The calculation reference date for the second phase of TOPIX reform is approaching at the end of August, and reports indicate that the number of constituents could fall below 1,000. The exclusions are expected to affect small- and mid-cap stocks.
The calculation reference date for the second phase of reform of the Tokyo Stock Price Index (TOPIX) is approaching at the end of August.
The market describes the initiative as an effort to improve the index's quality as an investment universe by narrowing its constituents.
At the same time, there is a view that additions and deletions, including exclusions, will affect the performance of small- and mid-cap stocks.