TOKYO , Jan. 6 -- ( Kyodo ) _ (EDS: RECASTING, ADDING MONDAY TRADING CLOSING DETAILS) A new Japanese stock index with more focus on capital efficiency, named the JPX-Nikkei Index 400, debuted Monday, finishing its first trading day moderately lower from its technically calculated closing price of the previous market day. The index, jointly developed by Japan Exchange Group Inc. and business news provider Nikkei Inc. , finished at 11,669.06. It was down 98.18 points, or 0.8 percent, from the technically set closing price of the previous market day, reflecting the overall weakness of shares on the Tokyo Stock Exchange's main section on the first trading day of 2014. The index was initially quoted at 11,728.21 on Monday, compared with its initial value of 10,000 based on its components' share prices as of last Aug. 30 . The new benchmark puts emphasis on return on equity and comprises shares of 400 companies listed on the Tokyo Stock Exchange , mainly those on the bourse's First Section and also including those on markets for start-up companies like the Jasdaq market. The index is aimed at revitalizing Japanese stock markets and attracting more investors including from abroad, while encouraging continued improvement of corporate value, according to the index operators. Excluded from the index are the shares of companies with operating and net losses for three consecutive years. The components will be rebalanced every August by looking at criteria including average return on equity and market capitalization. The benchmark 225-issue Nikkei Stock Average on Monday tumbled 382.43 points, or 2.35 percent, from Dec. 30 to 15,908.88, as investors sold shares following strong year-end gains. Japan's financial markets had been closed since Dec. 31 for year-end and New Year's holidays.
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