The number of companies on the Tokyo Stock Exchange's top-tier Prime Market that finished the year with a market capitalization of over 10 trillion yen ($70 billion) increased from five a year earlier to 10 at the end of 2023, the bourse said recently.

The increase came as earnings of export-oriented companies, including semiconductor-related issues, were boosted by the yen's weakness against the U.S. dollar, lifting their share prices, according to the TSE's annual ranking of market capitalization released Friday.

Toyota Motor Corp. retained the top spot with a capitalization of 42.26 trillion yen, up 12.69 trillion yen, after its share price leaped on higher earnings thanks to the Japanese currency's depreciation and recovery in new vehicle production amid an easing semiconductor shortage.

Sony Group Corp. came in second with a market capitalization of 16.91 trillion yen, followed by telecom giant Nippon Telegraph and Telephone Corp. at 15.60 trillion yen.

Among chip-related firms, silicon wafer manufacturer Shin-Etsu Chemical Co. climbed from 15th a year earlier to sixth place, while semiconductor equipment maker Tokyo Electron Ltd. jumped from 21st to seventh, after their shares rose on hopes for growing demand for products used in generative artificial intelligence.

Uniqlo clothing chain operator Fast Retailing Co. maintained its eighth place from a year earlier at 11.13 trillion yen, as its overseas business fared well.

Meanwhile, technology investment firm SoftBank Group Corp. slipped from sixth to 15th after seeing its performance struggle due to falling stock prices of companies in which it invested.


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