(Asia Financial Observer Reporter Kelly, Tokyo — November 19)
On the morning of November 17 (local time), multiple travel-related stocks in the Japanese market fell sharply. This came after China’s Ministry of Culture and Tourism issued a travel advisory the previous day, recommending that Chinese tourists avoid traveling to Japan for the time being. On the same day, China’s Ministry of Education issued a study-abroad warning, advising Chinese citizens to carefully reconsider plans to study in Japan.
Travel-related stocks saw a broad-based decline across different markets and time periods.
According to CNBC, Shiseido — the Japanese cosmetics giant that relies heavily on Chinese consumer spending — fell 11%. The parent company of Mitsukoshi and Isetan department stores, Isetan Mitsukoshi Holdings, dropped more than 10%. Oriental Land, the operator of Tokyo Disney Resort, saw its stock fall 4.74%, and aviation major ANA Holdings declined 3.48%. Additionally, Hankyu Hanshin Holdings, which operates railways, retail, and hotels, slipped more than 2%.
Preliminary data from the Japan National Tourism Organization (JNTO) shows that nearly one-fifth of Japan’s international visitors in 2024 were from China — around 7 million people. Japanese media noted that due to the large volume of Chinese tourists, Japan’s tourism sector may face significant impact.
Meanwhile, several global travel stocks also fell. On November 18, 2025, after Google launched an AI travel-planning tool, international travel giants such as Expedia and Booking Holdings both dropped nearly 5%.
Some Chinese tourism companies also saw share price declines due to financial issues. For example, ST Zhang shares hit the limit down on November 18 due to restructuring delays, large impairment losses, and a downgrade in its rating. Its net assets continue to decline, posing a delisting risk. Xiangyuan Cultural Tourism also hit the limit down on November 17 as a result of surging financial expenses, goodwill impairment, and a downgrade in disclosure rating.
The decline in travel stocks stems from multiple overlapping factors, including industry competition, cost pressures, and shifts in the external environment. Market volatility often brings adjustment opportunities. China is promoting its national tourism development strategy and has introduced duty-free policies and measures to boost inbound tourism. Countries such as Thailand are also rolling out promotional campaigns to attract international visitors. However, in the short term, geopolitical risks and corporate fundamentals will continue to influence market fluctuations.
