Ferrari Japan Sales Reach 12-Year High on Weaker Yen image

Ferrari’s sales in Japan increased to the highest level seen in the past 12 years, mainly due to the weakening yen which helped the economy rebound.

The luxury automaker sold 558 vehicles in Japan in the year ended March 31st, an increase of 46%, according to the Japan Automobile Importers Association. That’s the highest level since 2000 when Ferrari sold 573 vehicles in Japan. Toshihiro Nagahama, chief economist at Dai-Ichi Life Insurance Research Institute in Tokyo, said that this increase is a clear sign that the “outlook on the economy is optimistic.”

“It seems like demand is coming back,” said Michiaki Ishida, a spokesman for the auto importers association. “Some people are reacting to Abenomics, so the trend may continue.”

He added that over the past two years, sales of imported vehicles, worth over 10 million yen, have seen a continuous increase. Japan also has the largest club of Ferrari owners, with more than 600 members.

In 2012 Ferrari posted record results, reaching its best ever trading period in the company’s 66-year history, exceeding previous records set in 2008. Japan, a long-established Ferrari market, made a significant return to double-figure growth, up 14.4%, with 302 cars delivered.