though no one knows the truth except Yonex, the answer to your question is "it's possible". and it is not an irrational deduction. Yonex marketing guys would think what's the point of selling a JP quality racket at a JP price in a country where the overall standard of living is below or nowhere near JP? that's why we see different coded Yonex items selling for different prices, but quality-wise i can only say that it is quite possible that they are different. having said this, it is also wrong to project Yonex items that are sold in cheaper codes than JP such as TH or SP, to be of inferior quality compared to JP, just by looking at the price.