Via Reuters comes the info that Japan has banned most used-car sales to Russia.
the export trade in used cars from Japan to Russia was worth about USD $2 billion annually
The move from Japan to cut off the trade came only in August, much later than other sanctions had limited trade. Japan's government banned exports of all but subcompact cars to Russia.
Reuters says the impacts have been:
- wiping out Russia's biggest source of used cars (more than half of the 303,000 used cars imported by Russia in the first eight months of the year came from Japan)
- have driven down prices for second-hand cars in Japan
Another impact should be, of course, more cool JDM cars for everyone else. And less demand for yen, at the margin (to pay for those cars).
ps. "JDM" stands for Japanese Domestic Market
- a JDM car refers to a vehicle that is manufactured by a Japanese automaker specifically for the Japanese market
- Automotive enthusiasts from around the world are often interested in JDM cars because they sometimes offer unique features, models, or trim levels that are not available elsewhere.
- In some countries, including the United States, it is possible to legally import JDM cars that are over 25 years old, as they are considered classic or antique vehicles and are exempt from some regulations.