SoftBank Group overtook Toyota on an intraday market-cap basis to become the top company on Japan's stock market. Toyota, long seen as a representative of Japan's equity market, ceded the lead for the first time in about 22 years, in what is being viewed as an unusual scene driven by SoftBank Group's recent sharp share gains.

On Monday, ITmedia reported that SoftBank Group's market capitalisation stood at 46.785748 trillion yen as of 11:16 a.m. It exceeded Toyota at that time, making SoftBank Group the largest listed company in Japan by market value on an intraday basis.

SoftBank Group shares surged by close to 10 percent at one point from the previous week's close. As the stock rose rapidly, its market value expanded as well, and it succeeded in overtaking Toyota in the intraday market-cap ranking.

SoftBank Group also set a new year-to-date high on the day. With the intraday gain nearing 10 percent, its market capitalisation expanded to nearly 47 trillion yen.

The market is also assessing the move as having significance beyond a simple ranking change. Toyota has long held the top position in market capitalisation on Japan's stock market. Backed by competitiveness in the global auto industry and stable results, it has maintained the highest corporate value among Japanese companies for about 22 years.

In that context, SoftBank Group surpassing Toyota, even on an intraday basis, is being interpreted as a symbolic example showing that investors' attention has recently been shifting from traditional manufacturing to investment areas such as artificial intelligence and advanced technology.

SoftBank Group has been actively pushing a strategy to expand AI investment. Chairman Masayoshi Son (손정의) has been rolling out large-scale investment plans in next-generation technology infrastructure areas such as generative AI, semiconductors and data centres.

The market is also offering analysis that this AI-focused growth strategy is leading to a reappraisal of corporate value. Amid an ongoing global boom in AI investment, expectations for SoftBank Group's technology investment assets and future growth potential are being seen as lifting the share price.

Toyota, despite expanding investment in electric vehicles, autonomous driving and next-generation mobility, has seen relatively less attention recently as market interest has concentrated on AI-related stocks.

The ranking change, however, occurred during intraday trading. It therefore remains to be seen whether SoftBank Group can also stay ahead of Toyota on a closing-price basis. Market participants are watching how far SoftBank Group's rise continues in Monday's trading and whether the shift in Japan's market-cap rankings proves temporary.

What has been confirmed so far is that SoftBank Group moved into the top spot among Japanese companies on an intraday basis after its market capitalisation surpassed 46 trillion yen in morning trading, and Toyota briefly gave up the lead in market value for the first time in about 22 years.