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Itochu market cap hits milestone on hopes for China business

Now Japan's second-most-valuable trading house after moving past Mitsui

TOKYO -- Itochu's market capitalization topped the 3 trillion yen ($26.9 billion) mark on Tuesday for the first time, thanks to strong resource prices and investor confidence in its business in China.

The Japanese trading house's stock touched 1,844 yen at one point on Tuesday, the highest this year. The shares closed up 2% at 1,833 yen, lifting Itochu's market cap to 3.048 trillion yen.

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