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Investors have added nearly ¥1.3 trillion ($12 billion) to the combined market valuation of Japan’s two largest listed telecom companies since news first surfaced that Prime Minister Yoshihide Suga, who made reducing the country’s mobile phone bills a top priority, would step down.

Shares in Nippon Telegraph & Telephone Corp. (NTT) and KDDI Corp. continued to surge on Monday as traders digested the prospect of Suga’s potential replacements.

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