Masayoshi Son has come to dominate Silicon Valley. Now his company is increasingly dominating Japan’s markets, with SoftBank Group Corp. rising to become the largest-weighted stock on the country’s Topix index.
SoftBank pulled ahead of Toyota Motor Corp. to put itself in pole position on the benchmark gauge last week, and sat as the highest weighting, albeit by a fraction, as of market close on Wednesday. That’s ended an almost 13-year streak for the automaker as the largest stock on the index, according to data compiled by Bloomberg.
The change is further evidence of SoftBank’s own winning run. While Toyota trades are little changed in 2021, SoftBank stock is up nearly 30%, rallying past a two-decade record to a new high, backed by a surging stock market that has lifted the value of its portfolio companies.