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27/04/2007

Periodic Adjustment of the Topix Index Free-Float Weighting and Implications for Index Management

Yuko Iwaki 

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Free-float weights of the Topix Index are revised on a quarterly basis. Since weighting changes are announced prior to implementation, advance trading in anticipation of the adjustment tends to increase stock price volatility. Index fund managers thus need to consider how to minimize tracking error while averting the downside risk to real fund value.

Yuko Iwaki

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