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China-Japan Dispute Over Islands Risks $340 Billion Trade
By Bloomberg News - Sep 18, 2012 2:10 PM GMT+0800
Examining Both Sides of the China-Japan Dispute
China and Japan’s worst diplomatic crisis since 2005 is putting at risk a trade relationship that’s tripled in the past decade to more than $340 billion.
Lien retiré
People take pictures of a Japanese car damaged during a protest in Xi'an, northwest China's Shaanxi province. Photograph: AFP/AFP/GettyImages
Lien retiré
Protesters in Qingdao ransacked a Jusco supermarket. Photographer: STR/AFP/Getty Images
Toyota Motor Corp. (7203) and Nissan Motor Co. halted production at some plants while Panasonic Corp. (6752)reported damage to its operations in China as protesters smashed store fronts and cars in demonstrations sparked by Japan’s purchase last week of islands claimed by both countries. Fast Retailing Co. shuttered 42 Uniqlo shops in China and was the biggest decliner in the benchmark Nikkei 225 index.
Tensions between China and Japan further complicate policy makers’ efforts to fortify growth in Asia’s biggest economies as the European debt crisis saps demand for exports. Panasonic,Sony Corp. (6758) and Canon Inc. (7751) said they’re shutting some plants in China through today and the China Automobile Dealers Association said the protests will hurt sellers of Toyota,Nissan (7201) and Honda Motor Co. cars in China more than Japan’s March 2011 earthquake.
“The escalating dispute is adding one more layer of uncertainty,” said Liu Li-Gang, a Hong Kong-based economist at Australia & New Zealand Banking Group Ltd. (ANZ), who previously worked at the Lien retiré. “Japan is now more reliant on China for economic growth than vice versa. Its already weak economic recovery may falter. China will suffer less.”
Shares Slump
In 2011, China was the largest market for Japanese exports, while Japan was the fourth-largest market for Chinese exports. China’s shipments to Japan totaled $148.3 billion last year while it imported $194.6 billion of Japanese goods, according to Chinese customs data.
Nissan, the biggest Japanese automaker by sales in China, fell as much as 5.2 percent, headed for the largest drop since May 7, and lost 4.2 percent to 707 yen as of 1:48 p.m. in Tokyo trading. Honda fell as much as 3 percent, poised for the biggest decline since Aug. 1. Fast Retailing dropped as much as 5.9 percent, headed for the biggest decline since June 5.
The Nikkei 225 (NKY) Stock Average slipped 0.1 percent. Japanese markets were shut yesterday for a holiday.
Tokyo Governor Shintaro Ishihara triggered the dispute in April when he said he may use public funds to buy the islands, known as Diaoyu in Chinese and Senkaku in Japanese, from a private Japanese owner. Tensions escalated after Japan’s cabinet approved the purchase of the islands for 2.05 billion yen ($26 million) on Sept. 11.
China has said it doesn’t accept the move and some demonstrators called for boycotts of Japanese goods.
Sales of Japanese-branded passenger cars fell last month in China, compared with gains of more than 10 percent for German, American and South Korean vehicles according to the China Association of Automobile Manufacturers. China is the world’s largest car market.
Damaged Dealerships
Toyota, Nissan and Honda (7267) all reported damage to dealerships in the eastern Chinese city of Qingdao. Separately, Phoenix Satellite Television Holdings Ltd. (2008) showed footage of Japanese cars that had been overturned, with their windshields smashed by protesters.
Nissan halted production at two factories in China today, spokesman Chris Keeffe said by phone. Toyota halted output at some China plants, according to spokesman Joichi Tachikawa.
Honda suspended production in China until tomorrow, Mazda Motor Corp. (7261) halted output at its Nanjing plant until Sept. 21 and Suzuki Motor Corp. (7269) closed one factory. Mitsubishi Motors Corp. (7211) halted production at a factory in Lien retiré, according to spokesman Yuki Murata.
Baidu Animation
Many dealerships in China that sell Japanese cars have shut after some outlets were attacked and vandalized, said Luo Lei, deputy secretary general of the China Automobile Dealers Association.
“We don’t know how far damages on Japanese companies will extend while all they can do is just hold still,” said Lien retiré, general manager and strategist at Tachibana Securities Co. in Tokyo. “Investors will take a wait-and-see attitude toward companies related with China such as retailers and autos.”
Baidu Inc., China’s largest search engine, and Tencent Holdings Ltd. (700), the nation’s biggest Internet company, placed patriotic banners on their websites.
Clicking the image above Baidu’s search box takes users to a separate web page with the message “The Diaoyu Islands belong to China!” and an enlarged image of the Chinese flag over the disputed area.
Protesters in Qingdao ransacked a Jusco supermarket and a Heiwado Co. (8276) department store in the city of Changsha was attacked, the Kyodo News Agency reported. Jusco is operated by Aeon Stores (Hong Kong) Co. (984), the Hong Kong-listed unit of Japan’s Aeon Co. (8267)
Stores Closed
Fast Retailing has shut 39 stores in China with a further three outlets to close for part of today, spokesman Aldo Liguori said by phone. There have been no reports of injuries or reports of damage to outlets, with the company continuing to monitor the situation, he said.
A Uniqlo store in Beijing’s Sanlitun neighborhood was closed with a sign posted on its front saying normal operations have been halted for the day.
Seven & I Holdings Co. closed 211 stores in China and Jusco has shut 30 outlets as of today.
Flights Canceled
Spring Airlines, China’s largest low cost carrier, canceled 10 Lien retiré for group tours from Sept. 23 because of reduced demand amid tension with Japan, spokesman Zhang Wu’an said by phone today.
All Nippon Airways Co. (9202) said about 3,800 seats from Japan and 15,000 on trips from China have been canceled on flights through November with no services scrapped so far, spokesman Ryosei Nomura said.
In the southern city of Guangzhou, police said they detained seven people for vandalizing a Japanese-brand car on Sept. 16 and held another three for smashing an unidentified store front. The northern city of Xi’an banned “illegal” protests in some areas and said any vandalism in the name of “national interest” won’t be allowed, according to a statement posted on the local public security bureau’s website.
Sony, Panasonic
Sony shut two of its seven Chinese plants and plans to reopen them tomorrow, spokeswomanLien retiré said by phone.
Panasonic is temporarily closing plants in the cities of Qingdao, Suzhou and Zhuhai. The electronics maker is checking on damage at its Qingdao and Suzhou facilities, spokesman Atsushi Hinoki said.
Canon closed two of its plants in Lien retiré and one in Jiangsu province through today to ensure the safety of employees, spokesman Hirotomo Fujimori said. No damage has been reported at the factories, he said.
Hitachi Ltd. (6501), Japan’s second-biggest manufacturer, is operating its China plants normally while Beijing office staff are working from home, spokesman Yuichi Izumisawa said today.
Sept. 18 is the anniversary of the Mukden Incident, also known as the Manchurian Incident, which took place in 1931 near what is now the Chinese city of Shenyang and led to the Japanese invasion of the northeastern portions of China.
The protests this month have come as economic growth in China moderated in the second quarter to the slowest pace in three years.
That’s already led Komatsu Ltd. (6301), the world’s second-biggest maker of construction equipment, to cut its full-year profit forecast as a Chinese government campaign to rein in Lien retiré has depressed demand.
Japanese Investment
The easing economic growth hasn’t stopped Japanese investments in China.
Foreign direct investment by companies from Japan surged 19.1 percent from a year earlier to $4.73 billion in the first seven months of 2012, according to the Chinese Ministry of Commerce. Investment from the European Union fell 2.7 percent and funds from the U.S. rose 1 percent during the same period.
In 2005, demonstrations were held across Chinese cities in a row over school textbooks that critics said downplayed Japan’s wartime atrocities.
Demonstrators called for a boycott of goods from Japan, and some companies in the country reconsidered their investment plans for China. Still, Chinese imports from Japan surged 15.2 percent in 2006, almost triple the previous year’s pace.
The trade and economic interests of the world’s second- and third-biggest economies have become increasingly intertwined, said ANZ’s Liu. An escalation of the islands dispute could deal “a blow to the Asian economy and the global one as a whole,” he said.
To contact Bloomberg News staff for this story: Lien retiré in Beijing at jliu42@bloomberg.net; Zheng Lifei in Beijing at lzheng32@bloomberg.net
To contact the editor responsible for this story: Frank Longid at flongid@bloomberg.net
Source bloomberg: http://www.bloomberg.com/news/2012-...ute-over-islands-risks-340-billion-trade.html
China-Japan Dispute Over Islands Risks $340 Billion Trade
By Bloomberg News - Sep 18, 2012 2:10 PM GMT+0800
Examining Both Sides of the China-Japan Dispute
China and Japan’s worst diplomatic crisis since 2005 is putting at risk a trade relationship that’s tripled in the past decade to more than $340 billion.
Lien retiré
People take pictures of a Japanese car damaged during a protest in Xi'an, northwest China's Shaanxi province. Photograph: AFP/AFP/GettyImages
Lien retiré
Protesters in Qingdao ransacked a Jusco supermarket. Photographer: STR/AFP/Getty Images
Toyota Motor Corp. (7203) and Nissan Motor Co. halted production at some plants while Panasonic Corp. (6752)reported damage to its operations in China as protesters smashed store fronts and cars in demonstrations sparked by Japan’s purchase last week of islands claimed by both countries. Fast Retailing Co. shuttered 42 Uniqlo shops in China and was the biggest decliner in the benchmark Nikkei 225 index.
Tensions between China and Japan further complicate policy makers’ efforts to fortify growth in Asia’s biggest economies as the European debt crisis saps demand for exports. Panasonic,Sony Corp. (6758) and Canon Inc. (7751) said they’re shutting some plants in China through today and the China Automobile Dealers Association said the protests will hurt sellers of Toyota,Nissan (7201) and Honda Motor Co. cars in China more than Japan’s March 2011 earthquake.
“The escalating dispute is adding one more layer of uncertainty,” said Liu Li-Gang, a Hong Kong-based economist at Australia & New Zealand Banking Group Ltd. (ANZ), who previously worked at the Lien retiré. “Japan is now more reliant on China for economic growth than vice versa. Its already weak economic recovery may falter. China will suffer less.”
Shares Slump
In 2011, China was the largest market for Japanese exports, while Japan was the fourth-largest market for Chinese exports. China’s shipments to Japan totaled $148.3 billion last year while it imported $194.6 billion of Japanese goods, according to Chinese customs data.
Nissan, the biggest Japanese automaker by sales in China, fell as much as 5.2 percent, headed for the largest drop since May 7, and lost 4.2 percent to 707 yen as of 1:48 p.m. in Tokyo trading. Honda fell as much as 3 percent, poised for the biggest decline since Aug. 1. Fast Retailing dropped as much as 5.9 percent, headed for the biggest decline since June 5.
The Nikkei 225 (NKY) Stock Average slipped 0.1 percent. Japanese markets were shut yesterday for a holiday.
Tokyo Governor Shintaro Ishihara triggered the dispute in April when he said he may use public funds to buy the islands, known as Diaoyu in Chinese and Senkaku in Japanese, from a private Japanese owner. Tensions escalated after Japan’s cabinet approved the purchase of the islands for 2.05 billion yen ($26 million) on Sept. 11.
China has said it doesn’t accept the move and some demonstrators called for boycotts of Japanese goods.
Sales of Japanese-branded passenger cars fell last month in China, compared with gains of more than 10 percent for German, American and South Korean vehicles according to the China Association of Automobile Manufacturers. China is the world’s largest car market.
Damaged Dealerships
Toyota, Nissan and Honda (7267) all reported damage to dealerships in the eastern Chinese city of Qingdao. Separately, Phoenix Satellite Television Holdings Ltd. (2008) showed footage of Japanese cars that had been overturned, with their windshields smashed by protesters.
Nissan halted production at two factories in China today, spokesman Chris Keeffe said by phone. Toyota halted output at some China plants, according to spokesman Joichi Tachikawa.
Honda suspended production in China until tomorrow, Mazda Motor Corp. (7261) halted output at its Nanjing plant until Sept. 21 and Suzuki Motor Corp. (7269) closed one factory. Mitsubishi Motors Corp. (7211) halted production at a factory in Lien retiré, according to spokesman Yuki Murata.
Baidu Animation
Many dealerships in China that sell Japanese cars have shut after some outlets were attacked and vandalized, said Luo Lei, deputy secretary general of the China Automobile Dealers Association.
“We don’t know how far damages on Japanese companies will extend while all they can do is just hold still,” said Lien retiré, general manager and strategist at Tachibana Securities Co. in Tokyo. “Investors will take a wait-and-see attitude toward companies related with China such as retailers and autos.”
Baidu Inc., China’s largest search engine, and Tencent Holdings Ltd. (700), the nation’s biggest Internet company, placed patriotic banners on their websites.
Clicking the image above Baidu’s search box takes users to a separate web page with the message “The Diaoyu Islands belong to China!” and an enlarged image of the Chinese flag over the disputed area.
Protesters in Qingdao ransacked a Jusco supermarket and a Heiwado Co. (8276) department store in the city of Changsha was attacked, the Kyodo News Agency reported. Jusco is operated by Aeon Stores (Hong Kong) Co. (984), the Hong Kong-listed unit of Japan’s Aeon Co. (8267)
Stores Closed
Fast Retailing has shut 39 stores in China with a further three outlets to close for part of today, spokesman Aldo Liguori said by phone. There have been no reports of injuries or reports of damage to outlets, with the company continuing to monitor the situation, he said.
A Uniqlo store in Beijing’s Sanlitun neighborhood was closed with a sign posted on its front saying normal operations have been halted for the day.
Seven & I Holdings Co. closed 211 stores in China and Jusco has shut 30 outlets as of today.
Flights Canceled
Spring Airlines, China’s largest low cost carrier, canceled 10 Lien retiré for group tours from Sept. 23 because of reduced demand amid tension with Japan, spokesman Zhang Wu’an said by phone today.
All Nippon Airways Co. (9202) said about 3,800 seats from Japan and 15,000 on trips from China have been canceled on flights through November with no services scrapped so far, spokesman Ryosei Nomura said.
In the southern city of Guangzhou, police said they detained seven people for vandalizing a Japanese-brand car on Sept. 16 and held another three for smashing an unidentified store front. The northern city of Xi’an banned “illegal” protests in some areas and said any vandalism in the name of “national interest” won’t be allowed, according to a statement posted on the local public security bureau’s website.
Sony, Panasonic
Sony shut two of its seven Chinese plants and plans to reopen them tomorrow, spokeswomanLien retiré said by phone.
Panasonic is temporarily closing plants in the cities of Qingdao, Suzhou and Zhuhai. The electronics maker is checking on damage at its Qingdao and Suzhou facilities, spokesman Atsushi Hinoki said.
Canon closed two of its plants in Lien retiré and one in Jiangsu province through today to ensure the safety of employees, spokesman Hirotomo Fujimori said. No damage has been reported at the factories, he said.
Hitachi Ltd. (6501), Japan’s second-biggest manufacturer, is operating its China plants normally while Beijing office staff are working from home, spokesman Yuichi Izumisawa said today.
Sept. 18 is the anniversary of the Mukden Incident, also known as the Manchurian Incident, which took place in 1931 near what is now the Chinese city of Shenyang and led to the Japanese invasion of the northeastern portions of China.
The protests this month have come as economic growth in China moderated in the second quarter to the slowest pace in three years.
That’s already led Komatsu Ltd. (6301), the world’s second-biggest maker of construction equipment, to cut its full-year profit forecast as a Chinese government campaign to rein in Lien retiré has depressed demand.
Japanese Investment
The easing economic growth hasn’t stopped Japanese investments in China.
Foreign direct investment by companies from Japan surged 19.1 percent from a year earlier to $4.73 billion in the first seven months of 2012, according to the Chinese Ministry of Commerce. Investment from the European Union fell 2.7 percent and funds from the U.S. rose 1 percent during the same period.
In 2005, demonstrations were held across Chinese cities in a row over school textbooks that critics said downplayed Japan’s wartime atrocities.
Demonstrators called for a boycott of goods from Japan, and some companies in the country reconsidered their investment plans for China. Still, Chinese imports from Japan surged 15.2 percent in 2006, almost triple the previous year’s pace.
The trade and economic interests of the world’s second- and third-biggest economies have become increasingly intertwined, said ANZ’s Liu. An escalation of the islands dispute could deal “a blow to the Asian economy and the global one as a whole,” he said.
To contact Bloomberg News staff for this story: Lien retiré in Beijing at jliu42@bloomberg.net; Zheng Lifei in Beijing at lzheng32@bloomberg.net
To contact the editor responsible for this story: Frank Longid at flongid@bloomberg.net
Source bloomberg: http://www.bloomberg.com/news/2012-...ute-over-islands-risks-340-billion-trade.html
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