China’s Fukushima Backlash Is Starting to Weigh on Japan Stocks
- Cosmestics, department stores, retailers fall on China news
- China online chat pages filled with calls to boycott Japan
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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 2.6% to a nine-month low, on a day when the broader Topix Index gained 1.5%. 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 3%, and Don Quijote operator Pan Pacific Holdings Corp. fell more than 4%.