China Dethroned by Japan as World’s Second-Biggest Stock Market

China just lost its ranking as the world’s number two stock market to Japan.

After a Thursday slump, Chinese equities were worth $6.09 trillion, according to data compiled by Bloomberg. That compares with $6.17 trillion in Japan. The U.S. has the world’s largest stock market at just over $31 trillion.

China’s stock market overtook Japan’s in late 2014, then soared to an all-time high of more than $10 trillion in June 2015. Chinese equities and the nation’s currency have take a beating this year amid a trade spat with the U.S., a government-led campaign to cut debt and a slowing economy.

The Shanghai Composite Index has lost more than 16 percent this year to be among the world’s worst performers, while the yuan has fallen 5.3 percent against the dollar.

The market value calculations include primary listings only, to avoid double-counting. Hong Kong’s equities are valued at $5.1 trillion.

— With assistance by Philip Glamann, and Amanda Wang

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