Japan Exchange Group Inc. said Wednesday that it will launch a new 400-issue Tokyo stock index developed jointly with business news provider Nikkei Inc. at the beginning of 2014 in an effort to revitalize stock markets and attract international investors, according to local media.

The new index dubbed JPX-Nikkei Index 400 puts a major focus on return on equity and corporate performances, compared with the 225- issue Nikkei Stock Average and the Topix index whose components are selected by liquidity and market capitalization among other criteria, said Japan's Kyodo News.

"We picked shares that have effectively utilized capital, aimed to run the business from the viewpoint of investors and filled global investment criteria," Atsushi Saito, chief executive officer of Japan Exchange Group, was quoted by Kyodo as saying.

The index, to be released on Jan. 6, will be comprised of 386 issues currently traded on the First Section of the TSE and one on the Second Section as well as 13 on the Mothers and Jasdaq emerging markets, said the report.