Climbing for the fourth session in five days, shares in Japan's top car maker touched an all-time peak of 6,560 yen in early trade, putting its market capitalization -- a measure of how much investors believe a company is worth -- at $200.7 billion at current exchange rates.

Even at the closing share price of 6,420 yen, Toyota's market cap of $196 billion would make it the world's ninth most valuable company, ahead of Wal-Mart, whose market cap stood at $195 billion as of Thursday.

"Fundamentally, there's nothing negative you can point to with Toyota," said Koichi Ogawa, chief portfolio manager at Daiwa SB Investments.

"With the broader market and start-ups suffering right now, there's a flight to quality, and institutional and retail investors alike are looking for large-cap, blue-chip stocks that they feel are safe," he added.