EWJ
iShares MSCI Japan ETF
#6 of 13 in Developed Markets by own-history percentile (high → low)
Relative to SPY
Relative price history
EWJ ÷ SPY, 10-year range, as of Sep 18, 2026
How the reading moved
These changes re-score an older EWJ÷SPY ratio against today's 10-year window, so they show whether the relative price has drifted toward the highs or lows of its own history — not a peer ranking and not a return forecast.
- About one week: +15.4 pts (from 7.4% on Aug 31, 2026 to 22.8% now)
- About one month: +16.8 pts (from 6% on Jul 31, 2026 to 22.8% now)
Developed Markets
Where this sits among peers
Developed Markets · EWJ highlighted · same axes as the category chart on the home page
Top holdings
Holdings snapshot as of Jul 17, 2026.
What moves this
EWJ's valuation history reflects decades of near-zero interest rates and corporate cross-shareholding structures that historically depressed capital efficiency; more recent corporate-governance reforms pushing companies to unwind cross-holdings and raise returns on equity represent a structural shift that didn't exist for most of this fund's trading history.
FAQ
Why has Japan traded differently from other developed markets historically?
Decades of ultra-low interest rates and companies holding large stakes in each other (cross-shareholding) reduced pressure on management to maximize shareholder returns, which weighed on valuations for a long period.
Are governance reforms changing this?
Japan's exchange and regulators have pushed companies to unwind cross-holdings and focus more on capital efficiency in recent years — a real shift, though how durable it proves is outside what this page measures.
Does the yen's exchange rate affect this ETF's relative price?
Yes — EWJ is dollar-denominated, so yen weakness or strength against the dollar affects the fund's price independent of how the Tokyo stock market performs in yen terms.
Developed Markets