(Bloomberg) -- 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. Most Read from BloombergChina’s Worsening Economic Slowdown Is Rippling Across the GlobeMarkets Ready for Swings After High-Rates Mantra of Jackson HoleTrump Doesn’t Look So Invincible in Post-Debate Polls3M Agrees to Pay More Than $5.5 Billion Over Militar
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%.
“The Chinese government’s reaction to the 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.”
Signs that consumers are steering clear of Japanese products are especially disappointing for companies that had expected their sales to be bolstered by China’s resumption of group tours to its neighboring nation earlier this month. But the share selloff may be short-lived considering that China’s boycotts haven’t lasted long in the past, according to Asymmetric Advisors Pte strategist Amir Anvarzadeh.For now, the boycott is a hot topic online in China.
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