Japan Exchange Group (JPX) will substantially reshuffle TOPIX constituents, changing the number from the current 1,634 companies to 986. The reshuffle will be implemented in stages from the end of October through July 2028, after which constituents are expected to be changed regularly each year.
Japan Exchange Group announced a major review of TOPIX constituents. The number of constituents will change from the current 1,634 companies to 986, bringing the total below 1,000. The reshuffle will be carried out as part of the Tokyo Stock Exchange's market restructuring and is expected to proceed in stages.
TOPIX is an index that clearly shows movements across the overall stock market and specific groups of stocks, with constituent inclusion calculated based on market capitalization. Historically, it was designed in 1969 as an index reflecting the share-price movements of companies listed on the former TSE First Section. The aim of this review is to restructure the nature of the index by updating its constituents.
Under the schedule, the constituent reshuffle will be implemented in stages between the end of October 2027 and July 2028, after which constituents are expected to be changed regularly each year. Attention is focused on the impact of the TOPIX revamp on market trends and constituent changes.