NF-Q-01-001-7-en.html
● Level 7 · AdvancedWhat Is the Difference Between the Nikkei 225 and TOPIX?
Divergence between indices can reveal market concentration, breadth and investor preferences.
If the Nikkei is strong while TOPIX and the number of advancing stocks lag, gains may be concentrated in a few high-priced constituents. If TOPIX and many sectors are also strong, capital may be spreading more broadly.
Combine contribution rankings, equal-weight indices, small-cap indices, sector returns and trading-value concentration to investigate who actually moved the index.
Conclusion: The index gap is not the answer; it is radar for tracing capital movement.