Apple's new iPhone lineup, announced Sept. 9 and Sept. 10 Japan time, highlights a widening gap between Japanese retail prices and the yen's recent appreciation. The foldable iPhone Duo starts at ¥364,800 for 256GB in Japan, compared with $1,999, or approximately ¥310,000, in the United States. Removing Japan's 10% consumption tax and comparing prices with U.S. pre-tax figures implies an exchange rate of about ¥165.90 per dollar for the iPhone Duo, versus the yen trading in the ¥153 range. The iPhone 18 Pro and iPhone 18 Pro Max also rose substantially more in Japan than in the U.S. compared with their predecessors. The gap is most pronounced for higher-capacity models, with the 2TB iPhone 18 Pro implying an exchange rate of about ¥195 per dollar. Similar pricing differences appear in South Korea, where the iPhone Duo is priced above U.S. equivalents even after adjusting for value-added tax. Consumers commonly refer to this practice as the Apple exchange rate, reflecting Apple's use of taxes, market conditions, logistics costs and currency risk rather than spot exchange rates. The approach contrasts with Samsung Electronics' Galaxy Z Fold8, which is cheaper than its U.S. equivalent in South Korea. If the yen strengthens further, Japanese consumers may seek an earlier price revision or delay purchases while waiting for Apple to adjust pricing.