Toyota Chairman Fujio Cho was sitting in his company jet, ready to go to Beijing for talks with the Chinese leadership, but the jet never got off the ground. After Chinese aviation authorities refused landing permission in Beijing, Cho left his plane and went home, NHK reports.
A day before, a group of Japanese business leaders canceled a trip to Beijing. Cho wanted to go alone, together with Hiromasa Yonekura, chairman of Japan’s Keidanren business lobby and chairman of Sumitomo Chemical.
Japan’s auto executives prepare for a lasting decrease of business with China. According to The Nikkei [sub], Toyota, Nissan and Honda make a total of roughly 10,000 units in China daily, generating around 5 billion yen ($64 million) in daily profits (split 50:50 with the Chinese). 25% of Nissan’s net profit are said to come from China, compared with 21% at Toyota and 16% at Honda.