TOPIX is moving toward selecting constituents across market segments as part of its review. The transition will begin on 30 October 2026, with 8 phased switches through 2028. Simulations of potential additions and exclusions, along with estimates of the scale of buying demand, are also presented.
TOPIX currently comprises 1,636 constituents, but the next TOPIX is estimated to have 987. The transition is scheduled to begin on 30 October, with 8 rounds carried out every 3 months through July 2028.
Under the new TOPIX, constituents will be selected based on indicators such as market capitalization and trading value, regardless of market segment. The selection process will be revised to consider candidates across the Prime, Standard and Growth markets.
Estimates of the top 15 potential additions and top 15 potential exclusions are presented in charts. 日本マクドナルドホールディングス is among the potential additions, while the potential exclusions are expected to consist largely of stocks listed on the Prime Market.
Estimates of buying demand based on more than ¥165 trillion in assets managed against the index are also provided, along with indicators such as buying-demand impact, expressed in days. The analysis emphasizes that the scale of the impact will differ by constituent.
An analysis of actual share-price performance also found indications that potential additions had risen over the short term, while potential exclusions had not. Attention is expected to focus on supply-and-demand trends following the announcement of inclusions.