中国商务部周二宣布，立即收紧对日本的「军民两用」物项出口管制：禁止向涉军日本客户出口，并禁止任何可能提升日本军事能力的出口。日本外务省随后向中国驻日使馆副首席使节提出「强烈抗议」，要求撤回，称措施「仅针对日本」、偏离国际惯例，且「绝对不可接受、深感遗憾」。

市场迅速反映关系恶化风险。日经平均指数周三开低，收盘较周二下跌556.10点（-1.06%）。由于指数在此前两个交易日累计上涨逾2,000点并于周二创收盘新高，回吐与获利了结压力也被放大。

汽车股卖压最明显：丰田与马自达盘中一度跌约3%，本田、日产、铃木亦走弱；三菱重工、川崎重工等防卫相关股也下跌。瑞银分析指出，若稀土被纳入限制，影响面将扩及汽车与运输设备、电子与精密仪器、机械等多个产业。中国日报引述消息称，正考虑收紧对日部分稀土相关出口许可审查；市场人士认为，这将加剧对企业获利的下修忧虑，成为部位调整的理由。

China’s Ministry of Commerce announced on Tuesday that it would immediately tighten export controls on dual-use items to Japan. The measures ban exports to Japanese customers involved in military activities and prohibit any exports that could enhance Japan’s military capabilities. Japan’s Foreign Ministry protested to the deputy chief of mission at China’s Tokyo embassy and demanded the measures be withdrawn, calling them Japan-targeted and unacceptable.

Equities priced in heightened Japan–China tensions. The Nikkei Stock Average opened lower on Wednesday and closed down 556.10 points, or 1.06%, from Tuesday. The decline followed a two-day rise of over 2,000 points and a record-high close on Tuesday, leaving the market vulnerable to profit-taking amid policy uncertainty.

Selling was concentrated in autos: Toyota and Mazda fell as much as about 3% intraday, while Honda, Nissan, and Suzuki also declined; defense-linked names such as Mitsubishi Heavy Industries and Kawasaki Heavy Industries dropped too. UBS said the impact would broaden if rare earths were included. China Daily reported Tuesday evening that China is considering tighter permit reviews for certain rare-earth-related items to Japan, raising concerns about corporate earnings and positioning cuts.