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Toyota market cap hits record high

Yomiuri Shimbun file photo
Toyota Motor Corp. head office

TOKYO (Jiji Press) — Toyota Motor Corp. reached a market capitalization of ¥48,798.1 billion at the close of stock trading in Tokyo Tuesday, marking a record high for a Japanese company.

The automaker’s market value exceeded the previous record of ¥48,672 billion set by Nippon Telegraph and Telephone Corp. on May 11, 1987, during Japan’s bubble economy, according to Daiwa Securities Co.

Shares of Toyota climbed for the fifth straight trading session Tuesday, briefly hitting a listing-to-date high of ¥3,034 before ending ¥9 higher at ¥2,991.

Toyota forecasts a consolidated operating profit of ¥4.5 trillion for the fiscal year ending in March.