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Japanese Prime Minister Shigeru Ishiba expressed "serious concerns" over Chinese military activity in the South China Sea during his first meeting with President Xi Jinping at the APEC summit. The leaders discussed expanding cultural ties and economic dialogue.
For neighboring Japan, these developments are significant. Japan has long held interests in the stability of the region and is wary of China's expanding maritime footprint. The Japanese government has expressed concerns over Chinese fishing practices, which often encroach on Japan's exclusive economic zones (EEZ). The Japanese fisheries sector, vital for both economic and cultural reasons, faces pressure as competition intensifies in the East China Sea.
According to sources cited by Bloomberg, Toyota is apprehensive that Beijing might retaliate by limiting Japan’s access to critical minerals essential for automotive production. This concern stems from Japan's stringent controls on chip manufacturing equipment, which are part of a broader strategy endorsed by the U.S. to curtail China's advancements in semiconductor technology. Toyota's strategic investments in Taiwan Semiconductor Manufacturing Company's (TSMC) Kumamoto plant have further heightened fears of becoming a target of Chinese economic measures.
The downturn is largely attributed to escalating trade tensions between Japan and China. The two nations, historically major trading partners, have been engaged in a series of disputes that have increasingly affected bilateral trade. China, Japan's largest food export destination, has imposed stricter regulations and tariffs on Japanese agricultural products, which has led to a noticeable reduction in exports.