Yes, but the overall impact to Japan would be greater. Both countries have similar exports as part of GDP% at ~ 20%, with Japan being slightly higher. But China comprises 19% of Japan's total exports whereas Japan comprises 4.3% of China's total exports. Also, where will Japan find a better price-to-quality point compared to imports from China? If they try to retaliate too hard, it would just exacerbate their now very precarious cost of living crisis. Chinese reduction of Japanese imports might mean a reduction in quality and/or technology level when trying to source from local vendors, but make no mistake, whatever Japan can make, China can also make, even if at lowered capability. This is also a gap that is diminishing by the day. The only possible sector that Japan still has a sizable edge in is advanced materials. Hopefully there is some domestic plan in China to tackle this.
China is Wal-mart, Japan is a regional boutique chain. Wal-mart always wins in the end. There is no replacement for scale.
What type of advanced materials do they make in Japan?


