August 7, 2024
JPX Market Innovation & Research, Inc.
Nikkei Inc.

Periodic Review of “JPX-Nikkei Index 400” and “JPX-Nikkei Mid and Small Cap Index”
The periodic review of the JPX-Nikkei Index 400 and the JPX-Nikkei Mid and Small Cap Index, jointly
calculated by JPX Market Innovation & Research, Inc. and Nikkei Inc., has been conducted as follows.
As a result of the periodic review, 44 issues will be added and 41 issues will be removed from theJPX-Nikkei Index 400 and 50 issues will be added and 45 issues will be removed from the JPX-Nikkei Mid
and Small Cap Index1. Please refer to website for the list of constituents after the periodic review.
1. JPX-Nikkei Index 400① Inclusions
CodeIssueMarketDivision

CodeIssueMarketDivision

1662

Japan Petroleum Exploration Co.,Ltd.

P6632

JVCKENWOOD CorporationP

1969

Takasago Thermal Engineering Co.,Ltd.

P

6787

Meiko Electronics Co.,Ltd.

P

2124

JAC Recruitment Co.,Ltd.

P7071

Amvis Holdings,Inc.

P

2222

Kotobuki Spirits Co.,Ltd.

P7105

Mitsubishi Logisnext Co.,Ltd.

S2685

Adastria Co.,Ltd.

P7148

Financial Partners Group Co.,Ltd.

P2726PAL GROUP Holdings CO.,LTDP

7211

MITSUBISHI MOTORS CORPORATIONP

2760

TOKYO ELECTRON DEVICE LIMITEDP7744

Noritsu Koki Co.,Ltd.

P

4194

Visional,Inc.

P

7751

CANON INC.

P

4661

ORIENTAL LAND CO.,LTD.

P

7762

Citizen Watch Co.,Ltd.

P

4680

ROUND ONE Corporation

P

7826

FURUYA METAL CO.,LTD.

P

4722

Future CorporationP

7912

Dai Nippon Printing Co.,Ltd.

P

5301

TOKAI CARBON CO.,LTD.

P

7936

ASICS CorporationP

5406

Kobe Steel,Ltd.

P7944

Roland CorporationP

5444

YAMATO KOGYO CO.,LTD.

P

8136

Sanrio Company,Ltd.

P

5471

Daido Steel Co.,Ltd.

P8252

MARUI GROUP CO.,LTD.

P

5803

Fujikura Ltd.

P

8253

Credit Saison Co.,Ltd.

P5991

NHK SPRING CO.,LTD.

P

8890

Raysum Co.,Ltd.

S

6101

TSUGAMI CORPORATION

P

9006

Keikyu CorporationP

6254

Nomura Micro Science Co.,Ltd.

P

9007

Odakyu Electric Railway Co.,Ltd.

P6315

TOWA CORPORATION

P

9022

Central Japan Railway CompanyP

Due to removal in addition to the periodic review (2412: Benefit One Inc., 2651: Lawson, Inc., 4739: ITOCHU Techno-Solutions
Corporation), the number of JPX-Nikkei Index 400 constituents as of effective date will be 397. As such, 3 more issues will be
added in this periodic review. Similarly, due to removal in addition to the periodic review (2309: CMIC HOLDINGS Co., Ltd.,
3228: SANEI ARCHITECTURE PLANNING CO., LTD., 4726: SB Technology Corp., 4837: SHiDAX CORPORATION, 7905:
DAIKEN CORPORATION), the number of JPX-Nikkei Mid and Small Cap Index constituents as of effective date will be 195. As
such, 5 more issues will be added in this periodic review.
11MarketIssue9024

SEIBU HOLDINGS INC.

P

9119

IINO KAIUN KAISHA,LTD.

P9041Kintetsu Group Holdings Co.,Ltd.

P9508

Kyushu Electric Power Company,IncorporatedP

CodeIssue

Division

CodeIssueMarketCodeDivision② Removals
CodeIssueMarketDivisionMarketDivision

1407

West Holdings CorporationS

6594

NIDEC CORPORATIONP1417

MIRAIT ONE Corporation

P6727

Wacom Co.,Ltd.

P1803

SHIMIZU CORPORATION

P6750

ELECOM CO.,LTD.

P

2784

Alfresa Holdings CorporationP6754

ANRITSU CORPORATIONP

3254

PRESSANCE CORPORATION

S

7013

IHI CorporationP

3407

ASAHI KASEI CORPORATION

P7516

KOHNAN SHOJI CO.,LTD.

P

3738

T-Gaia CorporationP

7593

VT HOLDINGS CO.,LTD.

P3941

Rengo Co.,Ltd.

P7956

PIGEON CORPORATION

P

3962

CHANGE Holdings,Inc.

P

8218

KOMERI CO.,LTD.

P

4005

SUMITOMO CHEMICALP8273

IZUMI CO.,LTD.

P

COMPANY,LIMITED
4043

Tokuyama Corporation

P8282

K'S HOLDINGS CORPORATION

P4061

Denka Company Limited

P

8283

PALTAC CORPORATION

P

4205

ZEON CORPORATION

P

8585

Orient Corporation

P

4206

Aica Kogyo Company,Limited

P

8595

JAFCO Group Co.,Ltd.

P

4544

H.U. Group Holdings,Inc.

P

8876

Relo Group,Inc.

P

4552

JCR Pharmaceuticals Co.,Ltd.

P

9468

KADOKAWA CORPORATIONP

4819

Digital Garage,Inc.

P

9517

eREX Co.,Ltd.

P

4848

FULLCAST HOLDINGS CO.,LTD.

P

9519

RENOVA,Inc.

P

4922

KOSE Corporation

P9682

DTS CORPORATION

P5702

DAIKI ALUMINIUM INDUSTRYP

9984

SoftBank Group Corp.

PCO.,LTD.
6134

FUJI CORPORATIONP22. JPX-Nikkei Mid and Small Cap Index① Inclusions
CodeIssueMarketDivision

CodeIssueMarketDivision1375

YUKIGUNI MAITAKE CO.,LTD.

P5351

SHINAGAWA REFRACTORIES CO.,LTD.

P

1514

Sumiseki Holdings,Inc.

S

6083

ERI HOLDINGS CO.,LTD.

S

166A

TASUKI Holdings Inc.

G6094

FreakOut Holdings,inc.

G2160

GNI Group Ltd.

G6101

TSUGAMI CORPORATIONP

2170

Link and Motivation Inc.

P

6125

OKAMOTO MACHINE TOOL WORKS,LTD.

S

2767

TSUBURAYA FIELDS HOLDINGS INC.

P

6191

AirTrip Corp.

P

2780

Komehyo Holdings Co.,Ltd.

S

6535

i-mobile Co.,Ltd.

P

3093

Treasure Factory Co.,LTD.

P

6658

Shirai Electronics Industrial Co.,Ltd.

S

3097

The Monogatari CorporationP

6777

santec Holdings CorporationS

3371

SOFTCREATE HOLDINGS CORP.

P

6866

HIOKI E.E.CORPORATIONP

3486

GLOBAL LINK MANAGEMENT INC.

P

6890

Ferrotec Holdings CorporationS

3561

CHIKARANOMOTO HOLDINGS Co.,Ltd.

P

7033

Management Solutions Co.,Ltd.

P

3679

ZIGExN Co.,Ltd.

P

7718

STAR MICRONICS CO.,LTD.

P

3825

Remixpoint,inc.

S7809

KOTOBUKIYA CO.,LTD.

S

3962

CHANGE Holdings,Inc.

P

7839

SHOEI CO.,LTD.

P

3978

MACROMILL,INC.

P

7944

Roland Corporation

P

4071

Plus Alpha Consulting Co.,LTD.

P

8014

CHORI CO.,LTD.

P

4216

ASAHI YUKIZAI CORPORATION

P

8075

Shinsho Corporation

P

4432

WingArc1st Inc.

P

8117

CENTRAL AUTOMOTIVE PRODUCTS LTD.

S

4526

RIKEN VITAMIN CO.,LTD.

P

8699

HS Holdings Co.,Ltd.

S

4552

JCR Pharmaceuticals Co.,Ltd.

P

8890

Raysum Co.,Ltd.

S

4828

Business Engineering Corporation

P

8919

KATITAS CO.,LTDP

4933

I-ne CO.,LTD.

P

9115

Meiji Shipping Group Co.,Ltd.

S

4974

TAKARA BIO INC.

P

9279

GIFT HOLDINGS INC.

P

4996

KUMIAI CHEMICAL INDUSTRY CO.,LTD.

P

9534

HOKKAIDO GAS CO.,LTD.

P② Removals
CodeIssueMarketDivision

CodeIssueMarketDivision

1890

TOYO CONSTRUCTION CO.,LTD.

P

3932

Akatsuki Inc.

P

1926

RAITO KOGYO CO.,LTD.

P

3964

AUCNET INC.

P

1949

SUMITOMO DENSETSU CO.,LTD.

P

3991

Wantedly,IncG2130

Members Co.,Ltd.

P

4047

KANTO DENKA KOGYO CO.,LTD.

P2195

AMITA HOLDINGS CO.,LTD.

G4348

INFOCOM CORPORATION

P

2292

S Foods Inc.

P

4369

Tri Chemical Laboratories Inc.

P

2737

TOMEN DEVICES CORPORATION

P4549

EIKEN CHEMICAL CO.,LTD.

P

2930

Kitanotatsujin Corporation

P

4714

RISO KYOIKU CO.,LTD.

P

3134

Hamee Corp.

S

4931

Shinnihonseiyaku Co.,Ltd.

P

3167

TOKAI Holdings CorporationP

6089

WILL GROUP,INC.

P

3182

Oisix ra daichi Inc.

P

6235

OPTORUN CO.,LTD.

P

3254

PRESSANCE CORPORATIONS6315

TOWA CORPORATION

P3665

Enigmo Inc.

P

6340

SHIBUYA CORPORATIONP3675

Cross Marketing Group Inc.

P

6368

ORGANO CORPORATION

P3676

DIGITAL HEARTS HOLDINGS Co.,Ltd.

P

6432

TAKEUCHI MFG.CO.,LTD.

P

3793

Drecom Co.,Ltd.

G6533

Orchestra Holdings Inc.

P3CodeIssue

MarketDivision

CodeIssueMarketDivision

6564

MIDAC HOLDINGS CO.,LTD.

P

9039

Sakai Moving Service Co.,Ltd.

P

6871

MICRONICS JAPAN CO.,LTD.

P

9418

U-NEXT HOLDINGS Co.,Ltd.

P

7198

SBI ARUHI CorporationP

9517

eREX Co.,Ltd.

P

7516

KOHNAN SHOJI CO.,LTD.

P

9519

RENOVA,Inc.

P

7545

NISHIMATSUYA CHAIN Co.,Ltd.

P

9551

METAWATER Co.,Ltd.

P7915

Nissha Co.,Ltd.

P9873

KFC Holdings Japan,Ltd.

S8133

ITOCHU ENEX CO.,LTD.

P*As for the market division, "P"= Prime Market, "S"= Standard Market, "G"= Growth Market.

3. Effective Date of Periodic Review
August 30, 2024
[Contact]
JPX Market Innovation & Research, Inc.

Nikkei Inc.

Index BusinessIndex Business Office

Email: index@jpx.co.jp

Email: index@nex.nikkei.co.jp

4Annex 1
Annex1. Referencial Data for JPX-Nikkei Index 400 Periodic Review(1) 3-year ROE simple averageIssues
JPX-Nikkei 400 constituentsPrime Market Issues (*1)
non-constituents (*1,*2)

FY2024
13.8%
9.8%
5.6%

FY2023
13.5%
8.1%
4.0%

*1 Issues a) with liabilities in excess of assets during any of 3 periods, b) their 3-year average ROE is more than 200% or less than -200%,or c) those financail data are not available for calculation are excluded. 3-year simple average ROE is as of the announce date of periodic review.
*2 All the eligible constituents for JPX-Nikkei 400 excluding the JPX-Nikkei 400 constituents.

(2) Market division balanceMarketPrime Market
Standard Market
Growth Market

FY2024389
110

FY2023389
110* Market division balance is as of the announce date of periodic review.

(3) Fulfilling situation for qualitative factors
Criteria
Appointment of independent outside directors *1
Appointment of female board members/executive officers *2

Adoption of IFRS
Disclosure of English earnings information
Disclosure of English Corporate Governance Report

FY2024
No. of issues
Percentage
103 (503)
25.8% (13.1%)
48 (204)
12.0% (5.3%)
127 (276)
31.8% (7.2%)
273 (1446)
68.3% (38.3%)
224 (447)
56.0% (12.4%)

FY2023
No. of issues
Percentage
82 (423)
20.5% (11.1%)
389 (2670)
97.3% (70.1%)
132 (263)
33.0%(6.9%)
256 (1322)
64.0% (34.7%)
197 (395)
49.3% (10.4%)*1 Figures in () mean the fulfilling situation for qualitative factors of all the eligible constituents for JPX-Nikkei 400*2 The criteria was one or more appointments until FY2023, and the criteria is 30% or more in FY2024.

(4) Turnover Ratio
Turnover ratio(Market capitalization-based, one-way)

8.9%* Sum of increments (decrements) in market capitalization weight for each constituent before and after the periodic review
Turnover ratio = Sum of weight increments = Sum of weight decrements* Turnover ratio is calculated based on market capitalization for index calculation as of the end of July 2024.

This document is prepared by JPX Market Innovation & Research, Inc. (JPXI)and Nikkei Inc. (Nikkei) solely for the understanding of JPX-Nikkei 400, and is not to be construed as a solicitation for trading any
securities or related financial instruments. JPXI and Nikkei shall accept no liability or responsibility for any loss or damage arising from errors, delays, or termination of the calculation or publication of JPX-Nikkei 400,
changes to its calculation or publication method, the use of JPX-Nikkei 400 or all or any part of this document or other similar events.

Copyright © 2024- by JPX Market Innovation & Research, Inc., and Nikkei Inc. All rights reservedAnnex 2
Annex2. Referencial Data for JPX-Nikkei Mid and Small Cap Index Periodic Review(1) 3-year ROE simple averageIssuesJPX-Nikkei Mid and Small constituentsPrime Market Issues (*1)
non-constituents (*1,*2)

FY2024
21.5%
9.8%
5.6%

FY2023
20.7%
8.1%
4.2%

*1 Issues a) with liabilities in excess of assets during any of 3 periods, b) their 3-year average ROE is more than 200% or less than -200%,or c) those financail data are not available for calculation are excluded. 3-year simple average ROE is as of the announce date of periodic review.
*2 All the eligible constituents for JPX-Nikkei Mid and Small excluding the JPX-Nikkei Mid and Small constituents.

(2) Market division balanceMarketPrime Market
Standard Market
Growth Market

FY2024170
219FY2023
177
1211* Market division balance is as of the announce date of periodic review.

(3) Fulfilling situation for qualitative factors
Criteria
Appointment of independent outside directors *1
Appointment of female board members/executive officers *2

Adoption of IFRS
Disclosure of English earnings information
Disclosure of English Corporate Governance Report

FY2024
No. of issues
Percentage
45 (503)22.5% (13.1%)
23 (204)
11.5% (5.3%)
28 (276)
14.0% (7.2%)
138 (1466)
69.0% (38.3%)
45 (477)
22.5% (12.4%)

FY2023
No. of issues
Percentage
44 (423)
22.0% (11.1%)
174 (2670)
87.0% (70.1%)
25 (263)
12.5% (6.9%)
130 (1322)
65.0% (34.7%)
37 (395)
18.5% (10.4%)*1 Figures in () mean the fulfilling situation for qualitative factors of all the eligible constituents for JPX-Nikkei Mid and Small Cap Index.
*2 The criteria was one or more appointments until FY2023, and the criteria is 30% or more in FY2024.

(4) Turnover Ratio
Turnover ratio(Market capitalization-based, one-way)

25.6%* Sum of increments (decrements) in market capitalization weight for each constituent before and after the periodic review
Turnover ratio = Sum of weight increments = Sum of weight decrements* Turnover ratio is calculated based on market capitalization for index calculation as of the end of July 2024.

This document is prepared by JPX Market Innovation & Research, Inc. (JPXI)and Nikkei Inc. (Nikkei) solely for the understanding of JPX-Nikkei Mid and Small Cap Index, and is not to be construed as asolicitation for trading any securities or related financial instruments. JPXI and Nikkei shall accept no liability or responsibility for any loss or damage arising from errors, delays, or termination of thecalculation or publication of JPX-Nikkei Mid and Small Cap Index, changes to its calculation or publication method, the use of JPX-Nikkei Mid and Small Cap Index or all or any part of this document or othersimilar events.

Copyright © 2024- by JPX Market Innovation & Research, Inc., and Nikkei Inc. All rights reserved