Toyota's market cap sets new Japan record, topping bubble-era NTT

Automaker soars as strong earnings draw overseas investors in droves

Toyota's value has been boosted by price and production increases as well as the weak yen. (Photo by Kazumi Saito)

KENTA SHINOZAKI, KAZUHIRO NOGUCHI and HINAKO SATO, Nikkei staff writers

January 24, 2024 03:30 JST

TOKYO/NAGOYA, Japan -- Toyota Motor has set a new record for market capitalization for a Japanese company, reaching 48.7 trillion yen ($328.8 billion) at the end of Tuesday's trading in Tokyo, as overseas investors flock to blue chips.

Toyota closed at 2,991 yen, up 9 yen from Monday and rising for a fifth straight session. Its share price, which touched 3,034 yen at one point Tuesday, has set a new record high for several days.