Market Chatter: Weak Yen Drives Record Japanese Used Car Exports, But Domestic Affordability Worsens
Japan shipped a record number of used cars overseas last year, fueled by strong demand linked to the weak yen, Nikkei Asia reported on Tuesday, citing a regional purchasing manager at a used car dealer Nextage (TYO:3186).Rising procurement costs for used cars have pushed a growing number of Japanese dealerships into bankruptcy, the news daily said.Consequently, domestic buyers are left with very few options in the 1 million to 2 million yen range, which is generally seen as affordable, the publication said.A regional purchasing manager at major used car dealer Nextage noted that prices have surged dramatically over the last three years, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)