Popular destination for capital feels the chill, with cruise lines cancelling trips, investors selling property and parents questioning if it is safe to send students.

Some of China’s affluent middle class is unwinding bets on Japan, cashing out in real estate and shelving migration plans as a diplomatic stand-off invites a wait-and-see mood on the once-hot destination for capital and talent. The reversal follows escalating tensions sparked by Japanese Prime Minister Sanae Takaichi’s remarks on Taiwan last month. Intermediaries report a surge in profit-taking on property and rising pessimism over immigration, with the chill extending to business visits and…

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