Despite a recent strengthening of the yen against the dollar following the Bank of Japan¡¯s interest rate hike and an anticipated U.S. rate cut, the current level in the ?140 to the dollar range is still weak compared with the ?100 level of five years ago.
The weak yen is having a major impact on businesses, including the used car market, where domestic buyers are finding it increasingly hard to buy amid surging export demand.
At SUV LAND Nagoya, a sales outlet of major used car dealer Nextage, a 2022 Toyota Voxy minivan with a mileage of 8,500 kilometers on the odometer is being sold for ?4.55 million ($31,230) ¡ª a notably high price that might prompt a double take from a prospective buyer. Even though it is a high-grade hybrid model, the price tag is far above that of a new car, which is in the upper ?3 million range.
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