The table below lists the current and historical price-earnings ratio and CAPE ratio of the Nikkei 225 index and of the Japanese stock market as a whole (calculated using all public Japanese companies listed on the Tokyo Stock Exchange). The trailing price-earnings ratio of the Nikkei 225 index is currently 13.87 and the CAPE ratio is 22.04 (12/31/2022).

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Nikkei 225 & All Public Japanese Companies: P/E (TTM), EPS (TTM) & CAPE

* EPS (earnings per share) in the table above has been indexed to start from the base value of “100”.

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About the CAPE (cyclically adjuted P/E 10) ratio

Cyclically adjusted price-to-earnings was popularized by Professor Robert Shiller who introduced the ratio to evaluate the historical valuation of the S&P 500 index. The ratio is calculated using the following method: index price level divided by the ten year average earnings-per-share of the index, both adjusted for inflation. It has been demonstrated that a higher CAPE ratio is associated with lower than average stock returns. Professor Shiller is publicly sharing his dataset for S&P 500 that is kept up to date. Examining the Excel file is the easiest way to examine how the ratio is calculated.