Shiseido Co. shares fell as much as 11 percent after China cautioned its citizens against traveling to and studying in Japan amid a deepening diplomatic row between the nations.

The cosmetics and beauty company posted its steepest stock decline since April 7 on an intraday basis in early morning trading in Tokyo on Monday.

Shares in tourism and travel-related stocks also fell after Beijing warned its citizens. The directive followed comments by Japanese Prime Minister Sanae Takaichi that military force used in any Taiwan conflict could be considered a “survival-threatening situation.”

By Reed Stevenson

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