: Small; Medium; Large

Investment Trends by Investor Category

Survey Outline & Definition of Investment Categories

Update : Jul. 12, 2011

Equities/CB/ Derivative

ETF/REIT/REIT Index Futures

Investments in Listed Stocks by Nonresidential Investors (by region)

Equities
Convertible bonds
Index Futures / mini-TOPIX Futures/Index Options & Individual Options
JGB Futures & Options on JGB Futures
Exchange Traded Funds (ETFs)
Real Estate Investment Trust (REIT)
Investments in Listed Stocks by Non-residential Investors (by region)

Equities

File format

TSE posts trading volume data and trading value data on its website in both Excel and PDF formats. Data is divided into four datasets ("TSE 1st Section," "TSE 2nd Section," "TSE Mothers", and "Tokyo, Osaka & Nagoya") and each set of data in the Excel file is organized into separate worksheets, while the PDF file presents the sets of data one after the other within the same file.

Issues

Equities of Japanese companies listed on the Tokyo, Osaka and Nagoya stock exchanges (excludes issues listed on TOKYO PRO Market, preferred stocks, subsidiary-linked dividend stocks, preferred equity contribution securities, subscription warrant securities, ETFs and REITs.)
* Statistical data for "Tokyo, Osaka & Nagoya" includes issues listed on Mothers, JASDAQ and Centrex.

Transactions

Regular transactions in auction trading (excludes cash transactions, when-issued transactions, forced buy-ins and exercise of rights in individual security options trading）

Off-auction trading
Single-issue transactions, basket transactions, and closing price transactions

Transactions for error correction

Off-auction distribution

Scope of survey

General trading participants with capital of at least 3 billion yen

Definition of investment categories

(1) Foreigners
- "Non-residents" as defined in Article 6, Paragraph 1, Item 6 of the Foreign Exchange Act (Foreign Exchange and Foreign Trade Act). Since the overseas branch offices and overseas subsidiaries of Japanese corporations are also classified as "Non-residents", they are included in "Foreigners", but since Japanese branch offices of foreign corporations excluding those in b. below are classified as "Residents", they will be included in (5) Other corporations or (9) Other financial institutions. Similarly, since Japanese subsidiaries of foreign corporations are classified as "Residents", they will be classified into the respective investment category.
- Japanese branch offices of foreign securities companies which are not trading participants on TSE.
(2) Securities companies
Brokerage orders from other securities companies excluding 1(b). Proprietary trading by all trading participants covered by the survey is aggregated under "Proprietary", not "Securities cos."
(3) Investment trusts
Investment trust management companies and asset management companies as defined by the Investment Trust Act (Act on Investment Trusts and Investment Corporations).
(4) Business companies
Joint-stock companies, limited companies and partnership companies (mochibun kaisha), including general partnership companies (gomei kaisha), limited partnership companies (goshi kaisha) and limited liability companies (godo kaisha), that do not fall under (1) through (3) inclusive and (6) through (9) inclusive. Also includes business companies that control financial institutions. All holding companies fall under business companies.
(5) Other corporations
Institutions excluding (1) that do not fall under financial institutions, investment trusts and business companies. More specifically, groups such as government and local public bodies and their affiliated organizations, foundations, special corporations, employee shareholding associations, friendship associations and labor unions, and Japanese branch offices of foreign corporations that are not financial institutions fall under this category.
(6) Life & non-life
Life insurance companies and non-life insurance companies as defined by the Insurance Business Act.
(7) City & regional banks
Regular Japanese banks licensed under the Banking Act.
(8) Trust banks
Trust banks that are members of the Trust Companies Association of Japan.
(9) Others financial institutions
Financial institutions besides (6) through (8) inclusive.
More specifically, credit unions, credit associations, agriculture-related financial institutions, various mutual aid associations, government-related financial institutions, and Japanese branch offices of foreign corporations fall under this category.

Convertible bonds

File format

TSE posts trading volume (face value) data on its website in both Excel and PDF formats. Data is divided into two datasets ("TSE Market" and "Tokyo, Osaka & Nagoya"), and each set of data in the Excel file is organized into separate worksheets, while the PDF file presents the sets of data one after the other within the same file.

Issues

Convertible bonds listed on the Tokyo, Osaka and Nagoya Stock Exchanges (excludes exchangeable bonds).

Transactions

Auction trading
Off-auction trading
Single-issue transactions, closing price transactions, and basket transactions
Transactions for error correction

Scope of survey

General trading participants with capital of at least 3 billion yen.

Definition of investment categories

(1) Foreigners
- Non-residents" as defined in Article 6, Paragraph 1, Item 6 of the Foreign Exchange Act (Foreign Exchange and Foreign Trade Act). Since overseas branches and overseas subsidiaries of Japanese corporations are also classified as "Non- residents", they are included in "Foreigners", but since Japanese branch offices of foreign corporations excluding those in b. below are classified as "Residents", they will be included in (4) Other corporations or (8) Other financial institutions. Similarly, since Japanese subsidiaries of foreign corporations are classified as "Residents", they will be classified into the respective investment category.
- Japanese branch offices established in Japan by foreign securities companies which not TSE trading participants.
(2) Investment trusts
Investment trust management companies and asset management companies as defined by the Investment Trust Act (Act on investment Trusts and Investment Corporations).
(3)Business companies
Joint-stock companies, limited companies and partnership companies (mochibun kaisha), including general partnership companies (gomei kaisha), limited partnership companies (goshi kaisha) and limited liability companies (godo kaisha), that do not fall under (1), (2) and (5) through (8) inclusive. Also includes business companies that control financial institutions. All holding companies fall under business companies.
(4)Other corporations
Institutions excluding (1) that do not fall under financial institutions, investment trusts and business companies. More specifically, groups such as government and local public bodies and their affiliated organizations, foundations, special corporations, employee shareholding associations, friendship associations and labor unions, and Japanese branch offices of foreign corporations that are not financial institutions fall under this category. Since the investment categories for "convertible bonds" do not include the category "securities companies", data on brokerage orders from securities companies excluding (1) b. is aggregated under "Other corporations". Also, proprietary trading engaged in by all trading participants covered by the survey is aggregated under "proprietary" as with other products.
(5)Life & non-life
Life insurance companies and non-life insurance companies as defined by the Insurance Business Act.
(6)City &regional banks
Regular Japanese banks licensed under the Banking Act.
(7)Trust banks
Trust banks that are members of the Trust Companies Association of Japan.
(8)Other financial institutions
Financial institutions besides (5) through (7) inclusive.
More specifically, credit unions, credit associations, agriculture-related financial institutions, various mutual aid associations, government-related financial institutions and Japanese branch offices of foreign banks fall under this category.

Index Futures / mini-TOPIX Futures/Index Options & Individual Options

File format

TSE posts a report on four listed products excluding TSE REIT Index Futures on its website in both Excel and PDF formats. Data in the Excel file is organized for each product into separate worksheets, while the PDF file shows the four products one after another within the same file. TSE publishes data on TSE REIT Index Futures on its website in both Excel and PDF formats separately, alongside Real Estate Investment Trust data.

Issues/transactions

Transactions involving stock index futures listed on the Tokyo Stock Exchange (includes TSE sector index futures & TOPIX Core30 Index Futures), mini-TOPIX Futures Trading, TSE REIT Index Futures Trading, Stock Index Options Trading, Individual Options Trading (all delivery months). Also includes off-auction transactions and transactions for error correction.

Scope of survey

Proprietary trading and brokerage trading on TSE by general trading participants with capital of at least 3 billion yen

Definition of investment categories

(1) Securities companies
Proprietary trading and brokerage trading entrusted by other securities companies excluding (9) b.
(2) City & regional banks
Regular Japanese banks licensed under the Banking Act.
(3) Trust banks
Trust banks that are members of the Trust Companies Association of Japan.
(4) Life & non-life
Life insurance companies and non-life insurance companies as defined by the Insurance Business Act.
(5) Other financial institutions
Financial institutions besides those in (2) through (4).
More specifically, credit unions, credit associations, agriculture-related financial institutions, various mutual aid associations, government-related financial institutions and Japanese branch offices of foreign banks fall under this category.
(6) Investment trusts
Investment trust management companies and asset management companies as defined by the Investment Trust Act (Act on investment Trusts and Investment Corporations).
(7) Business companies
Joint-stock companies, limited companies and partnership companies (mochibun kaisha), including general partnership companies (gomei kaisha), limited partnership companies (goshi kaisha) and limited liability companies (godo kaisha), that do not fall under (1) through (6) inclusive and (9). Also includes business companies that control financial institutions. All holding companies fall under business companies.
(8) Other corporations
Corporations excluding (9) that do not fall under financial institutions, investment trusts and business companies. More specifically, groups such as government and local public bodies and their affiliated organizations, foundations, special corporations, employee shareholding associations, friendship associations and labor unions, and Japanese branch offices of foreign corporations that are not financial institutions fall under this category.
(9) Foreigners
- "Non-residents" as defined in Article 6, Paragraph 1, Item 6 of the Foreign Exchange Act (Foreign Exchange and Foreign Trade Act). Since overseas branches and overseas subsidiaries of Japanese corporations are also classified as "Non-residents", they are included in "Foreigners", but since Japanese branch offices of foreign corporations excluding those in b. below are classified as "Residents", they will be included in (5) Other financial institutions or (8) Other corporations. Similarly, since Japanese subsidiaries of foreign corporations are classified as "Residents", they will be classified into their respective investment category.
- Japanese branch offices established in Japan by foreign securities companies which are not TSE trading participants.

JGB Futures & Options on JGB Futures

File format

TSE posts a report on two listed products on its website in both Excel and PDF formats. Data in the Excel file is organized into separate worksheets for each product, while the PDF file shows the two products one after the other within the same file.

Issues/transactions

Futures trading relating to standard 5-, 10- & 20- years JGBs listed on Tokyo Stock Exchange, and options trading relating to 5-&10-year JGB futures (all delivery months). Includes evening sessions, off-auction trading, and transactions for error correction.

Scope of survey

Proprietary trading of all trading participants, brokerage trading on TSE by major financial institutions that are trading participants, and securities companies with capital of at least 3 billion yen.

Definition of investment categories

(1) Securities companies
Proprietary trading of trading participants that are securities companies, and brokerage trading by securities companies excluding (8)b.
(2) Banks
Brokerage trading by regular Japanese banks licensed under the Banking Act and trust banks that are members of the Trust Companies Association of Japan and proprietary trading by trading participants that belong to this investment category.
(3) Life & non-life
Brokerage trading by life insurance companies and non-life insurance companies as defined in the Insurance Business Act and proprietary trading by trading participants that belong to this investment category.
(4) Other financial institutions
Brokerage trading by financial institutions besides (2) and (3) and proprietary trading by trading participants that belong to this investment category. More specifically, credit unions, credit associations, agriculture-related financial institutions, various mutual aid associations, government-related financial institutions and Japanese branch offices of foreign corporations fall under this category.
(5) Investment trusts
Investment trust management companies and asset management companies as defined by the Investment Trust Act (Act on investment Trusts and Investment Corporations).
(6) Business companies
Joint-stock companies, limited companies and partnership companies (mochibun kaisha), including general partnership companies (gomei kaisha), limited partnership companies (goshi kaisha) and limited liability companies (godo kaisha), that do not fall under (1) through (5) inclusive and (8). Also includes business companies that control financial institutions. All holding companies fall under business companies.
(7) Other corporations
Institutions excluding (8) that do not fall under financial institutions, investment trusts and business companies. More specifically, groups such as government and local public bodies and their affiliated organizations, foundations, special corporations, employee shareholding associations, friendship associations and labor unions, and Japanese branch offices of foreign corporations that are not financial institutions falls under this category.
(8) Foreigners
- "Non-residents" as defined in Article 6, Paragraph 1, Item 6 of the Foreign Exchange Act (Foreign Exchange and Foreign Trade Act). Since overseas branches and overseas subsidiaries of Japanese corporations are also classified as "Non-residents," they are included in "Foreigners," but since Japanese branch offices of foreign corporations excluding those in b. below are classified as "Residents," they will be included in (4) Other financial institutions or (7) Other corporations. Similarly, since Japanese subsidiaries of foreign corporations are classified as "Residents", they will be classified into their respective investment category.
- Branch offices established by foreign securities companies which are not TSE trading participants.

Exchange Traded Funds (ETFs)

File format

TSE posts trading volume data and trading value data on its website in both Excel and PDF formats. The volume and value data in the Excel file is organized into separate worksheets, while the PDF file shows volume and value data one after the other within the same file.

Issues

Domestic exchange traded funds (domestic ETFs) listed on the Tokyo Stock Exchange (includes Nikkei 300 Stock Index Listed Fund).

Transactions

Auction trading
Regular transactions (excludes cash transactions, when-issued transactions and forced buy-ins)
Off-auction transactions
Single-issue transactions and closing price transactions
Off-auction transactions
Transactions for error correction

Scope of survey

General trading participants with capital of at least 3 billion yen

(1) Life & non-life
Life insurance companies and non-life insurance companies as defined in the Insurance Business Act
(2) Banks
Regular Japanese banks licensed under the Banking Act and trust banks that are members of the Trust Companies Association of Japan.
(3) Others (financial institutions)
Financial institutions besides (1) and (2).
More specifically, credit unions, credit associations, agriculture-related financial institutions, various mutual aid associations, government-related financial institutions and Japanese branch offices of foreign banks fall under this category.
(4) Investment trusts
Investment trust management companies and asset management companies as defined by the Investment Trust Act (Act on investment Trusts and Investment Corporations).
(5) Business companies
Joint-stock companies, limited companies and partnership companies (mochibun kaisha), including general partnership companies (gomei kaisha), limited partnership companies (goshi kaisha) and limited liability companies (godo kaisha), that do not fall under (1) through (4) inclusive and (8). Also includes business companies that control financial institutions. All holding companies fall under business companies.
(6) Others corporations
Institutions excluding (8) that do not fall under financial institutions, investment trusts and business companies. More specifically, groups such as government and local public bodies and their affiliated organizations, foundations, special corporations, employee shareholding associations, friendship associations and labor unions, and Japanese branch offices of foreign corporations that are not financial institutions fall under this category.
(7) Securities companies
Brokerage trading by securities companies excluding (8) b. Proprietary trading by all trading participants covered by the survey is aggregated under "Proprietary" not "Securities cos."
(8) Foreigners
- "Non-residents" as defined in Article 6, Paragraph 1, Item 6 of the Foreign Exchange Act (Foreign Exchange and Foreign Trade Act). Since overseas branches and overseas subsidiaries of Japanese corporations are also classified as "Non-residents", they are included in "Foreigners", but since Japanese branch offices of foreign corporations excluding those in b. below are classified as "Residents", they will be included in (3) Other financial institutions or (6) Other corporations. Similarly, since Japanese subsidiaries of foreign corporations are classified as "Residents", they will be classified into the respective investment category.
- Branch offices established by foreign securities companies which are not TSE trading participants.

Real Estate Investment Trust (REIT)

File format

Issues

Real estate investment trusts (REITs) listed on Tokyo Stock Exchange.

Transactions

Auction trading
Regular transactions (excludes cash transactions and when-issued transactions and forced buy-ins)
Off-auction transactions
Single-issue transactions and closing price transactions
Transactions for error correction

Scope of survey

General trading participants with capital of over 3 billion yen.

Definition of investment categories

(1) Life & non-life
Life insurance companies and non-life insurance companies as defined in the Insurance Business Act
(2) Banks
Regular Japanese banks licensed under the Banking Act and trust banks that are members of the Trust Companies Association of Japan.
(3) Other financial institutions
Financial institutions besides (1) and (2).
More specifically, credit unions, credit associations, agriculture-related financial institutions, various mutual aid associations, government-related financial institutions and Japanese branch offices of foreign banks fall under this category.
(4) Investment trusts
Investment trust management companies and asset management companies as defined by the Investment Trust Act (Act on investment Trusts and Investment Corporations).
(5) Business companies
Joint-stock companies, limited companies and partnership corporations (mochibun kaisha), including general partnership companies (gomei kaisha), limited partnership companies (goshi kaisha) and limited liability companies (godo kaisha), that do not fall under (1) through (4) inclusive and (8). Also includes business companies that control financial institutions. All holding companies fall under business companies.
(6) Other corporations
Institutions excluding (8) that do not fall under financial institutions, investment trusts and business companies. More specifically, groups such as government and local public bodies and their affiliated organizations, foundations, special corporations, employee shareholding associations, friendship associations and labor unions, and Japanese branch offices of foreign corporations that are not financial institutions fall under this category.
(7) Securities companies
Brokerage trading by securities companies excluding (8) b. Proprietary trading by all trading participants covered by the survey is aggregated under "proprietary" not "securities cos."
(8) Foreigners
- "Non-residents" as defined in Article 6, Paragraph 1, Item 6 of the Foreign Exchange Act (Foreign Exchange and Foreign Trade Act). Since the overseas branches and overseas subsidiaries of Japanese corporations are also classed as "Non-residents," they are included in "foreigners," but since the Japanese branch offices of foreign corporations excluding those in b. below are classed as "Residents," they will be included in (4) others (under financial institutions) or (8) others (under institutions). Similarly, since overseas subsidiaries of foreign corporations in Japan are classed as "Residents," they will be classified into the respective investment category.
- Branch offices established by foreign securities companies which are not trading participants on TSE.

Investments in Listed Stocks by Non-residential Investors (by region)

File format

TSE posts data in both Excel and PDF format. Data in the Excel file is organized into one worksheet and the PDF file consists of one page.

Issues

Equities of Japanese companies listed on the Tokyo, Osaka, Nagoya, Fukuoka and Sapporo stock exchanges (includes equities listed on Mothers, JASDAQ and other emerging markets. (excludes issues listed on TOKYO PRO Market, preferred stocks, subsidiary-linked dividend stocks, preferred equity contribution securities, subscription warrant securities, ETFs and REITs.)

Transactions

Regular transactions on the auction market (excludes cash transactions, when-issued transactions, forced buy-ins and exercise of rights in individual securities option trading)
Off-auction transactions
Single-issue transactions, basket transactions, and closing price transactions
Transactions for error correction
Off-auction distribution

Scope of survey

General trading participants with capital of at least 3 billion yen.

Definition of foreigners

"Non-residents" as defined in Article 6, Paragraph 1, Item 6 of the Foreign Exchange Act (Foreign Exchange and Foreign Trade Act). Since overseas branches and overseas subsidiaries of Japanese corporations are also classed as "Non-residents", they are included in "Foreigners", but since Japanese branch offices of foreign corporations excluding those in b. below are classified as "Residents", they will be included in other financial institutions or other institutions. Similarly, since overseas subsidiaries of foreign corporations in Japan are classified as "Residents", they will be classified into the respective investment category.
Branch offices established by foreign securities companies which are not trading participants on TSE.

Statistical period and unit

The volume and value of investments in listed stocks by non-residential investors are consolidated on a monthly basis (calendar month).

Regional categories

(1) North America: United States and Canada
(2) Europe: Iceland, Ireland, Azerbaijan, Albania, Armenia, Andorra, Italy, Ukraine, Uzbekistan, United Kingdom, Estonia, Austria, Holland, Kazakhstan, Cyprus, Greece, Kyrgyz, Georgia, Croatia, San Marino, Switzerland, Sweden, Spain, Slovakia, Slovenia, Serbia, Montenegro, Tajikistan, Czech, Denmark, Germany, Turkmenistan, Norway, Vatican, Hungary, Finland, France, Bulgaria, Belarus, Belgium, Poland, Bosnia, Herzegovina, Portugal, Macedonia, Malta, Monaco, Moldova, Latvia, Liechtenstein, Lithuania, Romania, Luxemburg, and Russia
(3) Asia: India, Indonesia, Cambodia, Singapore, Sri Lanka, Thailand, Taiwan, Republic of Korea, People's Republic of China, Nepal, Pakistan, Bangladesh, East Timor, Bhutan, Philippines, Brunei, Vietnam, Malaysia, Myanmar, Maldives, Mongolia, and Laos
(4) Other: Brokerage orders from countries outside "North America", "Europe", and "Asia" (Middle East, Oceania, Central and South America, etc.) and branch offices established in Japan by foreign securities companies that are not TSE trading participants.