Additionally, 2016 is set to be a record year for buybacks, which will likely continue to increase, given growing cash positions, subdued capex and negative interest rates. Further, the dividend yield for the Tokyo Stock Price Index (TOPIX) is now marginally higher than for the S&P 500 (2.2% vs 2.1%), and dividend per share growth for the TOPIX has averaged 13% per year over the last three years. Other encouraging developments include the boom in outbound M&A and the decline in cross-shareholding ratios.