Japanese firms have been dining out on the bonhomie between Japan and China. But the mood seems to have soured
became Japan’s prime minister for a second time in 2012, relations with China were on the skids. Tensions over disputed islands brought the two countries to the brink of conflict. Japanese car dealerships in China were set ablaze. Protests at a Panasonic factory turned violent.
According to Morgan Stanley, an investment bank, listed Japanese firms derived only 4% of revenues from China. But 26% of their profits were tied to China through suppliers or customers, more than depended on America, calculates Jesper Koll, a Tokyo-based economist. He reckons this profit share shot up to 63% in the second quarter, as the Chinese economy recovered faster than others from covid-19.
Closer inspection reveals a more nuanced picture, however. One source close to the government says its aim is to focus on “several strategic choke-points” in China , while “keeping many areas open for commercial activity”. Not so much a great decoupling, then, as a quiet rebalancing. Having business in China was not a precondition for the handouts; many companies, especially small and medium-sized ones that made up the bulk of applicants, had little or none. An executive at Novel Crystal Technology, a producer of materials for semiconductors, says his firm applied for the subsidy to reduce overconcentration—in the American market.
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