海外市场产品研究系列之七-日本资本市场：现状分析与产品梳理-2025-03-26

• The Japanese ETF market is relatively mature, with 354 ETF products listed on the Tokyo Stock Exchange (TSE) as of the end of 2023, totaling 155 trillion yen in size, equivalent to approximately $1.10 trillion[4][107][109] - ETFs tracking Japanese equities dominate the market, accounting for 46% of the total number and 46% of the total size, followed by ETFs tracking overseas equities, which also represent 46% of the total size[108][109][113] - Among ETFs tracking Japanese equities, those linked to broad market indices hold the largest share, approximately 97% of the total size, with the TSE indices (TOPIX and Nikkei 225) being the most tracked, accounting for 61% and 31% of the total size, respectively[110][111][112] - Representative ETFs include the NEXT TOPIX ETF (managed by Nomura Asset Management) with a size of 23,745.81 billion yen ($159.02 billion), and the NEXT Nikkei 225 ETF (also managed by Nomura) with a size of 10,403.45 billion yen ($69.67 billion)[114] - Performance-wise, ETFs tracking the TOPIX and Nikkei 225 indices have shown similar results over the past three years, with annualized returns of around 10% in yen terms. TOPIX ETFs are relatively more stable, with lower annualized volatility and maximum drawdown compared to Nikkei 225 ETFs[115][116]