Japanese stock market index
Nikkei 225 Index
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
(), 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.
The Nikkei 225 began to be calculated on September 7, 1950, retroactively calculated back to May 16, 1949 when the average price of its component stocks was ¥176.21 (equivalent to ¥1,554 in 2024) using a divisor of 225.
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 December 29th, 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 October 28th, 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 March 15th, 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 November 25th, putting it at its lowest close since March 31st, 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.
citation needed
There was concern that the rise since 2013 was artificial and due to purchases by the Bank of Japan ("BOJ").
10
11
From a start in 2013, by end 2017, the BOJ owned circa 75%
12
of all Japanese Exchange Traded Funds ("ETFs"), and were a top 10 shareholder of 90% of the Nikkei 225 constituents.
13
14
On February 15th, 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
15
On February 22nd, 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
16
On March 4th, 2024, the index surpassed 40,000 (intraday and closing) for the first time in history.
17
On August 5th, 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.
18
The following day, it bounced back by more than 3,200 points, the largest single-day gain in history.
19
On February 27, 2026, the Nikkei closed at a record all-time high of 58,850 points.
20
The index is a
price-weighted index
. The index is calculated as follows:
{\displaystyle AdjPrice=Price\times AdjFactor}
, then
{\displaystyle {\frac {\sum AdjPrice}{Divisor}}}
Price
is the stock price of a component.
AdjFactor
is the price adjustment factor.
clarification needed
AdjPrice
is the adjusted price of the stock after multiplying by the adjustment factor.
Divisor
is the index divisor. The divisor is adjusted each time there is a change in the index's constituents, or a stock split occurs (unless when compensated for the price adjustment factor).
clarification needed
As of 1 April 2026
[update]
, the divisor is 29.83110217. That is, every ¥100 change in the adjusted price of a constituent stock results in a 3.3522 unit movement in the index.
As of 7 April 2026
[update]
, the company with the largest influence on the index is
Advantest
TYO
6857
), at about 10% weight.
Contract specifications
edit
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
21
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:
The following table shows the annual development of the Nikkei 225, which was officially calculated back to May 16, 1949, with unofficial calculations extending back to 1914.
22
23
24
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
2025
50,339.48
10,444.94
26.18
Components grouped by
GICS
sector
Energy (0.30%)
Materials (7.00%)
Industrials (18.0%)
Consumer discretionary (21.0%)
Consumer staples (5.00%)
Healthcare (10.0%)
Financials (3.00%)
Information technology (24.0%)
Communication services (9.50%)
Utilities (0.20%)
Real estate (2.00%)
It is not recorded how components were originally selected, or why there are 225 components. Today, components are selected by "considering the weights of the industrial sectors".
clarification needed
Constituents must be highly traded ("liquid"). Constituents are changed either at periodic review one per year, or by "extraordinary replacement", for example if a company is delisted.
As of April 2026, the Nikkei 225 consists of the following companies (Japanese securities identification code in parentheses):
25
Bold indicates the top ten by market capitalisation.
Other financial services
edit
Other manufacturing
edit
Precision instruments
edit
As of 23 April 2026
[update]
(records going back to 16 May 1949):
26
Lowest value
: 85.25 on 6 July 1950
Highest value (closing)
: 59,716.18 on 24 April 2026
Highest value (intraday)
: 60,013.98 on 23 April 2026
Largest gain (absolute)
: +3,217.04 to 34,675.46 on 6 August 2024
Largest gain (relative)
: +14.15% to 9,447.57 on 14 October 2008
Longest winning streak
: 16 consecutive trading days from 2 to 24 October 2017
Largest fall (absolute)
: −4,451.28 to 31,458.42 on 5 August 2024
Largest fall (relative)
: −14.90% to 21,910.08 on
20 October 1987
Longest losing streak
: 15 consecutive trading days from 28 April to 18 May 1954
200
(200.60) on 19 April 1952
300
(302.73) on 17 October 1952
500
(500.70) on 6 June 1956
750
(750.63) on 23 March 1959
1,000
(1,002.46) on 20 February 1960
1,500
(1,501.50) on 30 January 1961
2,000
(2,002.46) on 31 May 1969
2,500
(2,504.84) on 26 March 1970
3,000
(3,013.46) on 26 February 1972
4,000
(4,007.66) on 16 August 1972
5,000
(5,025.54) on 22 December 1972
6,000
(6,002.74) on 1 December 1978
7,000
(7,000.04) on 12 September 1980
8,000
(8,019.14) on 17 August 1981
9,000
(9,015.76) on 7 July 1983
10,000
(10,053.81) on 9 January 1984
15,000
(15,013.19) on 22 March 1986
20,000
(20,048.35) on 30 January 1987
25,000
(25,049.40) on 3 June 1987
30,000
(30,050.82) on 7 December 1988
35,000
(35,084.15) on 16 August 1989
The index closed at 38,915.87 on 29 December 1989. No further record close was set by the index for another 34 years until 22 February 2024, when the index closed at 39,098.68.
40,000
(40,109.23) on 4 March 2024
45,000
(45,303.43) on 18 September 2025
50,000
(50,512.32) on 27 October 2025
55,000
(56,363.94) on 9 February 2026