# Nikkei 225

The Nikkei 225, or the Nikkei Stock Average (Japanese: 日経平均株価, Hepburn: Nikkei heikin kabuka), more commonly called the Nikkei or the Nikkei index (/ˈnɪkeɪ, ˈniː-, nɪˈkeɪ/), is a stock market index for the Tokyo Stock Exchange (TSE). It is a price-weighted index, operating in the Japanese Yen (JP¥), and its components are reviewed twice a year. The Nikkei 225 measures the performance of 225 highly capitalised and liquid publicly owned companies in Japan from a wide array of industry sectors. Since 2017, the index is calculated every five seconds. It was originally launched by the Tokyo Stock Exchange in 1950, and was taken over by the Nihon Keizai Shimbun (The Nikkei) newspaper in 1970, when the Tokyo Exchange switched to the Tokyo Stock Price Index (TOPIX), which is weighed by market capitalisation rather than stock prices.

## History

The Nikkei 225 began to be calculated on 7 September 1950, retroactively calculated back to 16 May 1949, when the average price of its component stocks was 176.21 yen. Since July 2017, the index is updated every 5 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.
The Nikkei average has deviated sharply from the textbook model of stock averages, which grow at a steady exponential rate. During the Japanese asset price bubble, the average hit its bubble-era record high on 29 December 1989, when it reached an intraday high of 38,957.44, before closing at 38,915.87, having grown sixfold during the decade. Subsequently, it lost nearly all these gains, reaching a post-bubble intraday low of 6,994.90 on 28 October 2008 — 82% below its peak nearly 19 years earlier. The 1989 record high held for 34 years, until it was surpassed in 2024 (see below).
On 15 March 2011, the second working day after the massive earthquake in the northeast part of Japan, the index dropped over 10% to finish at 8,605.15, a loss of 1,015 points. The index continued to drop throughout 2011, bottoming out at 8,160.01 on 25 November, putting it at its lowest close since 31 March 2009. The Nikkei fell over 17% in 2011, finishing the year at 8,455.35, its lowest year-end closing value in nearly thirty years, when the index finished at 8,016.70 in 1982.
The Nikkei started 2013 near 10,600, hitting a peak of 15,942 in May. However, shortly afterward, it plunged by almost 10% before rebounding, making it the most volatile stock market index among the developed markets. By 2015, it had reached over 20,000 mark, marking a gain of over 10,000 in two years, making it one of the fastest growing stock market indices in the world. However, by 2018, the index growth was more moderate at around the 22,000 mark.
There was concern that the rise since 2013 was artificial and due to purchases by the Bank of Japan ("BOJ"). From a start in 2013, by end 2017, the BOJ owned circa 75% of all Japanese Exchange Traded Funds ("ETFs"), and were a top 10 shareholder of 90% of the Nikkei 225 constituents.
On 15 February 2021, the Nikkei average breached the 30,000 benchmark, its highest level in 30 years, due to the levels of monetary stimulus and asset purchase programs executed by the Bank of Japan to mitigate the financial effects of the COVID-19 pandemic.
On 22 February 2024, the Nikkei reached an intraday high of 39,156.97 and closed at 39,098.68, finally surpassing its 1989 record high, an important milestone since the Japanese asset price bubble. On 4 March 2024, the index surpassed 40,000 (intraday and closing) for the first time in history.
On 5 August 2024, amid a global stock market decline, the Nikkei dropped by more than 4,200 points, surpassing 1987's Black Monday as its biggest single-day drop in history. The following day, it bounced back by more than 3,200 points, the largest single-day gain in history.

## Weighting

The index is a price-weighted index. The index is calculated as follows:
$AdjPrice=Price\times AdjFactor$, then ${\frac {\sum AdjPrice}{Divisor}}$
* Price is the stock price of a component.
* AdjFactor is the price adjustment factor.
* AdjPrice is the adjusted price of the stock after multiplying by the adjustment factor.
* Divisor is the index divisor.
As of July 2024, the company with the largest influence on the index is Fast Retailing (TYO: 9983), at about 10% weight.

## Contract Specifications

The Nikkei 225 is traded as a future on the Osaka exchange (OSE). The contract specifications for the Nikkei 225 (OSE ticker symbol JNK) are listed below:
Contract Specifications :
| Nikkei 225 (JNK) | |
| Contract Size: | Nikkei 225 Index X Y1,000 |
| Exchange: | OSE |
| Sector: | Index |
| Tick Size: | 10 |
| Tick Value: | 10000 JPY |
| Big Point Value (BPV): | 1000 |
| Denomination: | JPY |
| Decimal Place: | 0 |

## Annual returns

The following table shows the annual development of the Nikkei 225, which was calculated back to 1914.
| Year | Closing level | Change in Index in Points | Change in Index in % |
| 1914 | 21.12 | | |
| 1915 | 32.10 | 10.98 | 51.99 |
| 1916 | 41.61 | 9.51 | 29.63 |
| 1917 | 41.40 | −0.21 | −0.50 |
| 1918 | 42.21 | 0.81 | 1.96 |
| 1919 | 53.63 | 11.42 | 27.06 |
| 1920 | 27.44 | −26.19 | −48.83 |
| 1921 | 28.88 | 1.44 | 5.25 |
| 1922 | 23.97 | −4.91 | −17.00 |
| 1923 | 22.83 | −1.14 | −4.76 |
| 1924 | 24.45 | 1.62 | 7.10 |
| 1925 | 27.96 | 3.51 | 14.36 |
| 1926 | 27.25 | −0.71 | −2.54 |
| 1927 | 25.82 | −1.43 | −5.25 |
| 1928 | 25.65 | −0.17 | −0.66 |
| 1929 | 21.32 | −4.33 | −16.88 |
| 1930 | 16.82 | −4.50 | −21.11 |
| 1931 | 16.28 | −0.54 | −3.21 |
| 1932 | 30.33 | 14.05 | 86.30 |
| 1933 | 34.12 | 3.79 | 12.50 |
| 1934 | 32.30 | −1.82 | −5.33 |
| 1935 | 33.76 | 1.46 | 4.52 |
| 1936 | 35.94 | 2.18 | 6.46 |
| 1937 | 37.33 | 1.39 | 3.87 |
| 1938 | 33.66 | −3.67 | −9.83 |
| 1939 | 44.96 | 11.30 | 33.57 |
| 1940 | 37.42 | −7.54 | −16.77 |
| 1941 | 42.44 | 5.02 | 13.42 |
| 1942 | 42.71 | 0.27 | 0.64 |
| 1943 | 42.11 | −0.60 | −1.40 |
| 1944 | 41.82 | −0.29 | −0.69 |
| 1945 | 40.53 | −1.29 | −3.08 |
| 1946 | 28.72 | −11.81 | −29.14 |
| 1947 | 39.31 | 10.59 | 36.87 |
| 1948 | 72.84 | 33.53 | 85.30 |
| 1949 | 109.91 | 37.07 | 50.89 |
| 1950 | 101.91 | −8.00 | −7.28 |
| 1951 | 166.06 | 64.15 | 62.95 |
| 1952 | 362.64 | 196.58 | 118.38 |
| 1953 | 377.95 | 15.31 | 4.22 |
| 1954 | 356.09 | −21.86 | −5.78 |
| 1955 | 425.69 | 69.60 | 19.55 |
| 1956 | 549.14 | 123.45 | 29.00 |
| 1957 | 474.55 | −74.59 | −13.58 |
| 1958 | 666.54 | 191.99 | 40.46 |
| 1959 | 874.88 | 208.34 | 31.26 |
| 1960 | 1,356.71 | 481.83 | 55.07 |
| 1961 | 1,432.60 | 75.89 | 5.59 |
| 1962 | 1,420.43 | −12.17 | −0.85 |
| 1963 | 1,225.10 | −195.33 | −13.75 |
| 1964 | 1,216.55 | −8.55 | −0.70 |
| 1965 | 1,417.83 | 201.28 | 16.55 |
| 1966 | 1,452.10 | 34.27 | 2.42 |
| 1967 | 1,283.47 | −168.63 | −11.61 |
| 1968 | 1,714.89 | 431.42 | 33.61 |
| 1969 | 2,358.96 | 644.07 | 37.56 |
| 1970 | 1,987.14 | −371.82 | −15.76 |
| 1971 | 2,713.74 | 726.60 | 36.57 |
| 1972 | 5,207.94 | 2,494.20 | 91.91 |
| 1973 | 4,306.80 | −901.14 | −17.30 |
| 1974 | 3,817.22 | −489.58 | −11.37 |
| 1975 | 4,358.60 | 541.38 | 14.18 |
| 1976 | 4,990.85 | 632.25 | 14.51 |
| 1977 | 4,865.60 | −125.25 | −2.51 |
| 1978 | 6,001.85 | 1,136.25 | 23.35 |
| 1979 | 6,569.47 | 567.62 | 9.46 |
| 1980 | 7,116.38 | 546.91 | 8.33 |
| 1981 | 7,681.84 | 565.46 | 7.95 |
| 1982 | 8,016.67 | 334.83 | 4.36 |
| 1983 | 9,893.82 | 1,877.15 | 23.42 |
| 1984 | 11,542.60 | 1,648.78 | 16.66 |
| 1985 | 13,113.32 | 1,570.72 | 13.61 |
| 1986 | 18,701.30 | 5,587.98 | 42.61 |
| 1987 | 21,564.00 | 2,862.70 | 15.31 |
| 1988 | 30,159.00 | 8,595.00 | 39.86 |
| 1989 | 38,915.87 | 8,756.87 | 29.04 |
| 1990 | 23,848.71 | −15,067.16 | −38.72 |
| 1991 | 22,983.77 | −864.94 | −3.63 |
| 1992 | 16,924.95 | −6,058.82 | −26.36 |
| 1993 | 17,417.24 | 492.29 | 2.91 |
| 1994 | 19,723.06 | 2,305.82 | 13.24 |
| 1995 | 19,868.15 | 145.09 | 0.74 |
| 1996 | 19,361.35 | −506.80 | −2.55 |
| 1997 | 15,258.74 | −4,102.61 | −21.19 |
| 1998 | 13,842.17 | −1.416,57 | −9.28 |
| 1999 | 18,934.34 | 5,092.17 | 36.79 |
| 2000 | 13,785.69 | −5,148.65 | −27.19 |
| 2001 | 10,542.62 | −3,243.07 | −23.52 |
| 2002 | 8,578.95 | −1,963.67 | −18.63 |
| 2003 | 10,676.64 | 2,097.69 | 24.45 |
| 2004 | 11,488.76 | 812.12 | 7.61 |
| 2005 | 16,111.43 | 4,622.67 | 40.24 |
| 2006 | 17,225.83 | 1,114.40 | 6.92 |
| 2007 | 15,307.78 | −1,918.05 | −11.13 |
| 2008 | 8,859.56 | −6,448.22 | −42.12 |
| 2009 | 10,546.44 | 1,686.88 | 19.04 |
| 2010 | 10,228.92 | −317.52 | −3.01 |
| 2011 | 8,455.35 | −1,773.57 | −17.24 |
| 2012 | 10,395.18 | 1,939.83 | 22.94 |
| 2013 | 16,291.31 | 5,896.13 | 56.72 |
| 2014 | 17,450.77 | 1,159.46 | 7.12 |
| 2015 | 19,033.71 | 1,582.94 | 9.07 |
| 2016 | 19,114.40 | 80.69 | 0.42 |
| 2017 | 22,764.94 | 3,650.54 | 19.10 |
| 2018 | 20,014.77 | −2,750.17 | −12.08 |
| 2019 | 23,656.62 | 3,641.85 | 18.20 |
| 2020 | 27,444.17 | 3,787.55 | 16.01 |
| 2021 | 28,791.71 | 1,347.54 | 4.68 |
| 2022 | 26,094.50 | −2,697.21 | −9.37 |
| 2023 | 33,464.17 | 7,369.67 | 28.24 |
| 2024 | 39,894.54 | 6,430.37 | 19.21 |

## Components

The GICS breakdown is shown here.
As of October 2023, the Nikkei 225 consists of the following companies (Japanese securities identification code in parentheses): Bold indicates the top ten by market capitalisation.

### Air transport

* ANA Holdings Inc. (TYO: 9202)
* Japan Airlines Co., Ltd. (TYO: 9201)

### Automotive

* Hino Motors, Ltd. (TYO: 7205)
* Honda Motor Co., Ltd. (TYO: 7267)
* Isuzu Motors Ltd. (TYO: 7202)
* Mazda Motor Corp. (TYO: 7261)
* Mitsubishi Motors Corp. (TYO: 7211)
* Nissan Motor Co., Ltd. (TYO: 7201)
* Subaru Corp. (TYO: 7270)
* Suzuki Motor Corp. (TYO: 7269)
* Toyota Motor Corp. (TYO: 7203)
* Yamaha Motor Company, Ltd. (TYO: 7272)

### Banking

* Aozora Bank, Ltd. (TYO: 8304)
* The Chiba Bank, Ltd. (TYO: 8331)
* Concordia Financial Group, Inc. (TYO: 7186)
* Fukuoka Financial Group, Inc. (TYO: 8354)
* Mitsubishi UFJ Financial Group, Inc. (TYO: 8306)
* Mizuho Financial Group, Inc. (TYO: 8411)
* Resona Holdings, Inc. (TYO: 8308)
* Shizuoka Financial Group (TYO: 5831)(Holding company for Shizuoka Bank)
* Sumitomo Mitsui Financial Group, Inc. (TYO: 8316)
* Sumitomo Mitsui Trust Holdings, Inc. (TYO: 8309)

### Chemicals

* Asahi Kasei Corp. (TYO: 3407)
* Denki Kagaku Kogyo K.K. (TYO: 4061)
* DIC Corporation (TYO: 4631)
* Fujifilm Holdings Corp. (TYO: 4901)
* Kao Corp. (TYO: 4452)
* Kuraray Co., Ltd. (TYO: 3405)
* Mitsubishi Chemical Holdings Corp. (TYO: 4188)
* Mitsui Chemicals, Inc. (TYO: 4183)
* Nissan Chemical Industries, Ltd. (TYO: 4021)
* Nitto Denko (TYO: 6988)
* Showa Denko (TYO: 4004)
* Shin-Etsu Chemical Co., Ltd. (TYO: 4063)
* Shiseido Co., Ltd. (TYO: 4911)
* Sumitomo Chemical Co., Ltd. (TYO: 4005)
* Tokuyama Corporation (TYO: 4043)
* Tosoh Corp. (TYO: 4042)
* Ube Industries, Ltd. (TYO: 4208)

### Communications

* KDDI Corp. (TYO: 9433)
* Nippon Telegraph & Telephone Corp. (TYO: 9432)
* NTT Data Corp. (TYO: 9613)
* SoftBank Corp. (TYO: 9434)
* SoftBank Group Corp. (TYO: 9984)

### Construction

* Comsys Holdings Corp. (TYO: 1721)
* Daiwa House Industry Co., Ltd. (TYO: 1925)
* Haseko Corp. (TYO: 1808)
* JGC Corporation (TYO: 1963)
* Kajima Corp. (TYO: 1812)
* Obayashi Corp. (TYO: 1802)
* Sekisui House, Ltd. (TYO: 1928)
* Shimizu Corp. (TYO: 1803)
* Taisei Corp. (TYO: 1801)

### Electric machinery

* Advantest Corp. (TYO: 6857)
* Alps Electric Co., Ltd. (TYO: 6770)
* Canon Inc. (TYO: 7751)
* Casio Computer Co., Ltd. (TYO: 6952)
* Denso Corp. (TYO: 6902)
* FANUC Corp. (TYO: 6954)
* Fuji Electric Co., Ltd. (TYO: 6504)
* Fujitsu Ltd. (TYO: 6702)
* GS Yuasa Corp. (TYO: 6674)
* Hitachi, Ltd. (TYO: 6501)
* Keyence Corp. (TYO: 6861)
* Kyocera Corp. (TYO: 6971)
* Lasertec (TYO: 6920)
* MinebeaMitsumi, Inc. (TYO: 6479)
* Mitsubishi Electric Corp. (TYO: 6503)
* Murata Manufacturing Co., Ltd. (TYO: 6981)
* NEC Corp. (TYO: 6701)
* Nidec (TYO: 6594)
* Oki Electric Industry Co., Ltd. (TYO: 6703)
* Omron Corp. (TYO: 6645)
* Panasonic Corp. (TYO: 6752)
* Renesas Electronics(TYO: 6723)
* Ricoh Co., Ltd. (TYO: 7752)
* SCREEN Holdings (TYO: 7735)
* Seiko Epson Corp. (TYO: 6724)
* Sharp Corporation (TYO: 6753)
* Sony Corp. (TYO: 6758)
* Taiyo Yuden Co., Ltd. (TYO: 6976)
* TDK Corp. (TYO: 6762)
* Tokyo Electron Ltd. (TYO: 8035)
* Yaskawa Electric Corporation, Limited (TYO: 6506)
* Yokogawa Electric Corp. (TYO: 6841)

### Electric power

* Chubu Electric Power Co., Inc. (TYO: 9502)
* The Kansai Electric Power Co., Inc. (TYO: 9503)
* Tokyo Electric Power Company Holdings, Incorporated (TYO: 9501)

### Fishery

* Nissui Corporation (TYO: 1332)

### Foods

* Ajinomoto Co., Inc. (TYO: 2802)
* Asahi Group Holdings, Ltd. (TYO: 2502)
* Japan Tobacco Inc. (TYO: 2914)
* Kikkoman Corp. (TYO: 2801)
* Kirin Holdings Company, Limited (TYO: 2503)
* Meiji Holdings Company, Limited (TYO: 2269)
* Nichirei Corp. (TYO: 2871)
* NH Foods, Ltd. (TYO: 2282)
* Nisshin Seifun Group Inc. (TYO: 2002)
* Sapporo Holdings Ltd. (TYO: 2501)
* Takara Holdings Inc. (TYO: 2531)

### Gas

* Osaka Gas Co., Ltd. (TYO: 9532)
* Tokyo Gas Co., Ltd. (TYO: 9531)

### Glass & ceramics

* AGC Inc. (TYO: 5201)
* NGK Insulators, Ltd. (TYO: 5333)
* Nippon Electric Glass Co., Ltd. (TYO: 5214)
* Nippon Sheet Glass Co., Ltd. (TYO: 5202)
* Sumitomo Osaka Cement Co., Ltd. (TYO: 5232)
* Taiheiyo Cement Corp. (TYO: 5233)
* Tokai Carbon Co., Ltd. (TYO: 5301)
* Toto Ltd. (TYO: 5332)

### Insurance

* Dai-ichi Life Insurance Company, Limited (TYO: 8750)
* MS&AD Insurance Group, Inc. (TYO: 8725)
* Sompo Holdings, Inc. (TYO: 8630)
* T&D Holdings, Inc. (TYO: 8795)
* Tokio Marine Holdings, Inc. (TYO: 8766)

### Land transport

* Nippon Express Holdings Inc. (TYO: 9147)(Holding company for Nippon Express)
* Yamato Holdings Co., Ltd. (TYO: 9064)

### Machinery

* Amada Co. Ltd. (TYO: 6113)
* Daikin Industries, Ltd. (TYO: 6367)
* Ebara Corp. (TYO: 6361)
* Hitachi Construction Machinery Co., Ltd. (TYO: 6305)
* Hitachi Zōsen Corporation (TYO: 7004)
* IHI Corp. (TYO: 7013)
* The Japan Steel Works, Ltd. (TYO: 5631)
* JTEKT Corp. (TYO: 6473)
* Komatsu Ltd. (TYO: 6301)
* Kubota Corp. (TYO: 6326)
* Mitsubishi Heavy Industries, Ltd. (TYO: 7011)
* NSK Ltd. (TYO: 6471)
* NTN Corp. (TYO: 6472)
* Okuma Holdings, Inc. (TYO: 6103)
* Sumitomo Heavy Industries, Ltd. (TYO: 6302)
* SMC Corporation (TYO: 6273)

### Marine transport

* Kawasaki Kisen Kaisha, Ltd. (TYO: 9107)
* Mitsui O.S.K. Lines, Ltd. (TYO: 9104)
* Nippon Yusen K.K. (TYO: 9101)

### Mining

* Inpex Corp. (TYO: 1605)

### Nonferrous metals

* Dowa Holdings Co., Ltd. (TYO: 5714)
* Fujikura Ltd. (TYO: 5803)
* The Furukawa Electric Co., Ltd. (TYO: 5801)
* Mitsubishi Materials Corp. (TYO: 5711)
* Mitsui Mining & Smelting Co., Ltd. (TYO: 5706)
* SUMCO Corp. (TYO: 3436)
* Sumitomo Electric Industries, Ltd. (TYO: 5802)
* Sumitomo Metal Mining Co., Ltd. (TYO: 5713)

### Other financial services

* Credit Saison Co., Ltd. (TYO: 8253)
* Japan Exchange Group Inc. (TYO: 8697)
* Orix Co. (TYO: 8591)

### Other manufacturing

* Bandai Namco Holdings, Inc. (TYO: 7832)
* Dai Nippon Printing Co., Ltd. (TYO: 7912)
* Toppan Printing Co., Ltd. (TYO: 7911)
* Yamaha Corporation (TYO: 7951)

### Petroleum

* Eneos Holdings (TYO: 5020)
* Idemitsu Kosan Co., Ltd (TYO: 5019)

### Pharmaceuticals

* Astellas Pharma Inc. (TYO: 4503)
* Chugai Pharmaceutical Co., Ltd. (TYO: 4519)
* Daiichi Sankyo Company, Limited (TYO: 4568)
* Eisai Co., Ltd. (TYO: 4523)
* Kyowa Hakko Kirin Co., Ltd. (TYO: 4151)
* Otsuka Holdings Co., Ltd. (TYO: 4578)
* Sumitomo Dainippon Pharma Co., Ltd. (TYO: 4506)
* Shionogi & Co., Ltd. (TYO: 4507)
* Takeda Pharmaceutical Company Limited (TYO: 4502)

### Precision instruments

* Citizen Watch Co., Ltd. (TYO: 7762)
* Hoya Corporation (TYO: 7741)
* Konica Minolta Holdings, Inc. (TYO: 4902)
* Nikon Corp. (TYO: 7731)
* Olympus Corp. (TYO: 7733)
* Terumo Corp. (TYO: 4543)

### Pulp & paper

* Nippon Paper Industries Co., Ltd. (TYO: 3863)
* Oji Holdings Corporation (TYO: 3861)

### Railway/bus

* Central Japan Railway Company (TYO: 9022)
* East Japan Railway Company (TYO: 9020)
* Keio Corp. (TYO: 9008)
* Keisei Electric Railway Co., Ltd. (TYO: 9009)
* Odakyu Electric Railway Co., Ltd. (TYO: 9007)
* Tobu Railway Co., Ltd. (TYO: 9001)
* Tokyu Corp. (TYO: 9005)
* West Japan Railway Company (TYO: 9021)

### Real estate

* Mitsubishi Estate Co., Ltd. (TYO: 8802)
* Mitsui Fudosan Co., Ltd (TYO: 8801)
* Sumitomo Realty & Development Co., Ltd. (TYO: 8830)
* Tokyo Tatemono Co., Ltd. (TYO: 8804)
* Tokyu Land Corp. (TYO: 3289)

### Retail

* Aeon Co., Ltd. (TYO: 8267)
* Fast Retailing Co., Ltd. (TYO: 9983)
* Isetan Mitsukoshi Holdings Ltd. (TYO: 3099)
* J. Front Retailing Co., Ltd. (TYO: 3086)
* Marui Group Co., Ltd. (TYO: 8252)
* Nitori Holdings Co., Ltd. (TYO: 9843)
* Seven & I Holdings Co., Ltd. (TYO: 3382)
* Takashimaya Co., Ltd. (TYO: 8233)

### Rubber

* Bridgestone Corp. (TYO: 5108)
* The Yokohama Rubber Co., Ltd. (TYO: 5101)

### Securities

* Daiwa Securities Group Inc. (TYO: 8601)
* Nomura Holdings, Inc. (TYO: 8604)

### Services

* Cyberagent Inc. (TYO: 4751)
* Dena Co., Ltd. (TYO: 2432)
* Dentsu Inc. (TYO: 4324)
* Japan Post Holdings Co., Ltd. (TYO: 6178)
* Konami Corp. (TYO: 9766)
* LY Corporation (TYO: 4689)
* Mercari Inc. (TYO: 4385)
* M3 Inc. (TYO: 2413) (Parent company for MDLinx)
* Nexon Co., Ltd. (TYO: 3659)
* Nintendo Co., Ltd. (TYO: 7974)
* Oriental Land Co., Ltd. (TYO: 4661)
* Rakuten Inc. (TYO: 4755)
* Recruit Holdings Co., Ltd. (TYO: 6098)
* Secom Co., Ltd. (TYO: 9735)
* Toho Co., Ltd. (TYO: 9602)
* Trend Micro Inc. (TYO: 4704)

### Shipbuilding

* Kawasaki Heavy Industries, Ltd. (TYO: 7012)

### Steel

* JFE Holdings, Inc. (TYO: 5411)
* Kobe Steel, Ltd. (TYO: 5406)
* Nippon Steel Corp. (TYO: 5401)
* Pacific Metals Co., Ltd. (TYO: 5541)

### Textiles & apparel

* Teijin Ltd. (TYO: 3401)
* Toray Industries, Inc. (TYO: 3402)

### Trading companies

* Itochu Corp. (TYO: 8001)
* Marubeni Corp. (TYO: 8002)
* Mitsubishi Corp. (TYO: 8058)
* Mitsui & Co., Ltd. (TYO: 8031)
* Sojitz Corp. (TYO: 2768)
* Sumitomo Corp. (TYO: 8053)
* Toyota Tsusho Corp. (TYO: 8015)

### Warehousing

* Mitsubishi Logistics Corp. (TYO: 9301)