Investment Trends by Investor Category

Survey Outline & Definition of Investment Categories

Update : Jul. 25, 2013

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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 five datasets ("TSE 1st Section", "TSE 2nd Section", "TSE Mothers", "TSE JASDAQ" and "Tokyo & 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.

*Until the 2nd week of July, 2013, indicates "TSE 1st Section", "TSE 2nd Section", "TSE Mothers" and "Total of 1st Section, 2nd Section, etc. of 3 Markets (Tokyo, Osaka and Nagoya)"

Issues

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

*Until the 2nd week of July, 2013, indicates domestic stocks listed on Tokyo SE, Osaka SE and Nagoya SE

Transactions

  • Regular transactions in auction trading (excludes cash transactions, when-issued transactions, forced buy-ins and exercise of rights in individual security options tradingļ¼‰
  • 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 & 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.

*Until the 2nd week of July, 2013, indicates "TSE Market" and "Total of Tokyo, Osaka and Nagoya".

Issues

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

*Until the 2nd week of July, 2013, indicates domestic CB listed on Tokyo SE, Osaka SE and Nagoya SE

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

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

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

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, Nagoya, Fukuoka and Sapporo stock exchanges (includes equities listed on TSE Mothers, TSE JASDAQ and other emerging markets. (excludes issues listed on TOKYO PRO Market, preferred stocks, subsidiary-linked dividend stocks, equity investment securities, subscription warrant securities, ETFs, ETNs and REITs.))
*Until the 2nd week of July, 2013, indicates domestic stocks listed on Tokyo , Osaka, Nagoya, Fukuoka and Sapporo SE

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

  1. "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.
  2. 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.

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