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.
Contents
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 (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 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.
Weighting
The index is a price-weighted index. The index is calculated as follows:
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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:
Annual returns
The following table shows the annual development of the Nikkei 225, which was officially calculated back to 16 May 1949, with unofficial calculations extending back to 1914.
Components
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". 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): Bold indicates the top ten by market capitalisation.
Air transport
ANA Holdings Inc. (TYO: 9202)
Japan Airlines Co., Ltd. (TYO: 9201)
Automotive
Archion Corp. (TYO: 543A)
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)
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)
Yokohama Financial Group (TYO: 7186)
Chemicals
Asahi Kasei Corp. (TYO: 3407)
Denka Co., Ltd. (TYO: 4061)
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)
Resonac Corp. (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)
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 Alpine Co., Ltd. (TYO: 6770)
Canon Inc. (TYO: 7751)
Denso Corp. (TYO: 6902)
FANUC Corp. (TYO: 6954)
Fuji Electric Co., Ltd. (TYO: 6504)
Fujitsu Ltd. (TYO: 6702)
Hitachi, Ltd. (TYO: 6501)
Keyence Corp. (TYO: 6861)
Kioxia Holdings Corp. (TYO: 285A)
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)
Omron Corp. (TYO: 6645)
Panasonic Corp. (TYO: 6752)
Renesas Electronics(TYO: 6723)
Ricoh Co., Ltd. (TYO: 7752)
Rohm Co., Ltd. (TYO: 6963)
SCREEN Holdings (TYO: 7735)
Seiko Epson Corp. (TYO: 6724)
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 Co, Ltd (TYO: 2503)
Meiji Holdings Company, Limited (TYO: 2269)
NH Foods Ltd. (TYO: 2282)
Nichirei Corp. (TYO: 2871)
Nisshin Seifun Group Inc. (TYO: 2002)
Sapporo Holdings Ltd. (TYO: 2501)
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)
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)
Kanadevia Corp. (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
Disco Corporation Ltd. (TYO: 6146)
Hoya Corporation (TYO: 7741)
Konica Minolta Holdings, Inc. (TYO: 4902)
Nikon Corp. (TYO: 7731)
Olympus Corp. (TYO: 7733)
Terumo Corp. (TYO: 4543)
Pulp & paper
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)
Muji Co., Ltd (TYO: 7453)
Nitori Holdings Co., Ltd. (TYO: 9843)
Pan Pacific International Holdings Corp. (TYO: 7532)
Seven & I Holdings Co., Ltd. (TYO: 3382)
Takashimaya Co., Ltd. (TYO: 8233)
ZOZO Co., Ltd (TYO: 3092)
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
Baycurrent Inc. (TYO: 6532)
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)
Nomura Research Institute Ltd. (TYO: 4307)
Oriental Land Co., Ltd. (TYO: 4661)
Rakuten Inc. (TYO: 4755)
Recruit Holdings Co., Ltd. (TYO: 6098)
Secom Co., Ltd. (TYO: 9735)
SHIFT Inc. (TYO: 3697)
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)
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)
Statistics
As of 22 June 2026 (records going back to 16 May 1949):
Lowest value: 85.25 on 6 July 1950
Highest value (closing): 72,366.34 on 25 June 2026
Highest value (intraday): 72,831.73 on 22 June 2026
Largest gain (absolute): +3,320.72 to 62,833.84 on 7 May 2026
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
Closing milestones
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.