Japanese and South Korean consumers will spend relatively more on the latest iPhones this year than last year’s models as the currencies of these two countries have depreciated significantly against the dollar.
What has happened: The iPhone 14, which will be available in Japan from September 16, is priced according to Apple-site 119,800 yen. According to a Nikkei Asia report, this is almost 21% more than the price of the iPhone 13 that was launched a year ago.
In comparison, despite historically high inflation, the iPhone 14 is still priced at $799 in the US, the same level as last year’s model, according to the report.
expert opinion, Hideki Yokotaa senior analyst for the Japanese MM Research Institute, Nikkei Asia said the sharp weakening of currencies in Japan and South Korea left Apple with no option but to raise prices on its flagships to maintain profitability in those markets, the report said.
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currency development: Over the past year, the yen has declined by more than 23% against the dollar, while the Korean won has declined by more than 15%. when bank of korea Raised interest rates to keep inflation under control bank of Japan Maintain your ultra-lax monetary policy, departing from the stance of global central banks. This divergence led to a sharp depreciation of the Japanese yen, falling to 144.99 against the dollar on Wednesday.
price development in china: The Chinese yuan has also declined by more than 7% against the dollar within a year. However, the prices of the latest iPhones remain the same in China at around $866, as per the report. According to Yokota, China’s sluggish economy may be one of the reasons Apple Inc. (NASDAQ: AAPL) maintained its prices in the country despite a weak currency.
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