The figures showed Chinese stocks were worth USD 6.09 trillion, compared with USD 6.17 trillion in Japan.
China's yuan, which had steadied on Wednesday, was again falling - dropping 0.2 per cent to 6.9871 per dollar.
Shanghai: China's stock market has been overtaken as the world's second-biggest by Japan's, having been swiped this year by the threat of a trade war with the United States and slowing economic growth.
Data from Bloomberg News in intra-day trade showed the value of equities on the mainland had slipped behind those in their neighbouring country for the first time since taking the number-two spot in 2014.
The figures showed Chinese stocks were worth USD 6.09 trillion, compared with USD 6.17 trillion in Japan.
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