The market-cap rankings are shifting, with semiconductor-related and bank stocks vying for the top positions in Japan’s stock market. The rankings of individual companies as of 18 September and trends among major stocks are examined.
Competition for the top spot by market capitalization in Japan’s stock market is intensifying. Based on data from the most recent trading day, 18 September, Toyota Motor ranked first at approximately ¥47.78 trillion and MUFG second at approximately ¥42.96 trillion, putting the gap between the two companies at approximately ¥4.82 trillion.
Semiconductor-related stocks occupy multiple positions near the top of the market-cap rankings. Kioxia Holdings, Tokyo Electron and Advantest ranked 4th, 8th and 9th, respectively, with market capitalizations of approximately ¥29.86 trillion, ¥24.86 trillion and ¥23.46 trillion. Kioxia’s share-price gain on 18 September attracted particular attention.
Bank stocks are also appearing near the top, led by MUFG. Against the backdrop of the Bank of Japan’s decision to raise its policy rate to 1.25% at a monetary policy meeting, the market capitalizations of major banks, including MUFG, are drawing attention. At the same time, some have pointed out that Toyota’s market capitalization remains at around 40% of its previous level.
Going forward, trends in AI and semiconductor demand, monetary policy developments and movements in the yen exchange rate could affect the market-cap rankings. Some observers believe the top spot could change depending on share-price movements.