Used Car Prices Drop Sharply in Japan Amid Sanctions Against Russia

Used car prices in Japan have dropped sharply amid anti-Russian sanctions and a decrease in exports to Russia, reported Коммерсантъ.

Experts suggest that the decline in prices is due to a reduction in demand for vehicles in Russia, which was the largest buyer of used cars imported from Japan.

According to the Nikkei newspaper, during the first two weeks of March, the average price of a vehicle in Japan’s secondary market was 785,000 yen (6,500 dollars), which is 5 percent lower than at the end of February.

Earlier, Japan imposed sanctions against Russia on February 24 as a reaction to the invasion of Ukraine. The latest restrictions went into effect on March 18, affecting nine Russian companies and 15 individuals, including some public officials. In total, Japan's sanctions apply to 76 Russian individuals and 12 Russian companies.