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China-Dependent Japan Stocks Plunge on Boycott Over Wastewater

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Shares of Japanese companies that are especially reliant on China demand plunged after users online in Asia’s biggest economy called for a boycott over the release of treated wastewater from the wrecked Fukushima nuclear plant.

Tokyo-based cosmetics firm Shiseido Co. fell as much as 3.3% to a five-month low, on a day when the broader share market gained. Its revenue from China accounts for 30% of the total, according to Bloomberg-compiled data. Shiseido’s local competitors including Pola Orbis Holdings Inc. and Kose Corp. also declined. Department store Takashimaya Co. dropped over 5%, and shoe retailer ABC-Mart Inc. fell more than 3%.

“The Chinese government’s reaction to treated water has been surprisingly severe,” said Hajime Sakai, chief fund manager at Mito Securities Co. “Local media reports of cancellations of Japan tours and boycotts have raised concerns that the impact on inbound business may spread unexpectedly as China prepares for the travel demand season.”

For now, the boycott is a hot topic online in China. One post on Weibo lists dozens of Japanese brands to avoid buying, including Shiseido, Panasonic, Uniqlo, Mitsubishi, Aeon and Nomura. The post has received more than 10,000 “likes” since it was published on Aug. 24.

 

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