Denryu Lin, who runs about 80 vacation rentals in central Osaka, is watching his business evaporate since late November as tensions between Tokyo and Beijing escalate.

Over 600 bookings 〞 more than 1,000 Chinese guests 〞 have been canceled through year-end, he said.

※Everyone I know in real estate and the travel industry is struggling,§ he added, underscoring a sense of sector-wide stress that could tip into a broader crunch if the pullback persists.