Hong Kong has outranked Japan, climbing up to third place on the list of largest stock markets globally.

The first largest stock market in value is the U.S., followed by mainland China in second place. Hong Kong now ranks third due to a rebound in stocks after their weakest year since 2011.

As of Tuesday, Hong Kong’s market cap stood at $5.78 trillion, while Japan’s was at $5.76 trillion.

As Bloomberg reports, the Hang Seng Index hiked by 17% this year through Tuesday, when it closed at its highest point seen since June 15th.

Internet giant Tencent Holdings Ltd. boasted a 22% increase, while Japan’s Topix Index grew 8.3% in that same period.

However, an economic outlook from the International Monetary Fund caused both markets to drop to a lower point on Wednesday as a result of concerns surrounding a slowdown in global growth and a U.S. threat of tariffs on the European Union. The Hong Kong Index fell 0.3% as of 11:38 a.m. in Hong Kong.