(Bloomberg) -- Japanese companies are increasingly abandoning an approach to business in China that once seemed immune to politics, a stark shift after years...
-- Japan ese companies are increasingly abandoning an approach to business in China that once seemed immune to politics, a stark shift after years when they were the biggest single investors in their neighbor’s economy.In an era defined by geopolitical risks and worry over China ’s faltering growth, the economic math no longer adds up for the likes of Nippon Steel Corp., which said in July it was exiting its joint venture in China . Mitsubishi Motors Corp.
The slow-motion rupture threatens an economic bond that dates back more than four decades, when Japan started to extend trillions of yen in development assistance to China by way of low-interest loans. Commerce and trade have been a pillar of an otherwise contentious relationship between the two Asian giants — summed up among academics by the catchphrase “hot business, cold politics.
The detention of a Japanese pharmaceutical executive early last year also stoked public alarm about the safety of Japanese citizens in China. The man was indicted for espionage earlier this month. China’s importance for Japanese exporters isn’t the same as in years past, as firms adapt to US tariffs and other changes including incentives from Tokyo to move factories from China.
The were around 31,000 Japanese companies in China last year, according to Japan’s Ministry of Foreign Affairs, down by about a 10th from 2020. Over the same period, some 4,000 firms set up offices elsewhere in the world. Wilson tweaked her leg late in Friday's game against the Sun and was seen wearing a walking boot ahead of Sunday's matchup.Monday's Apple iPhone 16 unveiling is key for AI and a reeling stock market. Palantir and Dell will be joining the S&P 500. Elon Musk's xAI has discussed sharing Tesla FSD revenue.Temperatures will struggle to reach higher than the mid-teens by Wednesday as blustery showers arrive with a cold northerly wind.
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