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Nikkei 225 Futures Contract and the Nikkei 225 Cash Index

In spite of the disadvantage of trading outside of its natural time zone, the trading activity of Nikkei 225 index futures at CME Group have shown significant growth in recent years. This is especially true following the introduction of the Japanese Yen ("JPY") denominated version of the Nikkei 225 futures contract in 2004 to accompany the original US Dollar (“USD”) denominated version.

The focus of this article is to document the recent performance of the Nikkei 225 futures contract in terms of its tracking integrity against the Nikkei 225 cash index.