Dynamic correlation network analysis of financial asset returns with network clustering

Applied Network Science

Table 2 Business sector breakdown of identified groups (top three sectors)

Sector breakdown (share %)
Group id		(a)		(b)		(c)	(a+b+c)
Cyclical
P1	Electric appliances	17	Services	12	Machinery	10	39
P2	Construction	18	Machinery	13	Wholesale trade	10	41
P3	Securities	21	Other financial business	13	Real estate	11	45
P4	Electric appliances	20	Chemicals	18	Wholesale trade	16	54
P5	Transportation equipment	39	Electric appliances	20	Machinery	11	70
P6	Electric appliances	47	Machinery	23	Chemicals	10	80
P7	Chemicals	19	Iron and steel	17	Nonferrous metals	13	49
P8	Electric appliances	30	Transportation equipment	18	Chemicals	9	57
Defensive
P9	Banks	26	Construction	11	Chemicals	9	46
P10	Retail trade	19	Information and communication	17	Wholesale trade	17	53
P11	Retail trade	17	Wholesale trade	16	Foods	8	41
P12	Information and communication	17	Foods	15	Retail trade	14	46
P13	Electric power and gas	26	Pharmaceutical	16	Foods	15	57
P14	Retail trade	53	Services	19	Information and communication	8	80

Note: Only the three largest sectors are listed for each group. The standard business sector classification comprises 33 industrial sectors, which is widely used as the standard sector classification in Japan