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Japan : Russell/Nomura Indexes Annual Reconstitution.

Nomura Securities Co., Ltd. and FTSE Russell Indexes today announced that the Russell/Nomura Japan Equity Indexes' annual reconstitution for 2017 has been implemented. The number of constituents in the Russell/Nomura Total Market Index, which captures 98% of the float-adjusted market capitalization of the Japanese equity market, came to 1,600.

The total number of firms in the Russell/Nomura Total Market Index was 1,600 as a result of 151 additions and 37 deletions. The total capitalization of the Index was approximately 430 trillion yen (as of October 13, 2017, float-adjusted).

The number of constituents in the Large Cap Index included the same 350 stocks as in the annual reconstitution held last year. The number of stocks in the Top Cap Index and the Mid Cap Index, which are sub-indices of the Large Cap Index, were both the same as last year. The number of stocks in the Small Cap Index, which represents the bottom 15% of the Total Market Index, increased to 1,250.

The Total Value Index had 134 additions and 95 deletions, while the Total Growth Index had 210 additions and 87 deletions. The capitalization turnover ratios (one-sided) for the Total Value and Growth indices are low at less than 10% (see Chart 2). In terms of sector concentration, all changes in value and growth weightings are in the 2% range, smaller than last year. With regard to the Large Cap Index, "Land Transportation" and "Retail Trade" are tilted toward Value, while the growth weighting of "Electric Appliances", "Chemicals" and "Machinery" increased by over 1% (see Chart 3). With regard to the Small Cap Index, "Land Transportation" is tilted toward Growth.

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Publication:Mena Report
Date:Nov 21, 2017
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