Amid a sharp rally in Japanese stocks since the beginning of this year, Toyota’s market capitalization climbed to a record high for a Japanese firm on Tuesday, topping the previous high marked by tech giant NTT in 1987.
The market cap of Japan’s largest automaker reached ¥48.79 trillion ($330 billion) at the end of Tokyo stock trading, with Toyota shares having closed ¥9 higher at ¥2,991 after briefly reaching an all-time high of ¥3,034.
According to Daiwa Securities, the previous market-cap record, based on the closing value, was ¥48.67 trillion set by NTT in May 1987, a few months after the firm went public during the asset bubble era. NTT’s market cap stands in fourth position now at about ¥16.97 trillion, following Sony and Mitsubishi UFJ Financial Group.