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Japan economy hit by Diaoyu Islands row

0 Comment(s)Print E-mail CNTV, September 21, 2012
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Amid the dispute with China about the Diaoyu Islands, there are some voices in Japan expressing anger at the stance of Prime Minister Yoshihiko Noda's government. As the 40th anniversary approaches of the normalisation of diplomatic relations between the two nations, some Japanese citizens say their government is to blame for the situation.

"The farce of the purchase of the Diaoyu Islands has made relations between the two nations very bad. I feel sorry about it. We are going to celebrate the 40th anniversary of normal relations between the two countries, which is a key time. But Noda's government and some people have made the situation very bad."

As anti-Japan sentiment has grown within China, the dispute has taken its toll on the Japanese economy. Key sectors like the auto-industry, tourism and retail, rely heavily on the Chinese market, and have suffered big losses in recent weeks. Some economic analysts in Japan say Japanese car imports to China will fall.

Japanese car companies have recently seen their share prices fall by between 1 and 4 percent. Japan's retail enterprises in China are also making losses. Aeon Stores has been forced to close 30 of its 35 outlets in China, due to rising Chinese consumer anger. Its share price has also plummeted to a new record low. Meanwhile, thousands of tourist flights between the two countries have been cancelled.

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