This article analyses the nature of contemporary Hong Kong–Japan relations in their economic, political and cultural dimensions, setting the relationship within the broader context of Sino-Japanese relations, concerns about identity and nationalism within Hong Kong, and changing Japanese commercial priorities. While the commercial and popular cultural ties between Japan and Hong Kong remain dominant, since the mid-1990s political issues have become more visible in Hong Kong–Japan relations. Changing moods within Hong Kong about the handover and, after 1997, about the nature of the redefined relationship with China have had an important influence on the political economy of Hong Kong–Japan relations.