Just a few days ago, Fujifilm officially revealed the X-H1. According to them, H stands for hyper, and indeed the X-H1 is almost some sort of super X-T2: same sensor and processor, but a bigger grip, a stronger weather-sealing, a touchscreen, and of course the main difference between the two: In-Body Image Stabilization (IBIS). We are now all used to the well orchestrated hype machine of Fuji announcements, with a well curated list of amazing photographers from various genres explaining that this is the best camera they have ever used, in some beautifully produced short films shot around the globe. Keep in mind if you decide to pre-order that real reviews are still under embargo… but I digress. Let’s get back to the point of this article: the price of the X-H1, and in particular its price in Japan, where I live.
Not only Fujifilm is a Japanese company, but they also proud themselves in producing their top-of-the-line cameras in Japan, therefore it makes sense to use the Yen as the base currency here, as the value of the Yen will directly impact their bottom line: for example, the stronger the Yen, the cheaper it will be for them to import the raw materials and components used to build each camera body, but the less money they will make on each camera sold abroad, once repatriated in Yen, all other things being equal. So, let’s take a look at the price of the X-H1 in Japan. As of today, you can pre-order the body only on Amazon Japan for ¥232,794. This compares to ¥144,980 currently for a brand new X-T2. Given the fact that the sensor and processor they share (with the X-T20) have been well amortized already, that’s a stiff premium for IBIS.
Meanwhile, on Amazon US, American X-Series users can pre-order the X-H1 body only for $1,899… which is a much smaller premium over the $1,599 for an X-T2.
If we do the math “stupidly”, the ratio between the Japanese price of the X-H1 over the American price implies a USDJPY exchange rate of around 122.50… which compares to a current exchange rate just above 106, and a range over the past year between 105 and 115 (source Bloomberg):
If you are not used to traveling or you don’t know anything about FX markets, in a nutshell this basically means that either the X-H1 is way too expensive in Japan, or it is too cheap in the US…
Quite frankly, I feel like it’s a bit of both. If I were living in the US, for me the X-H1 would be an insta-buy: it comes at a premium for the IBIS technology, but the overall price remains reasonable given the fact it is using the old sensor and processor of the X-T2. On the other hand, the premium you pay for the X-H1 over the X-T2 in Japan seems way too steep to me: you can more or less buy the XF90mmF2 with the price difference!
Clearly, something does not make any sense here… I don’t expect any of these prices to change meaningfully in the near future (export companies incorporate some margin when they fix their prices abroad to withstand FX fluctuations, and they can buy some protections), but, if the Yen continues to strengthen against the dollar, someone from the finance department will eventually raise the question of a price increase in the US. I would rather see a price decrease in Japan, trust me, and I would really like to hear someone from Fujifilm Japan explain this price difference… but as we all know it’s not the way things usually go… So if you are in the US, beware of potential price hikes in the future (even though there is no plan at the moment), and if you visit Japan anytime soon, do let me know… I might ask you to get a cheap X-H1 for me…