Senkaku/Diaoyu Island Dispute
The dispute over the Senkaku/Diaoyu islands in the East China Sea, has been blowing up again lately and the media is all ablaze with anti-Japanese protests in China. The chain of islands has been controlled by Japan since 1895 but China claims that it is their inherent territory. On November 11th, 2012, four Chinese surveillance ships entered Japanese territorial waters around the islands claiming their sovereignty over the islands. It was China's response to the Japan's anouncement that Japanese government will buy one of the islands from the Japanese private owner for $30 million (Japan Times). This timelines shows the history of the island.
The reason of both China and Japan’s argument is their national interests in the benefit of having the islands. In the late 1960s, experts from the United Nations discovered the potential for oil deposits in the waters surrounding the islands (Tokyoweekender). Sovereignty over the islands would give both countries exclusive oil, natural gas, and fishing rights in surrounding waters. Since those countries act in their different national interests including physical and economic security, and sovereignty, this is going to get a lot more complicated.
Japan Times: http://www.japantimes.co.jp/text/nn20121105b5.html