Masayoshi Son has come to dominate Silicon Valley. Now his company is increasingly dominating Japan¡¯s markets, with SoftBank Group Corp. rising to become the largest-weighted stock on the country¡¯s Topix index.
SoftBank pulled ahead of Toyota Motor Corp. to put itself in pole position on the benchmark gauge last week, and sat as the highest weighting, albeit by a fraction, as of market close on Wednesday. That¡¯s ended an almost 13-year streak for the automaker as the largest stock on the index, according to data compiled by Bloomberg.
The change is further evidence of SoftBank¡¯s own winning run. While Toyota trades are little changed in 2021, SoftBank stock is up nearly 30%, rallying past a two-decade record to a new high, backed by a surging stock market that has lifted the value of its portfolio companies.
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