Japan's submarine Soryu (SS-501) collision with bulk carrier ship Ocean Artemis may be more damaging politically than financially. Is is embarrassing for the Japanese Navy and Defense Ministry. Also Ocean Artemis is a Hong Kong (increasingly meaning China) flagged ship with around 20 Chinese crew.
Maritime tensions have been raised because recently China's Navy and Coast Guard have increased pressure on Japan in the East China Sea over the Senkaku/Diaoyu islands dispute.
On November 9, 2020 I wrote about the coming Chinese Coast Guard "fire on law" in waters China claims sovereignty (mainly in the East China and South China seas).
The Chinese Government, in January 2021, passed that law.
Coast Guard fire on activity is not restricted to China. In December 2001 a Japanese Coast Guard vessel fired on and sank a North Korean vessel in the so-called "Battle of Amami-Oshima". Fifteen North Koreans were killed for no loss of Japanese lives.