Courtesy of www.econmatters.com.
Historically, these uninhabited islands are rich fishing grounds with military strategic importance. It was also discovered in 1968 that there could be oil and gas reserves under the sea near the islands. It is estimated that the East China Sea region may hold as much as 160 billion barrels of oil. Today, these islands have different names depending on whom you talk to – Diaoyu in China, Diaoyutai in Taiwan, and Senkaku in Japan.
|Chart Source: FT.com (h/t Mark Turok)|
Japan Purchase Angers Chinese
|Chart Source: China Daily, Oct. 10, 2012|