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Used Land Cruisers fetch over double new price amid Toyota shortage

Aug 11, 2022 (Nikkei) - Resale prices of some Toyota models have topped what new ones sell for as Japan's top automaker keeps car buyers waiting.

The median price of the 2022 Land Cruiser ZX reached 17.05 million yen ($129,000) in late July, more than double the manufacturer's suggested price for the gasoline version of the popular sport utility vehicle, according to used car website operator Proto Corp.

Price inversions like this for Toyotas, which reflect the automaker's struggle to produce cars on time amid a global chip shortage, are unusual in their extent, market watchers said.

"There have been instances of localized spikes in prices for rare and popular cars, but I've never seen it happen for this many models," said Yasuyuki Matsui, a director at Nagoya-based used car dealership group Goodspeed.

For the Alphard, one of Toyota's largest minivans, the median price for the hybrid 2021 Executive Lounge S version was 8.25 million yen, above the new-car price of 7.75 million yen.

Some Harrier and Corolla Cross cars cost more used than new, depending on the model year and grade. ...continue reading

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Typhoon No. 30 (Champa), a large and very powerful storm, was moving northwest south of Okinawa as of 9 p.m. on October 22, with the Sakishima Islands already experiencing violent winds ahead of the typhoon's expected closest approach from the afternoon of October 23 through the early hours of October 24, while an approaching autumn rain front threatens widespread heavy rainfall across western Japan.

A critical security flaw discovered in PHP, a programming language used by an estimated 70% of the world's web systems, has triggered widespread disruptions across Japan since October 21, forcing banks, restaurant chains, government agencies and other businesses to suspend online services as a precaution against potential cyberattacks.

A growing wave of cyberattacks across Japan has raised concerns over the possible use of Chinese-developed artificial intelligence in hacking operations, with personal information belonging to tens of thousands of police employees potentially exposed and major companies forced to suspend online services, while cybersecurity experts warn that slow decision-making within Japanese organizations is allowing damage to spread.

Japan's H3 rocket successfully launched the Martian Moons eXploration (MMX) spacecraft from the Tanegashima Space Center in Kagoshima Prefecture on the morning of October 20th, placing the probe into its planned orbit in the first stage of a mission to collect samples from one of Mars' moons and return them to Earth.

Motorcycle owners across Japan can now choose their preferred license plate numbers under a new system introduced by the Ministry of Land, Infrastructure, Transport and Tourism on October 19th, with popular numbers allocated by lottery and applications costing between 2,500 and 3,000 yen.

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Japan's financial markets suffered another sharp setback on October 22 as heavy selling in semiconductor and artificial intelligence-related stocks sent the Nikkei 225 down 1,713.40 points, or 2.65%, to 62,907.84, its lowest closing level since July 30.

Japan's trade deficit nearly doubled in the first half of fiscal 2026 to 2.8184 trillion yen, driven largely by surging crude oil prices following turmoil in the Middle East, while the value of oil imports from the United States increased nearly ninefold as Japan sought alternative sources of supply.

Tokyo stocks rebounded on October 21, with the Nikkei 225 closing 545.82 points higher at 64,621.24, a gain of 0.85%, as stronger U.S. equities, renewed buying in technology shares and encouraging Japanese export figures helped the market recover from two consecutive sessions of losses.

Japanese banks and securities firms are moving to stop using facial photographs from driver's licenses to verify customers opening accounts online, following a series of personal information leaks that have raised concerns about fraudulent account applications.

Japan's Nikkei 225 Stock Average closed at 64,075.42 on October 20th, falling 841.28 points, or 1.30%, as renewed selling in semiconductor and artificial intelligence-related shares, rising oil prices and concerns over inflation pushed Tokyo stocks lower for a second consecutive session.

Nearly one in three large companies in Japan have experienced a data leak or a suspected breach, according to a survey released by Teikoku Databank on October 19th, highlighting growing concerns over corporate information security as unauthorized access incidents continue to affect businesses across the country.

Japan's Nikkei Stock Average closed 407.59 points lower at 64,916.70 on October 19, a decline of 0.62%, recovering from an intraday plunge of more than 1,400 points as concerns over artificial intelligence investment weighed on semiconductor and technology shares, while buying in banks, utilities and other domestic sectors helped the broader TOPIX index finish slightly higher.

International hacking group Qilin has claimed responsibility for a ransomware attack on subsidiaries of Keio Railway in late September, publishing images allegedly showing internal company documents and displaying a countdown believed to indicate a deadline for releasing stolen data, while the railway operator said it is investigating the claims.