Weak Yen Sends Japanese Used Cars Soaring in Overseas Markets

Foreign buyers are flooding Japan's used car market, taking advantage of the yen's historic weakness. The auctions have become increasingly competitive, driving up prices to over ¥1 million per vehicle.

In mid-July, a used car auction venue in Yokohama's Tsurumi Ward was filled with nearly 700 participants, with foreign buyers accounting for 30-40% of the crowd.

Prices have soared due to the weak yen, making Japanese cars an attractive deal for overseas buyers. According to Keiichi Nakajima, acting head of USS Co., 'Japanese cars are now an extremely good deal' and '30-40% of the vehicles sold at auction are exported overseas.'

The situation is not limited to cars; large numbers of used smartphones, luxury bags, wristwatches, second-hand clothing, and other items are also being exported due to the weak yen.