September 17, 2021

Tokyo stock market dwarfed by the four tech leviathans

Asia-Pacific equities updates

While much of Japan spent August fretting about the Olympics, the heat and the rampaging Delta variant, some sweated over two lines crossing on a market screen.

Summer is now over and, to Japan’s chagrin, four US tech companies are together worth more than the entire Topix index, or all 2,187 companies on the main board of the Tokyo Stock Exchange.

The TSE is in good company and the quartet behind this inflection is well known: at more than $7tn, the combined market capitalisation of Apple, Alphabet (Google), Amazon and Facebook, or GAFA, habitually mocks any juxtaposition with other companies and markets. Apple and Facebook are together worth more than the FTSE; Amazon alone is bigger than the whole of Germany’s Dax index. In this context, and in the…

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