Japan's Ministry of Finance reported last month that Beijing bought a record amount of Japanese government bonds in May and that rate is expected to increase steadily in coming months.

With Japan holding the unenviable title of having the biggest debt-to-gross-domestic-product ratio among industrialized nations, China's surging appetite for its government bonds shouldn't come as a surprise. Still, as Tokyo's establishment frets about the longer-term implications of the trend, not to mention how the shifting economic relations may affect political relations between the two countries, even the most right-wing of Japanese politicians have acknowledged that without the support of China's surging purchasing power, Japan would be in a worse predicament than it is now.

No longer are the Japanese simply pushing their way into Chinese markets as they have done over the past decade but are they are now luring in customers from across the Sea of Japan to its own shores as well.

Certainly, the relaxing of visa restrictions to Chinese tourists July 1 came and went with little public opposition, as lowering the size of an individual's bank account was decreased means that about 16 million middle-class Chinese could potentially become visitors, a tenfold increase in potential clients.

Prior to July 1, a Chinese citizen had to have at an annual income of at least $38,367. Now, though, travelers must work for the government or a major corporation and have either an annual income of at least $9,027 or have a gold credit card issued by a Chinese bank that guarantees the holder's financial credibility. The number of companies in China that will issue visas to Japan has increased to 290, too.

Japan's National Tourism Organization says the average Chinese visitor spends about $1,324 on shopping in the country alone, more than double that of U.S. or European tourists.

What's more, if the value of the yuan rises against the yen, that figure will automatically become bigger and visitors may feel flush enough to spend even more.

With the easing of visa restrictions, the organization expects the number of Chinese tourists to the country to hit a record 1.5 million this year and about half of those visitors are coming primarily to shop for the latest in Japanese high-end fashion and electronics.

But it's not just luxury goods that will attract Chinese customers. Many wealthy Chinese are also seen looking for top-notch medical care in some of Tokyo's best hospitals, dining at the finest restaurants and staying at exclusive hotels, which, in turn, will change the landscape of how the Japanese themselves do business.

"For the Chinese, 'Made in Japan' means quality and they are here to get the best," noted left-leaning daily Asahi Shimbun. "The Chinese can save us from our economic doldrums."

That is not to say, though, that opposition to the Chinese wave is non-existent. The right-of-center Sankei Shimbun argued in its op-ed that the easing of visa restrictions will "affect the safety of Japanese citizens as well," stating that many visitors could simply overstay their visit and become illegal residents. The daily pointed out that of the 40,000 foreigners who were forced out of the country for various reasons, about one-third were Chinese citizens.

Such fundamental distrust of China prevails even in the highest echelons of government.

While Beijing bought a record $8.29 billion worth of Japanese government bonds in May alone and in the first five months of the year the figure totaled $14.64 billion, China had actually sold off $917 million worth of bonds in 2009.

China's attraction to Japanese bonds lies in part with the weakness of Europe, analysts say. As worries about the European sovereign debt crisis persist, global investors including the Chinese have turned toward Japan, as well as the United States, to hedge their risks.

While many economists have welcomed China's latest move to shore up Japanese government bonds, there are concerns too that Tokyo is becoming too dependent on China.

Already, China has surpassed the United States as Japan's biggest export destination, and Japanese shipments to China tripled from 2000-09.

While politicians and pundits may fret about jobs being relocated to China and cheap illegal labor flooding into the country, the real challenge of Japanese businesses moving forward will be how to tap into the changing needs of the ever-growing, rich customer base from continental Asia.

(Shihoko Goto is a former senior correspondent for UPI's Business Desk and is currently a freelance journalist who divides her time between Washington Tokyo. She has written for Dow Jones, Bridge News, Congress Daily and a number of Japanese publications including AERA, a weekly magazine of Asahi Shimbun.)

(United Press International's "Outside View" commentaries are written by outside contributors who specialize in a variety of important issues. The views expressed do not necessarily reflect those of United Press International. In the interests of creating an open forum, original submissions are invited.)

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