Thieves in Japan are aiming to steal platinum and palladium parts from Toyota Prius hybrids as prices for the metal soar, in an effort to sell it illegally, according to Bloomberg.
Last year, there were 173 muffler or catalytic converter thefts in the country's Chiba Prefecture, that's 16 times more than in 2021. About 90 percent of the thefts were of Prius vehicles, according to the report, which cited local police.
Platinum and palladium have risen in recent years. Prices rose after the war broke out in Ukraine last year, given that Russia accounts for about 40% of the global supply of rare earths. Palladium reached its highest levels above $3,000 an ounce last March, while platinum rose above $1,300 an ounce.
Besides precious metals, the prices of other commodities such as oil and gas have also risen since the start of the Ukraine war, as Western sanctions against Moscow have limited global energy supplies.
Japan is not alone
Japan is not the only country that has experienced mineral theft like this, as the United States and the United Kingdom have witnessed such crimes.
Last November, the US Department of Justice announced the removal of a nationwide network of thieves linked to the theft of precious metals. Arrests, searches and seizures took place in states including California, New York and Virginia.
“Because there is a precious metal inside every catalytic converter, there is a financial trail at the heart of every criminal scheme to take advantage of it,” said Jim Lee, head of criminal investigations at the IRS, noting that there were victims who fell into the trap of thefts, and even the target circle became friends and neighbors. So are companies
Japan is not alone
Japan is not the only country that has experienced mineral theft like this, as the United States and the United Kingdom have witnessed such crimes.
Last November, the US Department of Justice announced the removal of a nationwide network of thieves linked to the theft of precious metals. Arrests, searches and seizures took place in states including California, New York and Virginia
High consumer price index
In a related development, the Japanese Ministry of Internal Affairs said last month that basic consumer prices in Japan rose by 3.7% last month compared to the previous year.
Prices of processed food jumped the most and so did electricity and durable goods such as air conditioners
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November's figure is well below December's levels that raised concerns in the US, UK and elsewhere, but well above the Bank of Japan's long-term target of 2.0%.
Even excluding fresh food and energy, the index rose by 2.8%.
This article was published on the leadership website