A major revamp of TOPIX is under way. The index is expected to comprise approximately 986 issues as of the end of October 2026, about 40% fewer than the current 1,634 issues. The number is expected to expand to approximately 1,000 issues in July 2028.
TOPIX, Japan's flagship stock index, will undergo a major revamp of its constituent issues from the end of October. In the initial reshuffle, 986 issues, including 35 new additions, are expected to meet the criteria, about 40% fewer than the current 1,634 issues. Adjustments will continue to be made as appropriate through regular reshuffles to preserve continuity after the transition. In the current process, including transition-measure issues, treatment of transition issues has been established as the first stage.
The policy is to shift from selection based on market segments to a greater emphasis on liquidity, including market capitalisation and trading value, and the first regular reshuffle after the transition will be carried out. Assets in TOPIX-linked investment trusts and other products have reached approximately ¥160 trillion, and improvements in broad coverage and functionality are expected while preserving continuity.
The 683 existing issues that fail to meet the criteria will be designated as transition-measure issues. Their weights will be reduced in stages every three months, with the transition to zero planned by the end of July 2028.