Suga’s Exit Adds $12 Billion to Value of Japan’s Vilified Telcos
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Investors have added nearly $12 billion to the combined market valuation of Japan’s two largest listed telecoms firms since news first surfaced that Prime Minister Yoshihide Suga, who made reducing the country’s mobile phone bills a top priority, would step down.
Shares in Nippon Telegraph & Telephone Corp. and KDDI Corp. continued to surge on Monday as traders digested the prospect of Suga’s potential replacements. The prime minister’s narrowly focused policy platform had made reducing the country’s hefty mobile phone bills one of his key goals. Any successor is unlikely to be so passionate about the effort, which dates back to Suga’s time as chief cabinet secretary.