https://www.investopedia.com/terms/n/nikkei.asp
什麼是日經指數？
Nikkei 是 Japan's Nikkei 225 Stock Average 的簡稱，是日本股票的領先和最受尊敬的指數。它是由在東京證券交易所交易的日本排名前 225的藍籌公司組成的價格加權指數。日經指數相當於美國的道瓊斯工業平均指數(DJIA)。
關鍵要點
- 日經指數是日本領先的股票指數，由該國排名前 225 的藍籌股組成。
- 日經指數是一個價格加權指數，這意味著該指數是所有上市公司股價的平均值。
- 在日經指數上市的一些最著名的公司是索尼公司、佳能公司、日產汽車公司和本田汽車公司。
- 另一個日本股票指數是東京價格指數（或 TOPIX），它是一種市值加權指數，包括東京證券交易所的所有股票。
了解日經指數
以前稱為日經道瓊斯股票平均指數（1975 年至 1985 年），現在以贊助計算該指數的日本經濟新聞或日本經濟報紙（俗稱日經）命名。該指數自 1950 年 9 月開始計算，追溯至 1949 年 5 月。日經指數中最著名的公司包括佳能公司、索尼公司和豐田汽車公司。它是亞洲最古老的股票指數。
日經指數是二戰後日本重建和工業化的一部分。成份股是由股價的排名，而不是市值為是最常用的指標。估值以日元計價。日經指數的構成每年 9 月進行審查，任何需要的變動都在 10 月進行。
根據日經 225 指數“股票平均情況說明書”，日經 225 指數在東京證券交易所開市時每 5 秒計算一次。
東京證券交易所和日經指數
在東京證券交易所（TSE）成立於1878年。最初，TSE成立為政府發布了以武士債券交換的市場。除了政府債券，東京證券交易所還充當黃金和白銀貨幣的交易所。到 1920 年代，東京證券交易所發展到包括股票交易。
1943 年，在第二次世界大戰期間，日本政府將 TSE 與其他五家合併，組成了一個單一的日本證券交易所。該交易所於 1945 年 8 月在戰爭即將結束時關閉。在證券交易法的支持下，東京證券交易所於 1949 年 5 月 16 日重新開放。
日本在 1980 年代後期經歷了一次重大的資產泡沫，當時政府使用財政和貨幣刺激措施來抵消日元在 10 年代前半段升值 50% 造成的經濟衰退。1985 年至 1989 年間，股票價格和土地價值翻了三倍。在泡沫高峰期，東京證券交易所佔全球股票市值的60%。
1990 年泡沫破滅，日經指數的價值在那一年下跌了三分之一。2008 年 10 月，日經指數跌破 7,000 點。這比 1989 年 12 月的高點下降了 80% 以上。隨後在日本政府和日本央行的經濟刺激措施的幫助下，該指數在2012 年 6 月至 2015 年 6 月期間反彈，但該指數仍比 1989 年的高點低近 50%。
TOPIX 與日經指數
在東京的物價指數-frequently簡稱為TOPIX，是東京證券交易所另一個廣受關注指數。日經指數是從 TSE 中挑選出的 225 隻股票的指數，而 TOPIX 則是包含 TSE 中所有股票的指數。
日經指數是價格加權指數，這意味著該指數是所有上市公司股價的平均值。由於每家公司的股票均以其每股價格加權，因此日經指數往往會受到科技股等高價股的影響。
另一方面，TOPIX 對TSE 第一部分中的所有股票使用資本加權方法。TOPIX 受到市場估值較大的股票的影響，例如金融股。
特別注意事項
無法直接購買指數，但有幾個交易所交易基金(ETF) 的成分與日經指數相關。追踪日經指數並在東京證券交易所交易的 ETF 包括貝萊德的 iShares Nikkei 225 和野村資產管理日經 225 交易所交易基金。MAXIS 日經 225 指數 ETF 是在紐約證券交易所交易的美元計價基金。
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The Nikkei 225 Stock Average is Japan’s primary stock index and a barometer of the Japanese economy. It gauges the behavior of 225 large Japanese companies, covering a broad swath of industries. Broadly considered to be Japan’s equivalent to the Dow Jones Industrial Average, it includes the top 225 blue-chip companies listed on the Tokyo Stock Exchange.1
Although you cannot invest directly in an index, you can gain exposure to the underlying stocks within the Nikkei 225 via an exchange traded fund (ETF).
Key Takeaways
- The Nikkei 225 Stock Average, Japan’s primary stock index, tracks the behavior of 225 large JapNikkei Indexes.
- Well-known constituent companies within the Nikkei 225 include Canon Inc. (CAJ), Panasonic Corp. (PCRFY), Sony Corp. (SNE), Nissan Motor Co. (NSANY), Toyota Motor Corp. (TM), and Mazda Motor Corp. (MZDAY).2
- Like the Dow Jones Industrial Average, the Nikkei 225 Stock Average is a price-weighted equity index.
Performance Background
The Nikkei 225 does not accurately reflect how stock averages tend to steadily and exponentially grow. On December 29, 1989, the Nikkei achieved a historic high of 38,957.44 intraday, before closing at 38,915.87.3 Throughout that entire decade, although the Nikkei grew sixfold, it dropped those gains. Notably, on March 10, 2009, the Nikkei closed at 7,054.98—a whopping 81.9% below its 1989 peak.4
Two working days after a giant earthquake rattled the northeast section of Japan on March 15, 2011, the Nikkei plummeted more than 10%, to 8605.15—a drop of 1,015 points.5 The index continued to fall during that entire year, hitting a low of 8160.01 on November 25.6 That year, the Nikkei dropped more than 17%, finishing at 8455.35, representing the lowest year-end price in over 30 years.7
As of May 18, 2021 the Nikkei 225 was at 28,406.84.8
Additional Background
Like the Dow Jones Industrial Average, the Nikkei 225 Stock Average is a price-weighted equity index. Ranking of companies is determined by stock price, which differs from other major indexes where market capitalization is used in calculations.
Calculated since September of 1950 (retroactively to May of 1949), it is Asia’s oldest index and also commonly referred to as the Nikkei 225, Nikkei Index, and the Nikkei. The index is reviewed annually in September, and any changes are implemented in October.
Holdings
Some of the well-known Japanese companies in the Nikkei 225 are Canon Inc. (CAJ), Panasonic Corp. (PCRFY), Sony Corp. (SNE), Nissan Motor Co. (NSANY), Toyota Motor Corp. (TM), Mazda Motor Corp. (MZDAY), and Honda Motor Co.2 (HMC). Sectors represented in the index include technology, financials, consumer goods, materials, capital goods, transportation, and utilities. In all, the Nikkei index comprises companies from 36 different industries.
ETFs
Buying and managing each individual stock in the Nikkei 225 is costly and impractical, with substantial tax implications. Individual investors can gain exposure through exchange-traded funds (ETFs), whose underlying assets correlate to the Nikkei 225.
Unlike mutual funds, which are priced at the end of the day, ETFs trade throughout the day, consequently their prices fluctuate like stocks. Like mutual funds, ETFs offer diversification through a single investment. They have lower expenses than actively managed funds.
Japanese ETFs
Several ETFs that track the Nikkei 225 trade on the Tokyo Stock Exchange. They include Blackrock Japan’s iShares Nikkei 225 ETF, Nomura Asset Management’s Nikkei 225 Exchange Traded Fund (NTETF), and Daiwa Asset Management’s Daiwa ETF Nikkei 225.
To trade these ETFs, one must open an account with a brokerage that lets them buy and sell investments not listed on a U.S. exchange. Fidelity Investments and E*Trade Financial Corp. (ETFC) are among the discount brokers that offer international trading accounts.
Bear in mind that trading ETFs in their local markets has complications. Tokyo Stock Exchange-listed ETFs are denominated in yen. In addition to monitoring the performance of the Nikkei 225, one must consider exchange rate fluctuations between the yen and dollar.
The United Kingdom, France, Germany, Switzerland, Italy, and Singapore also offer ETFs that track the Nikkei 225, some of which are cross-listed on the Tokyo Stock Exchange.
The Bottom Line
If you seek broad exposure to the Japanese stock market through investments whose underlying assets track the Nikkei 225, ETFs may be the way to go. In particular, the U.S.-listed, dollar-denominated MAXIS Nikkei 225 Index ETF offers immense value and diversification potential.
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