As recently as 10 years ago, an economic slowdown in China would have caused barely a ripple in Japan.
At that time, most of Japan’s exports to China were components such as liquid crystal displays. They would be assembled into televisions at Japanese-owned factories and then re-exported. What mattered was demand in the final markets for consumer goods, in particular the US.
But times have changed. “The importance of final demand in China is increasing for the Japanese economy. It was almost to the US level as of the last data in 2011. It probably matched the US by 2014,” said Naohiko Baba, chief Japan economist at Goldman Sachs.
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