Japan Slows Down Lucrative Used-Car Trade with Russia
Japan's decision to ban most used-car sales to Russia has halted a lucrative trade worth nearly $2 billion annually. The ban, which came into effect in August, has cut off a major source of used cars for Russia and led to a decline in prices for second-hand cars in Japan. Brokers are now scrambling to redirect vehicles to other markets, such as New Zealand, Southeast Asia, and Africa. Russia had been buying over a quarter of Japan's used-car exports, but the ban has wiped out this trade, impacting businesses and forcing layoffs.