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China combined with Hong Kong has taken over the U.S. as Japan's largest trading partner for the first time.

"Total exports and imports to and from China and Hong Kong last year totaled 22.2 trillion yen ($214 billion), accounting for 20.1 percent of total trade, according to a ministry report released today in Tokyo. Trade with the U.S. amounted to 20.5 trillion yen last year, making up 19 percent of Japan's total."

"The global economy has an extremely large impact on Japan's economy," said Japanese Prime Minister Junichiro Koizumi. "The firmly expanding U.S. and Chinese economies are a plus for Japan."

Many Economists believe that China will become even more important to Japanese trading in the coming years.

"Analysts see two spurs to future growth as being China's membership of the World Trade Organisation and lower trade tariffs."

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