People, money and trade are turning to Japan but a short-term opportunity may become a long-term problem, says Gideon Rachman for the Financial Times.
Like fleeting cherry blossoms, Japan 's status as a haven from the troubles of the world is unlikely to last for ever. . America is in turmoil. Fortunately, I am in Japan . Here, the cherry blossom season is coming to a gentle end.
It is not just billionaires who have decided that, all things considered, Japan looks like a good bet at the moment. The country is currently undergoing- as travellers flock in, attracted by the cheap yen , as well as the food, culture and shopping. But now, as concerns about the future of China and Hong Kong rise, so the attractions of Japan are coming back into focus.
This year TSMC, a Taiwanese firm that is the world’s leading semiconductor manufacturer, opened its first plant in Japan and also announced plans to open a second. The Japanese hope to see a resurgence of their semiconductor industry - as they become a key part of a global supply chain that skirts mainland China.Anxiety about the future of China is also helping Japanese service industries. Two prominent British private schools - Malvern and Rugby - have both recently opened campuses in Japan.
The Chinese mainland is also a major production base for Japanese firms. If the US and Europe decide to put protectionist barriers in the way of electric vehicles made in China, that would hit Japan’s Nissan, as well as Chinese champions such as BYD.There are clearly opportunities for Japan in the American-promoted idea of “friendshoring” production among like-minded democracies. But the Japanese also know that the Americans can be capricious - particularly when an election looms.
Japan and China also have an unsettled territorial dispute - and Chinese ships continue to harass the Japanese around the disputed islands, known as the Senkakus in Japan.
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