There is not an obvious connection between Japan’s decision to start releasing wastewater from the Fukushima nuclear plant in August and the share price of a Japanese cosmetics giant. But Shiseido’s share price on Monday fell by 14 per cent, the biggest one-day amount in at least 16 years, after it cut its annual profit forecast by 42 per cent citing falling demand from Chinese consumers. Shoppers in China, the biggest market for Shiseido, have been boycotting Japanese beauty brands over concerns they could be contaminated with radioactive materials, despite the fact that Shiseido has no production sites near Fukushima and cosmetics are not made using seawater, says the FT. The company’s COO says he expects the boycott to continue into 2024.