Monday, April 11, 2005

Anti-Japanese protests hit Tokyo markets

by Brian Turner

Rare public protests in China over the weekend that were aimed at Japan caused tensions between the two nations that were strong enough to send the Tokyo markets down on Monday, as shares of Japanese companies with connections to China fell in value.

Kawasaki Heavy Industries, which has contracts to build trains in China, fell 2.9 percent, and Mitsubishi Heavy Industries were down 1 percent.

Japan has been one of the largest beneficiaries of China’s current economic growth, in the main due to exports to China, Hong Kong, and Taiwan.

The anti-Japanese demonstrations in Beijing were caused by upset over a new Japanese history book that does not, according to the demonstrators, fully recognized the extent of Japanese atrocities against the Chinese during World War II.

Marchers were also unhappy about Japan’s efforts to become a permanent member of the U.N. Security Council. Not even a very strong showing by domestic-dependent companies in the entertainment and leisure sectors could overcome the unease of Japanese investors.

Overall, the Nikkei was down 1.1 percent, while the Topix fell 0.9 percent.

 

 

 

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