Ferrari sales in Japan jump to 12-year high

TOKYO: Ferrari registrations in Japan surged to the highest in 12 years amid growing optimism Prime Minister Shinzo Abe’s push to weaken the yen will help boost the world’s third-biggest economy.

Registrations of the ultra-luxury brand, owned by Fiat SpA, jumped 46% versus a year earlier to 558 units in the year ended March 31, according to data from the Japan Automobile Importers Association. That’s the most since 2000, when 573 Ferraris were delivered to Japan.

The increase is another indication that “the outlook on the economy is optimistic,” said Toshihiro Nagahama, chief economist at Dai-Ichi Life Insurance Research Institute in Tokyo.

The increase comes as local households are now more optimistic about the economic outlook than they’ve been since September 2008, according to an April 1 release from the Bank of Japan. Sales of imported cars worth more than 10 million yen have risen for two straight years, according to the importers association.

“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.”

Japan is home to the world’s largest Ferrari owners’ club with more than 600 members, according to the group’s website.