank, *Tokyo Mitsubishi Bank, *Sakura Bank, * Sumitomo Marine Fire Insurance,Keikyu Corporation, Iseki, △Niigata Ironworks, * Daiwa Bank, Aoki ConstructionJapan Airlines,Yamato Transport,Credit Saison, Takashimaya, * Japan Unipack Holding, *UFJ Holdings, *Mitsubishi Tokyo Financial Group,West Japan Railway Company,Fujisawa Pharmaceutical,Sekisui House,Sumitomo Real Estate,Daikin Industries, * Yamato Gin Holdings
2002* Asahi Bank, △Sato Industry,Fujita, *Japan Energy, *Kawasaki Steel, * NKK, * Japan Airlines, * Matsushita Communication Industrial Co., Ltd.,Polar ocean,Tobishima constructionChiba Bank,Nippon Comsys,Trend micro, Olympus Optical Industry,Isetan, Mitsui Trust Holdings,CSK, *JFE Holdings, *Nippon Mining Holdings, * Japan Air System
2003* Nippon COMSYS, Hazama,Toa Construction IndustryJGC, *Comsys Holdings,Konami
2004Mercian,Fujikoshi,Japanese vehicle manufacturingSoftbank,Dentsu,Nippon Ham
2005*Tokyu Department Store, * Yamanouchi Pharmaceutical, * Fujisawa Pharmaceutical Co., Ltd., △Kanebo, * Seven-Eleven Japan, * Ito-Yokado,Morinaga Confectionery, *Mitsubishi Chemical, * UFJ Holdings, * Daiichi Pharmaceutical, *Sankyo*Astellas Pharma,Chugai Pharmaceutical,Yahoo,Mitsui Chemicals, *Seven & i Holdings,Fast retailing,Shinsei Bank, Sky Perfect Communications,T & D Holdings, *Mitsubishi Chemical Holdings, *Daiichi Sankyo
2006*Imperial Oil, *Tomen,Toei, Nippon Flour Mills*Toyota Tsusho, *International Oil Development Teishi Holdings, Toho,Tokyu real estate
2007* Sky Perfect Communications,Nisshin OilliO Group, Topy Industries*SKY Perfect JSAT,J. Front Retailing,SUMCO
2008*Nikko Cordial Group, *Mitsukoshi, * Isetan, *Mitsui Sumitomo Insurance Co., Ltd., *Mitsubishi UFJ Nikos, Kumagai Gumi,ToagoseiFukuoka Financial Group,Uni, *Isetan Mitsukoshi Holdings, *Mitsui Sumitomo Insurance Group Holdings,Matsui Securities,Ohira Metal,Hitachi Construction Machinery
2009*Meiji Confectionery, *Meiji dairy industry*Meiji Holdings, Maruha Nichiro Holdings
2010△ Japan Airlines, *Nippon Oil, *Nippon Mining Holdings, *Sompo Japan, *Mitsubishi Rayon, ClarionTokai passenger railway,Nisshin Steel, * JX Holdings, * NKSJ Holdings,Nippon Electric Glass,Tokyo building
2011*Sanyo Electric, *Panasonic Electric Works, * Sumitomo Trust and Banking, *Mizuho Trust & Banking, *Mizuho Securities, * CSKYaskawa Electric, Dainippon Screen Manufacturing,Dai-ichi Life Insurance,Aozora Bank,Sony Financial Holdings,Amada
2012*Sumitomo Metal Industries, * Nissin Steel, *Nippon Light MetalTokuyama, *Nisshin Steel Holdings, *Nippon Light Metal Holdings
2013* Tokyu Fudosan, Mitsubishi Paper MillsNitto Denko, *Tokyu Fudosan Holdings
2014*Maruhanichiro Holdings*Maruha Nichiro
2015Heiwa real estate,Nitto spinningDNA,Haseko Corporation
2016*Yokohama Bank, ↓sharp, * UNY Group Holdings,Japanese Soda*Concordia Financial Group,Yamaha Motor, *FamilyMart,Rakuten
2017* Mitsumi Electric, ↓Toshiba, Hokuetsu Kishu Paper,MeidenshaOtsuka Holdings,Seiko Epson Corporation,Recruit Holdings,Japan Post
2018Furukawa Machinery Metal, * Nissin Steelcyber-agent,DIC
2019△pioneer, *Showa Shell Sekiyu, ↓Chiyoda Kako Construction,Tokyo Dome OMRON, * Idemitsu Kosan,BANDAI NAMCO Holdings,MXNUMX
2020△ Sony Financial Holdings,Nippon Kayaku, △ Family Mart, △ NTT DoCoMoJapan Exchange Group,Softbank,Nexon,sharp
2021Nisshinbo Holdings,Toyo Seikan Group Holdings,SKY Perfect JSAT Holdings, * Nippon ExpressKeyence,Murata Manufacturing,Nintendo
2022↓Shinsei Bank*NIPPON EXPRESS Holdings,Oryx

List of constituent stocks

Nihon Keizai Shimbun website[16]There is a list in.

Food (11 brands)

Securities codeBrandRemarks
2002Nisshin Seifun Group Headquarters
2269Meiji Holdings
2282Nippon Ham
2501Sapporo Holdings
2502Asahi Group Holdings
2503Kirin Holdings
2531Takara Holdings
2914Japanese tobacco industry

Fiber (4 brands)

Securities codeBrandRemarks

Pulp and paper (2 brands)

Securities codeBrandRemarks
3861Prince holdings
3863Nippon Paper Industries

Chemical industry (17 brands)

Securities codeBrandRemarks
3407Asahi Kasei
4004Showa Denko
4005Sumitomo Chemical
4021Nissan Chemical
4063Shin-Etsu Chemical
4183Mitsui Chemicals
4188Mitsubishi Chemical Holdings
4901FUJIFILM Holdings
6988Nitto Denko

Pharmaceuticals (9 brands)

Securities codeBrandRemarks
4151Kyowa Kirin
4502Takeda Pharmaceutical
4503Astellas Pharma
4506Sumitomo Pharma
4507Shionogi Pharmaceutical
4519Chugai Pharmaceutical
4568Daiichi Sankyo
4578Otsuka Holdings

Oil (2 brands)

Securities codeBrandRemarks
5019Idemitsu Kosan
5020ENEOS Holdings

Rubber (2 brands)

Securities codeBrandRemarks
5101Yokohama Rubber

Ceramic industry (8 brands)

Securities codeBrandRemarks
5202Nippon Sheet Glass
5214Nippon Electric Glass
5232Sumitomo Osaka Cement
5233Taiheiyo Cement
5301Tokai Carbon
5333Japanese insulator

Steel industry (4 brands)

Securities codeBrandRemarks
5401Nippon Steel
5406Kobe Steel Works
5411JFE Holdings
5541Ohira Metal

Non-ferrous metal/metal products (10 brands)

Securities codeBrandRemarks
5703Nippon Light Metal Holdings
5706Mitsui Mining & Smelting
5707Toho Zinc
5711Mitsubishi Materials
5713Sumitomo Metal Mining
5714DOWA Holdings
5801Furukawa Electric
5802Sumitomo Electric Industries

Machine (15 brands)

Securities codeBrandRemarks
5631Japan Steel Works
6301Komatsu Works
6302Sumitomo Heavy Industries
6305Hitachi Construction Machinery
6367Daikin Industries
6471Nippon Seiko
7004Hitachi Shipbuilding
7011Mitsubishi Heavy Industries

Electrical equipment (29 brands)

Securities codeBrandRemarks
6501Hitachi, Ltd.
6503Mitsubishi Electric
6504Fuji Electric
6506Yaskawa Electric
6674GS Yuasa Corporation
6703Oki Electric Industry
6724Seiko Epson Corporation
6752Panasonic Holdings
6758Sony Group
6770Alps Alpine
6952Casio calculator
6976Taiyo Yuden
6981Murata Manufacturing
7735SCREEN Holdings
8035Tokyo Electron

Shipbuilding (2 brands)

Securities codeBrandRemarks
7003Mitsui E & S Holdings
7012Kawasaki Heavy Industries

Automobile/Auto parts (10 brands)

Securities codeBrandRemarks
7201Nissan Motor
7202Isuzu Motors
7205Hino Motors
7211Mitsubishi Motors
7261マ ツ ダ
7267Honda Motor Co., Ltd.
7269Japanese sea bass
7272Yamaha Motor

Precision equipment (5 brands)

Securities codeBrandRemarks
4902Konica Minolta
7762Citizen clock

Other manufacturing (4 brands)

Securities codeBrandRemarks
7832BANDAI NAMCO Holdings
7911Letterpress printing
7912Dai Nippon Printing

Fisheries (2 brands)

Securities codeBrandRemarks
1332Japanese Fisheries
1333Maruha Nichiro

Mining (1 brand)

Securities codeBrandRemarks

Construction (9 brands)

Securities codeBrandRemarks
1721Comsys Holdings
1801Taisei construction
1802Obayashi team
1803Shimizu Construction
1808Haseko Corporation
1812Kashima construction
1925Daiwa House Industry
1928Sekisui House

Trading company (7 brands)

Securities codeBrandRemarks
8001ITOCHU Corporation
8015Toyota Tsusho
8053Sumitomo Corporation
8058Mitsubishi Corporation

Retail business (7 brands)

Securities codeBrandRemarks
3086J. Front Retailing
3099Isetan Mitsukoshi Holdings
3382Seven & i Holdings
8252Marui Group
9983Fast retailing

Banks (10 issues)

Securities codeBrandRemarks
7186Concordia Financial Group
8304Aozora Bank
8306Mitsubishi UFJ Financial Group
8308Resona Holdings
8309Sumitomo Mitsui Trust Holdings
8316Sumitomo Mitsui Financial Group
8331Chiba Bank
8354Fukuoka Financial Group
8355Shizuoka Bank
8411Mizuho Financial Group

Securities (3 issues)

Securities codeBrandRemarks
8601Daiwa Securities Group Inc.
8604Nomura Holdings
8628Matsui Securities

Insurance (5 issues)

Securities codeBrandRemarks
8630SOMPO Holdings
8725MS & AD Insurance Group Holdings
8750Dai-ichi Life Holdings
8766Tokio Marine Holdings
8795T & D Holdings

Other finance (3 stocks)

Securities codeBrandRemarks
8253Credit Saison
8697Japan Exchange Group

Real estate (5 issues)

Securities codeBrandRemarks
3289Tokyu Fudosan Holdings
8801Mitsui Fudosan
8802Mitsubishi Estate
8804Tokyo building
8830Sumitomo Real Estate

Train/Bus (8 brands)

Securities codeBrandRemarks
9001Tobu Railway
9007Odakyu Electric Railway
9008Keio Electric Railway
9009Keisei Electric Railway
9020East Japan Railway
9021West Japan Railway Company
9022Tokai passenger railway

Land transportation (2 brands)

Securities codeBrandRemarks
9064Yamato Holdings

Shipping (3 brands)

Securities codeBrandRemarks
9101Nippon Yusen
9107Kawasaki Kisen

Air freight (1 brand)

Securities codeBrandRemarks
9202ANA Holdings

Warehouse/transportation related (1 issue)

Securities codeBrandRemarks
9301Mitsubishi warehouse

Information and communication (5 brands)

Securities codeBrandRemarks
9432Nippon Telegraph and Telephone
9613NTT Data
9984Softbank Group

Electricity (3 brands)

Securities codeBrandRemarks
9501TEPCO Holdings
9502Chubu Electric Power
9503Kansai Electric Power

Gas (2 brands)

Securities codeBrandRemarks
9531Tokyo Gas
9532Osaka Gas

Service industry (14 brands)

Securities codeBrandRemarks
4324Dentsu Group
4689Z Holdings
4704Trend micro
6098Recruit Holdings
6178Japan Post
9766Konami Holdings

Various records

Daily changes

ItemApplicable date/commentary
Maximum daily riseOctober 1990, 10 +2 yen Closing price 2,676.55 yen (+22,898.41%). The rate of increase is the second number since the calculation started.Bubble economyWas about to collapse, and the reaction that fell below 2 yen the day before,Ryutaro HashimotoAccording to the stock price measure announcement of the then Minister of Finance.
Maximum rate of increase per dayOctober 2008, 10 +14% Closing price 14.15 yen (+9,447.57 yen).Global financial crisisIn addition to the reaction that the price had fallen more than 1 yen a week in the previous week, it was announced one after another on the day before trading.G7Because the financial crisis avoidance measures of each country were liked.

Top 10 fastest rising rates as of February 2021[17].

RankingdateThe previous day's closing price (yen)Closing price on the day (yen)rate of up(%)
1April 2008, 108,276.439,447.57+14.15
2April 199002 days20,221.8622,898.41+13.24
3April 1949, 1298.50109.62+11.29
4April 2008, 108,211.909,029.76+9.96
5April 1987, 1021,910.0823,947.40+9.30
7April 1997, 1115,082.5216,283.32+7.96
9April 2008, 107,621.928,211.90+7.74
1020150909 days17,427.0818,770.51+7.71
Maximum daily declineOctober 1987, 10 -20 yen Closing price 3,836.48 yen (-21,910.08%).Black MondayTherefore (about 1% of the first section of the Tokyo Stock Exchange is a stop low).
Maximum daily drop rateOctober 1987, 10 -20% closing price 14.90 yen (-21,910.08 yen). For Black Monday.

Top 10 decline rates as of February 2021[17][18].

RankingdateThe previous day's closing price (yen)Closing price on the day (yen)Fall rate (%)
1April 1987, 1025,746.5621,910.08-14.90
2April 2008, 109,547.478,458.45-11.41
419530305 days378.24340.41-10.00
5April 2008, 109,157.498,276.43-9.62
6April 2008, 108,460.987,649.08-9.60
7April 200808 days10,155.909,203.32-9.38

Annual change

As of the end of 2020.

YearsLast year's big meeting
Closing price (yen)
This year's big party
Closing price (yen)
Rate of decline
YearsLarge start price (yen)Annual maximum (yen)The lowest price of the year (yen)Large delivery closing price (yen)
ItemApplicable year/commentary
Maximum rate of increase in one year1952 + 118.38% Closing price of the big meeting 166.06 yen Closing price of the big meeting 362.34 yen (+196.28 yen).Due to the first stock boom after the war[19].
Maximum fall rate for one year2008 -42.1% Large closing price 15,155.73 yen Large closing price 8,859.56 yen (-6296.17 yen).Lehman shockfor.

Other records

Consecutive rising days
  • 2017å¹´10月2日 - 2017å¹´10月24日 (16営業日) 20,400.51円 - 21,805.17円。2017å¹´10月20日日経平均株価は21,457.64円であり56å¹´9か月ぶりに戦後最長に並んだ。そして2017å¹´10月23日には前日の48th House of Representatives general electionThe Nikkei 21,696.65 stock price recorded 15 yen, which was the XNUMXth consecutive business day high, which was the longest after the war, due to the good feeling that the ruling party won.
  • December 1960, 12-January 21, 1961 (1 business days) JPY 11-JPY 14 (+1,287.89%). in JapanIwato businessWas in a booming period. After that, it continued to rise, rising to 7 yen on July 18, half a year later.
Number of consecutive days
  • April 1954, 4-May 28, 1954 (5 business days) 18 yen-15 yen (-351.67%). in JapanKorean special demandIt was a period when the recession continued due to the end of.
Lowest price ever
  • The closing price on July 1950, 7 was 6 yen.Dodge lineImpact of.
The lowest price after the collapse of the bubble economy
  • October 2008, 10 28:10 From 17
  • The closing price on July 2009, 3 was 10 yen.Lehman shockby.
Highest price ever
  • December 1989, 12 29:09 The highest price is 04 yen.Bubble economyby.
  • December 1989, 12 Closing price 29 yen.Due to the bubble economy.
Highest value after Lehman shock
  • September 2021, 9 Highest price 14 yen
  • October 2021, 9 closing price 14 yen
First session by opening a stock exchange based on the Securities Exchange Act
  • October 1949, 5 closing price 16 yen

ETFs / Investment Trusts / Futures

Yields for the last 10 years
BrandLeverageAnnual interest
NEXT FUNDS Nikkei 225 ETFx114.92%[20]
(Nothing is 10 years old)x2N/A
Rakuten Japanese Stock Triple Bullx331.21%[21]
As of the end of 2021.Yen denominated, including dividends.

Linked to the Nikkei Stock AverageETFThe following areTokyo Stock ExchangeIs listed on[22].

  • Daiwa Exchange Traded Fund-Nikkei 225 (1320)[23]
  • NEXT FUNDS Nikkei 225 Exchange Traded Fund (1321)[24]
  • iShares Core Nikkei 225 ETF (1329)[25]
  • Listed Index Fund 225 (1330)[26]
  • MAXIS Nikkei 225 Exchange Traded Fund (1346)[27]
  • One ETF Nikkei 225 (1369)[28]
  • SMDAM Nikkei 225 Exchange Traded Fund (1397)[29]
  • Listed Index Fund Nikkei 225 (Mini) (1578)[30] --The transaction unit is one tenth of the other.
  • NZAM Exchange Traded Fund Nikkei 225 (2525)[31]
  • iFreeETF Nikkei 225 (4 times a year settlement type) (2624)[32] —— Dividends are paid four times a year instead of once a year

The following leveraged and inverse ETFs are listed on the Tokyo Stock Exchange.[33]..These began listing in April 2012[34].

  • Nomura Asset Management
    • NEXT FUNDS Nikkei 1570 Leverage Index Linked Exchange Traded Fund (2) (Double)[35]
    • NEXT FUNDS Nikkei 1571 Inverse Index Linked Exchange Traded Fund (1) (-XNUMXx)[36]
    • NEXT FUNDS Nikkei 1357 Double Inverse Index Linked Exchange Traded Fund (2) (-XNUMXx)[37]
  • Nikko Asset Management
    • Listed Index Fund Nikkei Leverage Index (1358) (Double)[38]
  • Daiwa Asset Management
    • Daiwa Exchange Traded Fund-Nikkei 1365 Leverage Index (2) (Double)[39]
    • Daiwa Exchange Traded Fund-Nikkei 1456 Inverse Index (1) (-XNUMXx)[40]
    • Daiwa Exchange Traded Fund-Nikkei 1366 Double Inverse Index (2) (-XNUMXx)[41]
  • Rakuten Investment Trust Investment Adviser
    • Rakuten ETF-Nikkei Leverage Index Linked Type (1458) (Double)[42]
    • Rakuten ETF-Nikkei Double Inverse Index Linked Type (1459) (-2x)[43]
  • Simplex Asset Management
    • Nikkei 2 Exchange Traded Fund (1579) (Double)[44]
    • Nikkei 1580 Exchange Traded Fund (1) (-XNUMXx)[45]
    • Nikkei 2 ETF (1360) (-2x)[46]

JapaneseInvestment trustThere are the following.There are many other than the following.

The following are Japanese leveraged and inverse investment trusts.

  • Rakuten Investment Trust Investment Adviser
    • Rakuten Japanese Stock Triple Bull (3x)[66]
    • Rakuten Japanese Stock Triple Bear IV (-3 times)[67]
    • Rakuten Japanese stock 4.3 times bull (4.3 times)[68]
    • Rakuten Japanese stock 3.8 times bear (-3.8 times)[69]
  • SBI Asset Management
    • SBI Japanese stock 4.3 bull (4.3 times)[70]
    • SBI Japanese Stock 3.7 Bear III (-3.7 times)[71]
    • SBI Japanese stock 3.8 bear (-3.8 times)[72]

futuresIs listed below.Detail isNikkei 225 futures tradingSee.

  • Osaka Exchange
    • Nikkei 225 Futures-The trading unit is the index value x 1,000 yen.The unit of the bid price is 10 points.[73]
    • Nikkei 225mini --The trading unit is the index value x 100 yen.The unit of the bid price is 5 points.[74]
  • Chicago Mercantile Exchange
    • Nikkei / USD-The trading unit is the index number x $ 5.The unit of the bid price is 5 points.[75]
    • Nikkei / Yen --The trading unit is the index value x 500 yen.The unit of the bid price is 5 points.[76]
  • Singapore Stock Exchange
    • SGX Nikkei 225 Index --The transaction unit is the index value x 500 yen.The unit of the bid price is 5 points.[77]
    • SGX Mini Nikkei 225 Index --The trading unit is the index value x 100 yen.The unit of the bid price is 1 point.[78]
    • SGX USD Nikkei 225 Index-The trading unit is the index number x $ 5.The unit of the bid price is 5 points.[79]

Japanese exchange CFDClick Stock 365Is listed on the.

  • Nikkei 225 Margin Trading with Reset-The trading unit is the index value x 100 yen.The unit of the bid price is 1 point.[80]

over the counterCFDThere are also securities companies that handle it as.


[How to use footnotes]

注 釈

  1. ^ A stock index that is calculated by correcting the divisor for subsequent stock splits, etc., based on the simple average of the stock prices of adopted stocks.
  2. ^ For example, in September 1997, the stocks adoptedMitsui Toatsu ChemicalsIs not adoptedMitsui PetrochemicalBeing merged intoMitsui ChemicalsIs excluded from the calculation,Toyo Tire & RubberIs additionally adopted.
  3. ^ The "OSE average stock price" calculated by 250 major stocks in the Osaka market, which employs Kansai Electric Power Co., Inc. instead of TEPCO, was not replaced on a large scale in April 2000.
  4. ^ Nintendo-Murata Manufacturing-Benesse Holdings-Nidec-ロ ー ム-ShimanoBrands such as.
  5. ^ The trademarks of "Nikkei 225" and "Nikkei 225" have not been registered in Japan (Patent information platformDoes not hit).


  1. ^ Nikkei Stock Average Calculation Procedure (PDF)
  2. ^ "Statistics Bureau Home Page/Statistics of Japan 2020-Chapter 14 Wholesale/Retail". Ministry of Internal Affairs and Communications Statistics Bureau. April 2020, 3Browse.
  3. ^ Kawakita Hidetaka, “Text Stock and Bond Investment” (2006, Chuo Keizai), pages 7-8.
  4. ^ #External link"Explanation by Nikkei Inc."
  5. ^ Nikkei Morning Edition, 2008rd page, December 12, 31
  6. ^ "The Nikkei Stock Average in XNUMX, the highest ever XNUMX ...: Memory of Heisei". Current affairs dot com. https://www.jiji.com/jc/d4?p=hsm100-jpp12803064&d=d4_ftee April 2020, 12Browse. 
  7. ^ "Old OSE stock" boom 1st week from TSE OSE market integration - Wayback machine(For archived March 2014, 7)
  8. ^ a b Katsuhide Kageyama (December 2020, 12). “While many companies are suffering from the corona recession, the Nikkei average is not in the volume zone.”. PRESIDENT online (President). https://president.jp/articles/-/41714 April 2020, 12Browse. 
  9. ^ a b Nikkei Stock Average Calculation Procedure-Nikkei Inc. (PDF)
  10. ^ a b c Problems related to changes in the Nikkei Stock Average calculation procedure in October 2021 (PDF)
  11. ^ Index Information-Nikkei Average Profile
  12. ^ a b "Deemed face value”(May 2017, 4). April 2020, 3Browse.
  13. ^ "Nikkei average profile “deemed face value list (CSV)”". April 2020, 3Browse.
  14. ^ a b c Mayu Iimura (April 2016, 4). “Why do foreign investors not trust the Nikkei XNUMX?”. PRESIDENT online (President). https://president.jp/articles/-/17679 April 2016, 7Browse. 
  15. ^ Tadao Miyakawa (July 2016, 7). “The inconvenient truth of the Nikkei average, swayed by the “5-digit club””. WEDGE Infinity (Wedge). http://wedge.ismedia.jp/articles/-/7282 April 2016, 7Browse. 
  16. ^ List of stocks-Nikkei XNUMX profile
  17. ^ a b "Nikkei Stock Average> Daily / Monthly / Annual Data". April 2021, 3Browse.
  18. ^ 2010 pages of Nikkei morning edition December 12, 31
  19. ^ "1950s: To the first crash after the war”(Japanese). Nikkei XNUMX Read / Know / Learn. April 2021, 4Browse.
  20. ^ (NEXT FUNDS) Nikkei 225 Exchange Traded Fund-Fund Details | Investment Trust Morningstar
  21. ^ Rakuten Japanese Equity Triple Bull-Fund Details | Investment Trust Morningstar
  22. ^ Stock List (ETF) | Japan Exchange Group
  23. ^ Daiwa Exchange Traded Fund-Nikkei XNUMX / Daiwa Asset Management Co., Ltd.
  24. ^ NEXT FUNDS Nikkei 225 Exchange Traded Fund (1321) | NEXT FUNDS
  25. ^ iShares Core Nikkei 225 ETF
  26. ^ 1330 --Listed Index Fund 225 (Listed 225) | ETF (Exchange Traded Fund) | Nikko Asset Management
  27. ^ MAXIS Nikkei XNUMX Exchange Traded Fund | MAXIS
  28. ^ One ETF Nikkei XNUMX | Fund Information | Asset Management One
  29. ^ SMDAM Nikkei XNUMX Exchange Traded Fund | Fund Overview | Fund | Sumitomo Mitsui DS Assetment Management
  30. ^ 1578 --Listed Index Fund Nikkei XNUMX (Mini) (Listed Nikkei XNUMX (Mini)) | ETF (Exchange Traded Fund) | Nikko Asset Management
  31. ^ Norinchukin Zenkyoren Asset Management | Details
  32. ^ iFreeETF Nikkei 225 (4 times a year settlement type) / Daiwa Asset Management Co., Ltd.
  33. ^ List of stocks (leverage type / inverse type products) | Japan Exchange Group
  34. ^ Nomura Asset Management newly listed "Nikkei Leverage Index ETF" and "Nikkei Inverse Index ETF" (PDF)
  35. ^ NEXT FUNDS Nikkei 1570 Leverage Index Linked Exchange Traded Fund (XNUMX) | NEXT FUNDS
  36. ^ NEXT FUNDS Nikkei 1571 Inverse Index Linked Exchange Traded Fund (XNUMX) | NEXT FUNDS
  37. ^ NEXT FUNDS Nikkei 1357 Double Inverse Index Linked Exchange Traded Fund (XNUMX) | NEXT FUNDS
  38. ^ 1358 --Listed Index Fund Nikkei Leverage Index (Listed Nikkei Double) | ETF (Exchange Traded Fund) | Nikko Asset Management
  39. ^ Daiwa Exchange Traded Fund-Nikkei XNUMX Leverage Index / Daiwa Asset Management Co., Ltd.
  40. ^ Daiwa Exchange Traded Fund-Nikkei XNUMX Inverse Index / Daiwa Asset Management Co., Ltd.
  41. ^ Daiwa Exchange Traded Fund-Nikkei XNUMX Double Inverse Index / Daiwa Asset Management Co., Ltd.
  42. ^ Rakuten ETF-Nikkei Leverage Index Linked | Information on Investment Trusts / ETFs | Rakuten Investment Management, Inc. for Investment Trusts / ETFs
  43. ^ Rakuten ETF-Nikkei Double Inverse Index Linked | Information on Investment Trusts / ETFs | Rakuten Investment Management, Inc. for Investment Trusts / ETFs
  44. ^ Nikkei 2 Bull Double ETF | Leverage ETF | Simplex
  45. ^ Nikkei XNUMX Bear ETF | Inverse ETF | Simplex
  46. ^ Nikkei XNUMX Bear Double ETF | Double Inverse ETF | Simplex
  47. ^ eMAXIS Slim Domestic Stocks (Nikkei XNUMX) | Mitsubishi UFJ International Investment Trusts for Investment Trusts
  48. ^ eMAXIS Nikkei XNUMX Index | Mitsubishi UFJ International Investment Trust for Investment Trusts
  49. ^ Index Fund XNUMX | Mitsubishi UFJ International Investment Trust for Investment Trusts
  50. ^ Mitsubishi UFJ Index XNUMX Open | Mitsubishi UFJ International Investment Trusts for Investment Trusts
  51. ^ Tsumitate Japanese Equity (Nikkei XNUMX) | Mitsubishi UFJ International Investment Trust for Investment Trusts
  52. ^ Yumerakusho Nikkei XNUMX Open | Mitsubishi UFJ International Investment Trust for Investment Trusts
  53. ^ Nomura Index Fund Nikkei 225 (nickname: Funds-i Nikkei 225) | Investment Trust Information | Nomura Asset Management
  54. ^ Stock Index 225 | Investment Trust Information | Nomura Asset Management
  55. ^ Funded Stock Fund (nickname: MIP (Monthly Investment Plan)) | Investment Trust Information | Nomura Asset Management
  56. ^ Index Fund XNUMX | Nikko Asset Management
  57. ^ Index Fund XNUMX (Japanese Equity) | Nikko Asset Management
  58. ^ Daiwa Stock Index XNUMX Fund / Daiwa Asset Management Co., Ltd.
  59. ^ Stock Index Fund XNUMX / Daiwa Asset Management Co., Ltd.
  60. ^ Daiwa No-Load Nikkei XNUMX Fund / Daiwa Asset Management Co., Ltd.
  61. ^ DI's Nikkei 225 Index / Daiwa Asset Management Co., Ltd.
  62. ^ iFree Nikkei XNUMX Index / Daiwa Asset Management Co., Ltd.
  63. ^ Norinchukin Nikkei XNUMX Open Norinchukin Zenkyoren Asset Management | Details
  64. ^ Norinchukin <Partners> Tsumitate NISA Japan Stock Nikkei XNUMX Norinchukin Zenkyoren Asset Management | Details
  65. ^ PayPay Investment Trust Nikkei 225 Index --Product Details │ PayPay Asset Management
  66. ^ Rakuten Japanese Equity Triple Bull | Information on Investment Trusts / ETFs | Rakuten Investment Management, Inc. for Investment Trusts / ETFs
  67. ^ Rakuten Japanese Equity Triple Bear IV | Investment Trusts / ETFs | Rakuten Investment Management, Inc. for Investment Trusts / ETFs
  68. ^ Rakuten Japanese ETF 4.3x Bull | Investment Trusts / ETFs | Rakuten Investment Management, Inc. for Investment Trusts / ETFs
  69. ^ Rakuten Japanese ETF 3.8x Bear; | Investment Trusts / ETFs | Rakuten Investment Management, Inc. for Investment Trusts / ETFs
  70. ^ SBI Japanese Equity 4.3 Bull Fund Details │ Investment Trust │ SBI Asset Management
  71. ^ SBI Japanese Equity 3.7 Bear III Fund Details │ Investment Trust │ SBI Asset Management
  72. ^ SBI Japanese Equity 3.8 Bear Fund Details │ Investment Trust │ SBI Asset Management
  73. ^ Nikkei 225 Futures | Japan Exchange Group
  74. ^ Nikkei 225mini | Japan Exchange Group
  75. ^ Nikkei / USD Futures Contract Specs --CME Group
  76. ^ Nikkei / Yen Futures Contract Specs --CME Group
  77. ^ Nikkei 225 Index Futures and Options-Singapore Exchange (SGX)
  78. ^ Nikkei 225 Index Futures and Options-Singapore Exchange (SGX)
  79. ^ SGX USD Nikkei 225 Index
  80. ^ Products | Transaction Overview | What is Click Stock XNUMX? | Click Stock XNUMX Official Homepage

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