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Christopher Bruce0000-00-00 00:00:00

Japanese Luxury Car Market Booming Thanks to Government Stimulus

Double-digit growth is the norm this year

 
 
Slideshow
Ferrari expects to sell 400 cars in Japan this year

The Japanese luxury car market is booming thanks to Prime Minister Shinzo Abe bringing the country out of a 15-year deflation. Case in point, FerrariFerrariFerrariItaly, 1947 > present233 models
5131 photos
37 videos
predicts that Japanese sales will be up 30% by year’s end.

Abe’s government has led to rising business confidence, and it just increased the country’s sales tax.

"This new euphoria, that you can feel staying in Tokyo, related to Abenomics. We have a good performance in 2013 compared to 2012," said Giuseppe Cattaneo, Ferrari’s head of Japan, South Korea, Southeast Asia and Australia.

Ferrari sales are up 28% in the first six months of the year in Japan, and it expects to sell about 400 cars there by the end of the year. It sold 302 cars in Japan in 2012.

Similarly, LamborghiniLamborghiniLamborghiniItaly, 1963 > present32 models
1447 photos
19 videos
sales are up 13% in the first three quarters of the year, and MaseratiMaseratiMaseratiItaly, 1914 > present62 models
696 photos
7 videos
is up 16%.  

"It's coming back big time," said Lamborghini CEO Stephan Winkelmann about the Japanese market.

Abe’s turnaround has come thanks to a 5 trillion yen (38.44 billion euro) economic stimulus, and it has worked well enough to raise the sales tax from 5% to 8% on October 1.

Source: Automotive News Europe

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