Nikkei 225

Nikkei 225
Nikkei 225
Nikkei 225 (USD)

The Nikkei 225 (日経平均株価 Nikkei heikin kabuka?, 日経225), more commonly called the Nikkei, the Nikkei index, or the Nikkei Stock Average[1][2] (English pronunciation: /ˈnɪkeɪ/, /ˈniːkeɪ/, or /nɪˈkeɪ/), is a stock market index for the Tokyo Stock Exchange (TSE). It has been calculated daily by the Nihon Keizai Shimbun (Nikkei) newspaper since 1950. It is a price-weighted average (the unit is yen), and the components are reviewed once a year. Currently, the Nikkei is the most widely quoted average of Japanese equities, similar to the Dow Jones Industrial Average. In fact, it was known as the "Nikkei Dow Jones Stock Average" from 1975 to 1985.[3]

The Nikkei 225 began to be calculated on September 7, 1950, retroactively calculated back to May 16, 1949. Since January 2010 the index is updated every 15 seconds during trading sessions.

The Nikkei 225 Futures, introduced at Singapore Exchange (SGX) in 1986, the Osaka Securities Exchange (OSE) in 1988, Chicago Mercantile Exchange (CME) in 1990, is now an internationally recognized futures index.[4]

The Nikkei average has deviated sharply from the textbook model of stock averages which grow at a steady exponential rate. The average hit its all-time high on December 29, 1989, during the peak of the Japanese asset price bubble, when it reached an intra-day high of 38,957.44 before closing at 38,915.87, having grown sixfold during the decade. Subsequently, it lost nearly all these gains, closing at 7,054.98 on March 10, 2009—81.9% below its peak twenty years earlier.

Another major index for the Tokyo Stock Exchange is the Topix.

On March 15, 2011, the second working day after the massive earthquake in the northeast part of Japan, the index dropped over 10% to finish at 8605.15, a loss of 1,015 points. This put it at its lowest close since March 10, 2009.

Contents

Weighting and modifications

Stocks are weighted on the Nikkei 225 by giving an equal weighting based on a par value of 50 yen per share. Events such as stock splits, removals and additions of constituents impact upon the effective weighting of individual stocks and the divisor. The Nikkei 225 is designed to reflect the overall market, so there is no specific weighting of industries.

Changes to the components

Stocks are reviewed annually and announcements of review results are made in September. Changes, if required, are made at the beginning of October. Changes may also take place at any time if a stock is found to be ineligible (e.g., delisting). All proposed changes will be announced in Nikkei's Japanese newspapers and will appear on NNI.

After a stock has been replaced, the divisor is reviewed and modified to ensure a smooth transition of the stock index.

Components

As of April 2011, the Nikkei 225 consists of the following companies: (Japanese securities identification code in parentheses)

Foods

Textiles & apparel

Pulp & paper

Chemicals

Pharmaceuticals

Oil & coal products

Rubber products

Glass & ceramics

Steel products

Nonferrous metals

Machinery

Electric machinery

Shipbuilding

Automotive

Precision instruments

Other manufacturing

Fishery

Mining

Construction

Trading companies

Retail

Banking

Securities

Insurance

Other financial services

Real estate

Railway/bus

Other land transport

Marine transport

Air transport

Warehousing

Communications

Electric power

Gas

Services

See also

References

  1. ^ [1]
  2. ^ [2]
  3. ^ Nikkei Definition via Wikinvest
  4. ^ Nikkei Net Interactive

External links


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