Shiseido Co. posted its steepest decline in 12 years after the Japanese cosmetics maker cut its full-year profit forecast on slower demand from Chinese consumers, following the release of treated wastewater water at Fukushima in August.

The stock fell as much as 12% in early morning trading in Tokyo on Monday, the largest intraday drop since March 2011. On Friday, Shiseido reduced its forecast for core operating profit by 42% to ¥35 billion ($231 million) for the year ending Dec. 31.

Japanese companies that are reliant on consumer demand in China have been struggling after online users in Asia’s biggest economy called for a boycott over the release of treated water from the wrecked Fukushima nuclear plant. Shiseido shares are down 32% this year, and the stocks of Pola Orbis Holdings Inc. and Kose Corp. are also lower.

Shiseido also cut its revenue forecast by 2% to ¥980 billion.

Sales in China and the travel maker both fell about 10% in the third quarter, with the company curtailing market activities and suspending promotions, it said.

Shiseido sees the impact from the waste-water release continuing into the first quarter of 2024, Kentaro Fujiwara, chief operating officer, said in a briefing Friday.