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November 2013
On the 6th November the Japan Exchange Group, Tokyo Stock Exchange and Nikkei announced
that they will begin calculating the “JPX-Nikkei Index 400” from the 6th January 2014. It is believed
that the Government Pension Investment Fund(GPIF), the largest pension fund in the world with
USD 1 trillion of assets, will begin investing in the index upon its commencement. The index is also
likely to promote discussion over “Smart Beta” products in Japan.
■ Overview of the Index
The new index is composed of 400 companies with a high appeal to investors, which meet
specific requirements of the efficient use of capital and investor-focused management perspectives.
The selection is based on quantitative criteria, including ROE for efficient use of capital, as well as
other financial indicators.
■Selection Process ■Constituent Selection Method
Number of
400
constituents
TSE-listed issues TSE-listed issues (1st Section, 2nd Section, Mothers,
Eligible Issues
JASDAQ)
JPX-Nikkei 400
TOPIX