Japan's main stock market index, the JP225, rose to 43019 points on September 5, 2025, gaining 1.03% from the previous session. Over the past month, the index has climbed 5.45% and is up 18.21% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks this benchmark index from Japan. Japan Stock Market Index (JP225) - values, historical data, forecasts and news - updated on September of 2025.

Key information about Japan Market Capitalization

• Japan Market Capitalization accounted for 6,358.159 USD bn in Feb 2025, compared with a percentage of 6,419.508 USD bn in the previous month
• Japan Market Capitalization is updated monthly, available from Jan 1957 to Feb 2025
• The data reached an all-time high of 6,919.601 USD bn in Sep 2021 and a record low of 4.473 USD bn in Aug 1957

CEIC converts monthly Market Capitalization into USD. Japan Exchange Group Inc. provides Market Capitalization in local currency. The Federal Reserve Board period end market exchange rate is used for currency conversions. Market Capitalization covers Tokyo Stock Exchange only, which is not the only equity market in the country but is highly representative. Before July 2013 Total Market Capitalization of TSE covers TSE 1st Section Shares, 2nd Section Shares and Mothers Shares. Since July 2013, Total Market Capitalization of TSE also covers Market Capitalization of Tokyo Pro Market Shares, JASDAQ Standard Shares and JASDAQ Growth Shares. On April 2022, the stock market was restructured into three new market segments (Prime Market, Standard Market, and Growth Market) replacing previous four market divisions: 1st Section, 2nd Section, Mothers, and JASDAQ (Standard and Growth).

Japan TRI: Closing Price: Prime Market Index data was reported at 1,478.460 JPY in Apr 2025. This records an increase from the previous number of 1,473.680 JPY for Mar 2025. Japan TRI: Closing Price: Prime Market Index data is updated monthly, averaging 1,241.570 JPY from Apr 2022 (Median) to Apr 2025, with 37 observations. The data reached an all-time high of 1,528.350 JPY in Jan 2025 and a record low of 956.410 JPY in Sep 2022. Japan TRI: Closing Price: Prime Market Index data remains active status in CEIC and is reported by Japan Exchange Group Inc.. The data is categorized under Global Database’s Japan – Table JP.Z: Tokyo Stock Exchange: Total Return Index.

Japan TRI: Closing Price: Growth Market Index data was reported at 874.550 JPY in Apr 2025. This records an increase from the previous number of 846.820 JPY for Mar 2025. Japan TRI: Closing Price: Growth Market Index data is updated monthly, averaging 895.530 JPY from Apr 2022 (Median) to Apr 2025, with 37 observations. The data reached an all-time high of 1,040.130 JPY in Jun 2023 and a record low of 801.630 JPY in May 2024. Japan TRI: Closing Price: Growth Market Index data remains active status in CEIC and is reported by Japan Exchange Group Inc.. The data is categorized under Global Database’s Japan – Table JP.Z: Tokyo Stock Exchange: Total Return Index.

Japan Total Return Index (TRI): Closing Price: TOPIX data was reported at 2,261.880 JPY in Apr 2020. This records an increase from the previous number of 2,167.600 JPY for Mar 2020. Japan Total Return Index (TRI): Closing Price: TOPIX data is updated monthly, averaging 1,964.620 JPY from Apr 2011 (Median) to Apr 2020, with 109 observations. The data reached an all-time high of 2,698.090 JPY in Sep 2018 and a record low of 934.250 JPY in May 2012. Japan Total Return Index (TRI): Closing Price: TOPIX data remains active status in CEIC and is reported by Japan Exchange Group. The data is categorized under Global Database’s Japan – Table JP.Z016: Tokyo Stock Exchange: Total Return Index.

Techsalerator offers an extensive dataset of End-of-Day Pricing Data for all 4 companies listed on the Nagoya Stock Exchange (XNGO) in Japan. This dataset includes the closing prices of equities (stocks), bonds, and indices at the end of each trading session. End-of-day prices are vital pieces of market data that are widely used by investors, traders, and financial institutions to monitor the performance and value of these assets over time.

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Top 5 used data fields in the End-of-Day Pricing Dataset for Japan:

1. Equity Closing Price :The closing price of individual company stocks at the end of the trading day.This field provides insights into the final price at which market participants were willing to buy or sell shares of a specific company.

2. Bond Closing Price: The closing price of various fixed-income securities, including government bonds, corporate bonds, and municipal bonds. Bond investors use this field to assess the current market value of their bond holdings.

3. Index Closing Price: The closing value of market indices, such as the Botswana stock market index, at the end of the trading day. These indices track the overall market performance and direction.

4. Equity Ticker Symbol: The unique symbol used to identify individual company stocks. Ticker symbols facilitate efficient trading and data retrieval.

5. Date of Closing Price: The specific trading day for which the closing price is provided. This date is essential for historical analysis and trend monitoring.

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Top 5 financial instruments with End-of-Day Pricing Data in Japan:

Nikkei 225: The main index that tracks the performance of major companies listed on the Tokyo Stock Exchange. This index provides an overview of the overall market performance in Japan.

TOPIX: The index that tracks the performance of all domestic companies listed on the Tokyo Stock Exchange. This index reflects the performance of a broader range of companies in the Japanese market.

Company A: A prominent Japanese company with diversified operations across various sectors, such as automotive, electronics, or manufacturing. This company's stock is widely traded on the Tokyo Stock Exchange.

Company B: A leading financial institution in Japan, offering banking, insurance, or investment services. This company's stock is actively traded on the Tokyo Stock Exchange.

Company C: A major player in the Japanese consumer goods sector or other industries, involved in the production and distribution of consumer products. This company's stock is listed and actively traded on the Tokyo Stock Exchange.

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If you're interested in accessing Techsalerator's End-of-Day Pricing Data for Japan, please contact info@techsalerator.com with your specific requirements. Techsalerator will provide you with a customized quote based on the number of data fields and records you need. The dataset can be delivered within 24 hours, and ongoing access options can be discussed if needed.

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Data fields included:

Equity Ticker Symbol Equity Closing Price Bond Ticker Symbol Bond Closing Price Index Ticker Symbol Index Closing Price Date of Closing Price Equity Name Equity Volume Equity High Price Equity Low Price Equity Open Price Bond Name Bond Coupon Rate Bond Maturity Index Name Index Change Index Percent Change Exchange Currency Total Market Capitalization Dividend Yield Price-to-Earnings Ratio (P/E) ‍

Q&A:

1. How much does the End-of-Day Pricing Data cost in Japan ?

The cost of this dataset may vary depending on factors such as the number of data fields, the frequency of updates, and the total records count. For precise pricing details, it is recommended to directly consult with a Techsalerator Data specialist.

1. How complete is the End-of-Day Pricing Data coverage in Japan?

Techsalerator provides comprehensive coverage of End-of-Day Pricing Data for various financial instruments, including equities, bonds, and indices. Thedataset encompasses major companies and securities traded on Japan exchanges.

1. How does Techsalerator collect this data?

Techsalerator collects End-of-Day Pricing Data from reliable sources, including stock exchanges, financial news outlets, and other market data providers. Data is carefully curated to ensure accuracy and reliability.

1. Can I select specific financial instruments or multiple countries with Techsalerator's End-of-Day Pricing Data?

Techsalerator offers the flexibility to select specific financial instruments, such as equities, bonds, or indices, depending on your needs. While the dataset focuses on Botswana, Techsalerator also provides data for other countries and international markets.

1. How do I pay for this dataset?

Techsalerator accepts various payment methods, including credit cards, direct transfers, ACH, and wire transfers, facilitating a convenient and secure payment process.

1. How do I receive...

TRI: Closing Price: Mining data was reported at 280.820 JPY in Apr 2020. This records an increase from the previous number of 250.750 JPY for Mar 2020. TRI: Closing Price: Mining data is updated monthly, averaging 432.540 JPY from Apr 2011 (Median) to Apr 2020, with 109 observations. The data reached an all-time high of 553.600 JPY in Sep 2014 and a record low of 250.750 JPY in Mar 2020. TRI: Closing Price: Mining data remains active status in CEIC and is reported by Japan Exchange Group. The data is categorized under Global Database’s Japan – Table JP.Z016: Tokyo Stock Exchange: Total Return Index.

In 2025, stock markets in the United States accounted for roughly ** percent of world stocks. The next largest country by stock market share was China, followed by the European Union as a whole. The New York Stock Exchange (NYSE) and the NASDAQ are the largest stock exchange operators worldwide. What is a stock exchange? The first modern publicly traded company was the Dutch East Industry Company, which sold shares to the general public to fund expeditions to Asia. Since then, groups of companies have formed exchanges in which brokers and dealers can come together and make transactions in one space. Stock market indices group companies trading on a given exchange, giving an idea of how they evolve in real time. Appeal of stock ownership Over half of adults in the United States are investing money in the stock market. Stocks are an attractive investment because the possible return is higher than offered by other financial instruments.

TRI: Closing Price: Precision Instruments data was reported at 10,079.210 JPY in Apr 2020. This records an increase from the previous number of 9,723.220 JPY for Mar 2020. TRI: Closing Price: Precision Instruments data is updated monthly, averaging 5,708.590 JPY from Apr 2011 (Median) to Apr 2020, with 109 observations. The data reached an all-time high of 11,075.000 JPY in Jan 2020 and a record low of 2,508.880 JPY in Dec 2011. TRI: Closing Price: Precision Instruments data remains active status in CEIC and is reported by Japan Exchange Group. The data is categorized under Global Database’s Japan – Table JP.Z016: Tokyo Stock Exchange: Total Return Index.

Using all stocks listed in the Tokyo Stock Exchange and macroeconomic data for Japan, the dataset comprises the following series:

1. Monthly returns for 25 size-book-to-market equity portfolios, following the Fama and French (1993) methodology. (Raw data source: Datastream database)
2. Monthly returns for 20 momentum portfolios, following the Fama and French (1993) methodology. (Raw data source: Datastream database)
3. Monthly returns for 25 price-to-cash flow-dividend yield portfolios, following the Fama and French (1993) methodology. (Raw data source: Datastream database)
4. Fama and French three-factors (RM, SMB and HML), following the Fama and French (1993) methodology. (Raw data source: Datastream database)
5. Fama and French five-factors (RM, SMB, HML, RMW, and CMA), following the Fama and French (2015) methodology for all factors, except for RMW, which is determined using the return on assets as sorting variable, as in Hou, Xue and Zhang (2014). (Raw data source: Datastream database)
6. Private final consumption expenditure, in national currency and constant prices, non-seasonally adjusted, for Japan. (Raw data source: OECD)
7. Consumer Confidence Index (CCI) for Japan. (Raw data source: OECD)
8. Three-month interest rate of the Treasury Bill for Japan. (Raw data source: OECD)
9. Gross Domestic Product (GDP) for Japan. (Raw data source: OECD)
10. Consumer Price Index (CPI) growth rate for Japan. (Raw data source: OECD)

We have produced all return series using the following data from Datastream: (i) total return index (RI series), (ii) market value (MV series), (iii) market-to-book equity (PTBV series), (iv) total assets (WC02999 series), (v) return on equity (WC08301 series), (vi) price-to-cash flow ratio (PC series), and (vii) dividend yield (DY series). We have used the generic rules suggested by Griffin, Kelly, & Nardari (2010) for excluding non-common equity securities from Datastream data. We also exclude stocks with less than twelve observations in the period from July 1992 to June 2018. Accordingly, our sample comprises a total number of 5,312 stocks.

REFERENCES:

Fama, E. F. and French, K. R. (1993). Common risk factors in the returns on stocks and bonds. Journal of Financial Economics, 33, 3–56. Fama, E. F. and French, K. R. (2015). A five-factor asset pricing model. Journal of Financial Economics, 116, 1–22. Griffin, J. M., Kelly, P., and Nardari, F. (2010). Do market efficiency measures yield correct inferences? A comparison of developed and emerging markets. Review of Financial Studies, 23, 3225–3277. Hou K, Xue C, Zhang L. (2014). Digesting anomalies: An investment approach. Review of Financial Studies, 28, 650-705.

TRI: Closing Price: Retail Trade data was reported at 1,561.970 JPY in Apr 2020. This records an increase from the previous number of 1,512.890 JPY for Mar 2020. TRI: Closing Price: Retail Trade data is updated monthly, averaging 1,429.780 JPY from Apr 2011 (Median) to Apr 2020, with 109 observations. The data reached an all-time high of 1,937.670 JPY in Sep 2018 and a record low of 591.280 JPY in Apr 2011. TRI: Closing Price: Retail Trade data remains active status in CEIC and is reported by Japan Exchange Group. The data is categorized under Global Database’s Japan – Table JP.Z016: Tokyo Stock Exchange: Total Return Index.

We compile raw data from the Datastream database for all stocks traded on the Tokyo Stock Exchance, Osaka Exchange, Fukuoka Stock Exchange, Nagoya Stock Exchange and Sapporo Securities Exchange. Particularly, we collect the following data series, on a monthly basis: (i) total return index (RI series), (ii) market value (MV series), (iii) market-to-book equity (PTBV series), and (iv) primary SIC codes. Following Griffing et al. (2010), we exclude non-common equity securities from Datastream data. Additionally, we remove all companies with less than 12 observations in RI series for the period under analysis. Hence, our sample comprises 5,627 stocks, considering all companies that started trading or were delisted in the period under analysis. We use the three-month Treasury Bill rate for Japan, as provided by the OECD database, as a proxy for the risk-free rate. Accordingly, the dataset comprises the following series:

1. Japan_25_Portfolios_MV_PTBV_M: Monthly returns for 25 size-book-to-market equity portfolios, following the Fama and French (1993) methodology. (Raw data source: Datastream database)
2. Japan_20_Portfolios_MOM_M: Monthly returns for 20 momentum portfolios rebalanced in June of each year. (Raw data source: Datastream database)
3. Japan_61_Portfolios_SECTOR_M: Monthly returns for 61 industry portfolios. (Raw data source: Datastream database)
4. Japan_RF_M: Three-month Treasury Bill rate for Japan. (Raw data source: OECD)
5. Japan_C_Q: Private final consumption expenditure, in national currency and constant prices, non-seasonally adjusted, for Japan. (Raw data source: OECD)
6. Japan_Trade_Y: Trade openness for Japan, as measured by the variation rate of exports plus imports. (Raw data source: OECD)
7. Japan_RD_Y: Variation rate of R&D investment for Japan. (Raw data source: OECD)
8. Japan_IK_Y: Investment-capital ratio for Japan., determined using the methodology suggested by Cochrane (1991) (Raw data source: OECD)
9. Japan_CCI_M: Consumer confidence index for Japan. (Raw data source: OECD)

REFERENCES:

Cochrane, J.H. (1991), Production-based asset pricing and the link between stock returns and economic fluctuations. The Journal of Finance, 46, 209-237. Fama, E. F. and French, K. R. (1993). Common risk factors in the returns on stocks and bonds. Journal of Financial Economics, 33, 3–56. Griffin, J. M., Kelly, P., and Nardari, F. (2010). Do market efficiency measures yield correct inferences? A comparison of developed and emerging markets. Review of Financial Studies, 23, 3225–3277.

TRI: Closing Price: Electric Appliances data was reported at 3,185.360 JPY in Apr 2020. This records an increase from the previous number of 2,943.760 JPY for Mar 2020. TRI: Closing Price: Electric Appliances data is updated monthly, averaging 2,396.580 JPY from Apr 2011 (Median) to Apr 2020, with 109 observations. The data reached an all-time high of 3,634.440 JPY in Dec 2019 and a record low of 1,066.050 JPY in Sep 2012. TRI: Closing Price: Electric Appliances data remains active status in CEIC and is reported by Japan Exchange Group. The data is categorized under Global Database’s Japan – Table JP.Z016: Tokyo Stock Exchange: Total Return Index.

Japan TRI: Closing Price: TOPIX 100 data was reported at 1,438.510 JPY in Apr 2020. This records an increase from the previous number of 1,382.940 JPY for Mar 2020. Japan TRI: Closing Price: TOPIX 100 data is updated monthly, averaging 1,389.010 JPY from Jan 2014 (Median) to Apr 2020, with 76 observations. The data reached an all-time high of 1,678.860 JPY in Sep 2018 and a record low of 1,007.020 JPY in Apr 2014. Japan TRI: Closing Price: TOPIX 100 data remains active status in CEIC and is reported by Japan Exchange Group. The data is categorized under Global Database’s Japan – Table JP.Z016: Tokyo Stock Exchange: Total Return Index.

The New York Stock Exchange (NYSE) is the largest stock exchange in the world, with an equity market capitalization of almost ** trillion U.S. dollars as of June 2025. The following three exchanges were the NASDAQ, PINK Exchange, and the Frankfurt Exchange. What is a stock exchange? A stock exchange is a marketplace where stockbrokers, traders, buyers, and sellers can trade in equities products. The largest exchanges have thousands of listed companies. These companies sell shares of their business, giving the general public the opportunity to invest in them. The oldest stock exchange worldwide is the Frankfurt Stock Exchange, founded in the late sixteenth century. Other functions of a stock exchange Since these are publicly traded companies, every firm listed on a stock exchange has had an initial public offering (IPO). The largest IPOs can raise billions of dollars in equity for the firm involved. Related to stock exchanges are derivatives exchanges, where stock options, futures contracts, and other derivatives can be traded.

Japan TRI: Closing Price: Large data was reported at 2,086.170 JPY in Apr 2020. This records an increase from the previous number of 2,005.590 JPY for Mar 2020. Japan TRI: Closing Price: Large data is updated monthly, averaging 1,789.090 JPY from Apr 2011 (Median) to Apr 2020, with 109 observations. The data reached an all-time high of 2,434.740 JPY in Sep 2018 and a record low of 863.590 JPY in Dec 2011. Japan TRI: Closing Price: Large data remains active status in CEIC and is reported by Japan Exchange Group. The data is categorized under Global Database’s Japan – Table JP.Z016: Tokyo Stock Exchange: Total Return Index.

Japan TRI: Closing Price: Mothers data was reported at 861.110 JPY in Apr 2020. This records an increase from the previous number of 674.630 JPY for Mar 2020. Japan TRI: Closing Price: Mothers data is updated monthly, averaging 990.575 JPY from Jul 2013 (Median) to Apr 2020, with 82 observations. The data reached an all-time high of 1,414.690 JPY in Jan 2018 and a record low of 674.630 JPY in Mar 2020. Japan TRI: Closing Price: Mothers data remains active status in CEIC and is reported by Japan Exchange Group. The data is categorized under Global Database’s Japan – Table JP.Z016: Tokyo Stock Exchange: Total Return Index.

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ETF Market Size 2025-2029

The ETF market size is forecast to increase by USD 17.94 billion at a CAGR of 20.2% between 2024 and 2029.

The market continues to experience robust growth, with increasing institutional adoption and investor preference for cost-effective, diversified investment solutions. One of the key drivers propelling this market forward is the expansion of bond ETFs, blockchains which now account for over one-third of the total assets under management. This trend is expected to persist, as fixed income securities offer attractive yields in the current low-interest-rate environment. However, the market is not without its challenges. A significant concern is the potential for transaction risks, particularly in illiquid securities. This risk can lead to price discrepancies between the ETF's net asset value and its market price, potentially resulting in losses for investors.
Additionally, market volatility and sudden price movements can exacerbate these risks, making it crucial for market participants to closely monitor market conditions and adjust their strategies accordingly. Companies seeking to capitalize on the growth opportunities in the market while mitigating transaction risks may consider focusing on liquid securities and implementing robust risk management strategies.

What will be the Size of the ETF Market during the forecast period?

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The exchange-traded fund (ETF) market continues to evolve, integrating advanced technologies and applications across various sectors. Machine learning algorithms enhance the investment process, enabling more precise index construction in fixed income ETFs. Currency ETFs leverage technology to offer real-time exposure to foreign exchange markets. Small businesses benefit from scalability and affordability, with increasing numbers turning to ETFs for diversified investment opportunities. Service providers and financial institutions collaborate to ensure financial market stability, offering innovative solutions for passive investing strategies, including index funds and index mutual funds.
The integration of artificial intelligence and blockchain technology further enhances ETF offerings, reducing transaction costs and improving security. The ongoing unfolding of market activities reveals evolving patterns in trade finance, international trade, and asset management. ETFs continue to adapt, providing investors with efficient and cost-effective investment vehicles.

How is this ETF Industry segmented?

The etf industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  Fixed income ETF
  Equity ETF
  Commodity ETF
  Real estate ETF
  Others


Product Type

  Large cap ETFs
  Mega cap ETFs
  Mid cap ETFs
  Small cap ETFs


End-User

  Retail Investors
  Institutional Investors


Investment Type

  Active
  Passive


Distribution Channel

  Brokerage Platforms
  Direct Sales


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Switzerland
    The Netherlands
    UK


  Middle East and Africa

    UAE


  APAC

    China
    Japan
    South Korea


  South America

    Brazil


  Rest of World (ROW)

By Type Insights

The fixed income etf segment is estimated to witness significant growth during the forecast period.

In the dynamic securities markets of 2024, the fixed income Exchange-traded fund (ETF) emerged as a leading investment choice. This type of ETF, which invests in various fixed-income securities like corporate, municipal, and treasury bonds, is traded on a centralized stock exchange. In contrast, most corporate bonds are sold through bond brokers, limiting bond buyers' exposure to the stock exchange. Fixed income ETFs, however, provide extensive exposure, enabling investors to participate in the stock exchange's activity. These ETFs employ various technologies, such as Optical Character Recognition and Machine Learning, to ensure efficient trade processing and risk management.

Additionally, the integration of Blockchain technology enhances security and transparency. Fixed income ETFs cater to diverse investor needs, including small businesses seeking scalability and financial institutions aiming for financial market stability. The market offers various categories, such as Government Bond ETFs, which invest in government securities, and Currency ETFs, which provide exposure to foreign currencies. Furthermore, Real Estate ETFs, Commodity ETFs, and Alternative Trading Funds expand the investment universe. Service providers play a crucial role in facilitating these investment solutions, ensuring affordability through passive investing strategies and competitive transaction costs. Trade agreements and internati

Using all stocks listed on the Japanese equity market and macroeconomic data for Japan, the dataset comprises the following series:

1. Japan_25_Portfolios_MV_PTBV: Monthly returns for 25 size-book-to-market equity portfolios, following the Fama and French (1993) methodology. (Raw data source: Datastream database)
2. Japan_25_Portfolios_MV_PE: Monthly returns for 25 size-PE portfolios, following the Fama and French (1993) methodology. (Raw data source: Datastream database)
3. Japan_50_Portfolios_SECTOR: Monthly returns for 50 industry portfolios. (Raw data source: Datastream database)
4. Japan_3 Factors: Fama and French three-factors (RM, SMB and HML), following the Fama and French (1993) methodology. (Raw data source: Datastream database)
5. Japan_5 Factors: Fama and French five-factors (RM, SMB, HML, RMW, and CMA), following the Fama and French (2015) methodology. (Raw data source: Datastream database)
6. Japan_NUCLEAR_Y: Instrument in years with a value of 1 when a nuclear disaster has occurred somewhere in the world and 0 otherwise. (Raw data source: Bloomberg and BBC News)
7. Japan_NUCLEAR_M: Instrument in months with a value of 1 when a nuclear disaster has occurred somewhere in the world and 0 otherwise. (Raw data source: Bloomberg and BBC News)
8. Japan_RF_M: Three-month interest rate of the Treasury Bill for Japan. (Raw data source: OECD)
9. Company data: Names and general data of the companies that constitute the sample. (Raw data source: Datastream database)
10. Number of stocks in portfolios: Number of stocks included each year in Japan_25_Portfolios_MV_PTBV, Japan_25_Portfolios_MV_PE and Japan_50_Portfolios_SECTOR. (Raw data source: Datastream database)

We have produced all return series using the following data from Datastream: (i) total return index (RI series), (ii) market value (MV series), (iii) market-to-book equity (PTBV series), (iv) total assets (WC02999 series), (v) return on equity (WC08301 series), (vi) price-to-earnings ratio (PE series), and (vii) industry (SECTOR series). We have used the generic rules suggested by Griffin, Kelly, & Nardari (2010) for excluding non-common equity securities from Datastream data. We also exclude stocks with less than twelve observations. Accordingly, our sample comprises a total number of 5,212 stocks.

REFERENCES:

Fama, E. F. and French, K. R. (1993). Common risk factors in the returns on stocks and bonds. Journal of Financial Economics, 33, 3–56. Fama, E. F. and French, K. R. (2015). A five-factor asset pricing model. Journal of Financial Economics, 116, 1–22. Griffin, J. M., Kelly, P., and Nardari, F. (2010). Do market efficiency measures yield correct inferences? A comparison of developed and emerging markets. Review of Financial Studies, 23, 3225–3277.

Net-Income-Including-Non-Controlling-Interests Time Series for Baillie Gifford Japan Trust. The Baillie Gifford Japan Trust PLC is a closed ended equity mutual fund launched and managed by Baillie Gifford & Co Ltd. It is co-managed by Baillie Gifford & Co. The fund invests in the public equity markets of Japan. It seeks to invest in stocks of companies operating across diversified sectors. The fund primarily invests in growth stocks of small and mid cap companies. It employs fundamental analysis with a bottom-up stock picking approach to create its portfolio. The fund benchmarks the performance of its portfolio against the TOPIX Total Return Index. The Baillie Gifford Japan Trust PLC was formed in 1981 and is domiciled in the United Kingdom.