/cloudfront-us-east-2.images.arcpublishing.com/reuters/VW3X6RGS5ZLCTEAICF753WQHL4.jpg "Information box: Nikkei average market capitalization ranking has changed since the bubble period | Reuters")
On February 22nd, the Nikkei Stock Average broke the highest price reached in December 1989 during the bubble period, reaching the 39,000 yen level for the first time. Photographed in front of a stock price board in Tokyo (2024 Reuters/Issei Kato)
TOKYO (Reuters) – The Nikkei Stock Average on the 22nd broke the highest price reached in December 1989 during the bubble period, reaching the 39,000 yen level for the first time. The composition of those at the top of the market capitalization has changed dramatically, indicating that the structure of the Japanese economy has changed amid the yen’s appreciation and deflation that continued for more than 30 years. The bubble economy of 34 years ago was inflated by banks lending money using land as collateral, and the top 10 stocks by market capitalization at the time were the Industrial Bank of Japan (currently Mizuho Financial Group (8411.T), opens new tab). Financial institutions, primarily city banks, accounted for the majority. Currently, the focus is on operating companies such as Toyota Motor Corporation (7203.T), opens new tab, which makes money in overseas markets, and Fast Retailing (9983.T), opens new tab, which has created a new business model.
◎Top 10 companies by market capitalization during the bubble economy and now
Source: Prepared by Reuters based on data from Tokyo Stock Exchange and LSEG. Based on the number of listed shares, excluding government holdings.
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