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This study examines the adaptive market hypothesis (AMH) in Japanese stockmarkets (TOPIX and TSE2). In particular, we measure the degree of marketefficiency by using a time-varying model approach. The empirical results showthat (1) the degree of market efficiency changes over time in the two markets,(2) the level of market efficiency of the TSE2 is lower than that of the TOPIXin most periods, and (3) the market efficiency of the TOPIX has evolved, butthat of the TSE2 has not. We conclude that the results support the AMH for themore qualified stock market in Japan.

A Test of the Adaptive Market Hypothesis using a Time-Varying AR Model in Japan