archive.is/9kma5

Japanese diplomats told company risk officers that “you are on your own if you put significant assets in Taiwan”, said one person present at one of the conversations.

Foreign direct investment by Japanese companies — traditionally Taiwan’s third-largest source of FDI, after the EU and US — slumped 27 per cent last year to $452mn, and is down from a peak of $1.7bn in 2022.