Japanese whisky prices increased a lot over the last decade. So much so, that many popular brands were better investments than tech stocks.

This article and supporting infographic provide data on retail prices in the US. The post finishes with some conclusions from the data.

Download the infographic by clicking the download button below.

How I Tracked Past Whisky Prices

I used Wayback Machine internet archives from Wine-Searcher and major US retail websites. The data is often patchy. But I recorded every snapshot of prices I found. 

Price data for any given snapshot is listed in a range when possible. I threw out questionably low prices. And I also dismissed the most exaggerated prices by aggressive retailers. 

Finally, I list a “sweet spot” range when possible. This is a median price range throwing out the outliers on the low and high-end of the price spectrum. 

Yamazaki Single Malt Whisky Prices

Yamazaki was the original Japanese whisky distillery. It was founded in 1923 by Shinjiro Torii. And future Nikka founder Masataka Taketsuru was the chief designer and distiller. 

Today, Yamazaki is probably Japan’s most famous brand of single malt whiskies. Besides the non-age statement bottling, Yamazaki prices have risen dramatically since 2013. 

The World’s Most Expensive Alcohol? 

The answer is likely Yamazaki 55. Suntory released the single malt in 2020 for about US$31K. And their suggested retail price for the 100 bottle lottery release was a laughable $60K. 

But the actual price is around 10 times that figure. Yamazaki 55 has sold as high as $795K at auction. And a bottle was sold at a Sotheby’s auction in New York for $600K in June 2022. 

Wine-Searcher currently displays a few retail bottles priced from $699,000-$999,999. 

There are more expensive bottles of alcohol than Yamazaki 55. However, they all rely on some sort of gimmick. Most feature diamond and gold on the bottles and even in the alcohol. And a couple of others use one-off labels by famous artists. 

June 27, 2022

• $699,000-$999,999

Yamazaki 25

Luxury whisky aged decades in casks experienced the highest price increases. And Yamazaki 25 has gone from a median retail price of $1775 in January 2015 to $20K in June 2022. That’s a 1026% increase. 

June 27, 2022

• $14.5K-$25.5K

Mar 19, 2018

• $4K-$5100

May 16, 2017

• $3K-$5K

July 26, 2016

• $3000-$5000
• Sweet spot: $3600-$4500

Jan 20, 2015

• Only Hong Kong sellers on Wine-Searcher
• $1500-$2050

Yamazaki 18 Single Malt

Yamazaki 18 is an enormously popular whisky. And few whiskies have appreciated more in price over the last decade. From 2012 to 2022, the median price has increased by 1117%. 

July 2022

• $1090-$2000 +
• $1300-$1500 the sweet spot 

Nov 9, 2020

• EU 700ml bottles adjusted to 750ml price: $873-$1222

June 24, 2019

• $600-$1000
• Very similar to July 27, 2018 but average price was higher 

July 27, 2018

• $600-$900

Aug 14, 2016

• $379-$600
• Sweet spot: $400-$500

Feb 8, 2015

• $210-$400
• Sweet spot $225-$250

May 15, 2013

• $200-$220

Mar 15, 2012

• $100-$130

Yamazaki 12 Single Malt Price

In 2014, I worked at a Chicago restaurant with a whisky plum sour on the menu. It was made with Yamazaki 12. And it was our most popular cocktail. We ordered cases of Yamazaki per week. But this was right before the crash in supply.

The popular Yamazaki 10 was discontinued in 2015 along with Hibiki 12. The same year, Nikka blew up most of its age-statement range. And many Suntory enthusiasts feared Yamazaki 12 was next. This was the year that Yamazaki prices really took off. 

From 2013 to 2022, the median price of Yamazaki 12 has increased by 367%. 

July 2022

• $150-$300
• Sweet spot: $170-$250

July 24, 2021: Caskers

• $225

June 12, 2021

• $112-$282
• Sweet spot: $140-$220

May 8, 2021: Caskers

• $206

Nov 29, 2020: Drizly

• $160

July 27, 2018

• $120-$200
• Sweet spot: $130-$160

May 23, 2017

• $100-$130
• Sweet spot: $100-$120

Aug 20, 2016

• $85-$110
• Sweet spot: $100

Feb 10, 2015

• $65-$90
• Sweet spot $70-$80

May 15, 2013: B-21 (Tarpon Springs, FL)

• $50

Jan 2, 2013

• $41-$50

Hakushu Single Malt Whisky Prices 

Hakushu whiskies are less popular than their sibling Yamazaki. And so they’re usually the cheaper of the two. But Hakushu is still a luxury brand. 

Hakushu 25 Price History

The median price of the 25-year single malt has gone from around $1000 in 2013 to $14.5K in 2022. That’s an increase of 1350%. 

July 2022

• $10K, $18.6K

Sep 28, 2014

• Only a few available: 3 UK, 1 Germany
• About $1050-$1350 / 700ml

May 30, 2013

• Average price $1000

Hakushu 18 Single Malt 

Like Hakushu 25, Hakushu 18 is a slightly better value than the sibling Yamazaki 18. But it still has a devoted following (my favorite Suntory whisky). And it’s far from affordable. 

Since 2016, the median price for Suntory Hakushu 18 has increased 191%. During that same period, Yamazaki 18 increased by 211%. And today it has a much higher median retail price. 

July 2022

• $600-$1500
• Sweet spot: $700-$900

Aug 17, 2918

• $430-$800
• Sweet spot: $500-$600

May 16, 2017

• Avg price $292

July 25, 2016

• $240-$325
• Sweet spot $250-$300

Suntory Hakushu 12 Price

Up until mid-2018, the price of Hakushu 12 was fairly stable. But it was briefly discontinued in June 2018. And this sent fans into a panic and collectors into buying mode. Afterward, retail prices rose quickly. 

Luckily, Suntory is catching up on the supply side. And they reintroduced Hakushu 12-year in 2021. Since 2013, the median retail price has increased 221%. Not bad for an age-statement Japanese whisky. 

July 2022

• $175-$350
• Sweet spot: $200-$250

January 2021

• Reintroduced 

June 2018

• Discontinued for some markets 

May 16, 2017

• Avg price $100

July 25, 2016

• $70-$95
• Sweet spot $80-$90

Mar 17, 2013

• $55-$80
• Sweet spot: $70

Suntory Blended Whiskies

Hibiki is the leading luxury blended whisky brand. And prices have pumped since Suntory discontinued the uber-popular 12-year and 17-year age statements. 

Toki is a newer whisky designed for cocktails and large-scale production. By design, the price isn’t designed to get out of hand.

Hibiki 30 Year Price

Suntory’s Hibiki 30 only seems affordable when compared to the ultra-expensive Hibiki 35. Its median retail price basically doubled after the supply shock of 2015. 

From January 2015 to July 2022, the median retail price increased by 413%. 

July 2022

• $9K-$11K

May 15, 2018

• $2800-$4600

Aug 11, 2016

• $3000-$4500

Jan 3, 2015

• None available in the US, 3 Hong Kong and 1 Great Britain
• $1600-$2300

Suntory Hibiki 21-Year Price

Hibiki 21 is the jewel of the Hibiki lineup. It has routinely won international blended whisky awards. From early 2015 to today, the median price has increased by about $990, or 275%. 

July 2022

• $1200-$2500
• Sweet spot: $1200-$1500

Mar 7, 2018

• $480-$800
• Avg price $535

Aug 11, 2016

• $400-$750
• Sweet spot: $500-$600

Feb 26, 2015

• $335-$385
• Sweet spot, the same

Hibiki 17 Year 

I have many fond memories of Hibiki 17. For a 17-year-old whisky, it once was a great value. But prices took off in 2015. And in 2018, Hibiki 17 was discontinued. 

From early 2015 to July 2022, the median price of Hibiki 17 has increased by $1000, or 666%. 

My gut says this whisky will be back someday. And Suntory still lists it on its website. 

July 2022

• $750-$3000
• Sweet spot: $1k-$1300

June 2018

• Discontinued, sort of 
• Still listed on Suntory’s website  

Mar 7, 2018

• $270-$600
• Avg price $281

May 16, 2017

• Avg price $235

Aug 19, 2016

• $170-$250
• Sweet spot: $195-$230

Feb 10, 2015

• $105-$150
• Most sellers around $150

Hibiki 12 Price 

Back in early 2015, most retailers in the United States were selling Hibiki 12 750s for around $60. I remember paying $65 for the last bottle I owned. 

Hibiki 12 was discontinued later that year. It was a painful blow to long-time enthusiasts. And its cancellation sent shockwaves through the market which fueled retail price increases. Now this once widely-available whisky is merely a status symbol for the whisky wall crowd. 

From early 2015 to July 2022, the median price of Hibiki 12 increased by about 1500%! 

July 2022

• $750-$1170
• Sweet spot: none

July 27, 2018

• $350-$650

Jun 4, 2017

• $100-$220

Aug 17, 2016

• $100-$160
• Sweet spot: $125-$150

2015

• Discontinued 

Feb 28, 2015

• $50-$65
• Most around $60

Hibiki Japanese Harmony Price

Hibiki Japanese Harmony replaced Hibiki 12. And you’ll never hear anyone say it’s better. But it inherited the position of entry-level Hibiki. So there’s still a lot of buying pressure. 

Since mid-2016, the median price of Japanese Harmony has increased from $62.50 to $107.50. That’s about 69%. 

Notice that some retailers had prices as high as $200. I’ll go over this more in the conclusion, but beware of shady sellers. 

July 2022

• $75-$200
• Sweet spot: $100-$115

May 16, 2017

• Avg price $70

Aug 14, 2016

• $53-$65
• Sweet spot $60-$65

Suntory Toki

The most popular Japanese whisky in the world is Suntory Kakubin. But here in the States, we get Suntory Toki instead. It’s a solid blended whisky with a robust supply and affordable price point. 

Since it was released in 2016, the median Suntory Toki price has actually DECREASED! This is a common theme among new entry-level Japanese spirits. I’ll discuss this more in the conclusion. 

July 2022

• $25-$35

Oct 5, 2016

• $35-$45 

Nikka Yoichi Single Malt 

Yoichi is Japan’s second distillery. It was founded by Masataka Taketsuru in 1934 after he stopped working at Yamazaki. 

Yoichi 20 Price

July 2022

• $3K-$5100

May 16, 2017

• Avg price $900

Aug 11, 2016

• $1900-$2000 (700ml)
• Very limited supply, mostly in Europe and Hong Kong

August 2015

• All Yoichi age statements discontinued 

Nov 15, 2013

• $240-$300

Yoichi 15

July 2022

• $1650-$2500

Apr 17, 2017

• $300-$700
• Sweet spot: $375-$500

Aug 10, 2016

• $350-$600
• Sweet spot $600

August 2015

• All Yoichi age statements discontinued 

Jan 10, 2015

• $90-$116!
• And widely available

Yoichi 12

July 2022

• $1000-$1500

Mar 19, 2018

• Avg price $290

May 19, 2017

• $245-$360

Mar 26, 2016

• $250-$360 700ml
• Very hard to get in the US

Dec 19, 2015

• Avg $145

August 2015

• All Yoichi age statements discontinued 

May 30, 2013

• Avg price $98

Yoichi 10

The Yoichi 10-Year Single Malt is a legendary Japanese whisky. Back in 2001, it won the “Best of the Best” award in a Whisky Magazine blind tasting. It bested many famous Scotch brands. And this was the first in a long series of major awards for Japanese whisky.

It was a major shock when Nikka discontinued all of its age statement Yoichi whiskies in 2015. But they recently (7/22) announced that the Yoichi 10 is coming back. This probably won’t affect the prices of the original 10-year single malt. But it will be interesting to see what happens where this goes.

July 2022

• $700-$1300 (all 700ml)

Mar 19, 2018

• Avg price $205

March 30, 2016

• $110-$150 (none from US)

August 2015

• All Yoichi age statements discontinued 

May 30, 2013

• Avg price $71

Nikka Yoichi NAS

July 2022

• $80-$100

Mar 19, 2018

• Avg price $82

Miyagikyo Single Malt Whiskies

Miyagikyo 15

July 2022

• $1500-$2900

Jun 4, 2017

• $311-$850

August 3, 2016

• None available in the US
• About $300-$500/700ml bottle 

August 2015

• All Miyagikyo age statements discontinued

Miyagikyo 12

July 2022

• $500-$1400

Apr 2, 2018

• Avg price $275

May 24, 2017

• $250-$360

Aug 17, 2016

• $200-$360
• Very limited 
• Sweet spot around $250

August 2015

• All Miyagikyo age statements discontinued

Jun 2, 2013

• Avg price $102

Nikka Miyagikyo NAS

July 2022

• $80-$100

Jan 15, 2017

• $70-$100

Sep 9, 2016

• $65-$90 (all Euro/Asia)

May 30, 2013

• Avg price $121

Nikka Miyagikyo Single Malt Whiskies 

Miyagikyo 15

July 2022

• $1500-$2900

Jun 4, 2017

• $311-$850

Aug 3, 2016

• None available in the US
• About $300-$500/700ml bottle 

August 2015

• All Miyagikyo age statements discontinued

Miyagikyo 12

July 2022

• $500-$1400

Apr 2, 2018

• Avg price $275

May 24, 2017

• $250-$360

Aug 17, 2016

• $200-$360
• Very limited 
• Sweet spot around $250

August 2015

• All Miyagikyo age statements discontinued

Jun 2, 2013

• Avg price $102

Nikka Miyagikyo NAS

July 2022

• $80-$100

Jan 15, 2017

• $70-$100

Sep 9, 2016

• $65-$90 (all Euro/Asia)

May 30, 2013

• Avg price $121

Nikka Taketsuru Pure Malt Whiskies 

The 25-year, 21-year, and 17-year are all relics of the past. Nikka went scorched-earth on their age-statements pure malts in 2020. 

Nikka Taketsuru 21

July 2022

• $700-$1550
• Sweet spot: $800-$1300

March 2020

• discontinued

Mar 7, 2018

• Avg price $370

Aug 10, 2016

• $325-$500
• Sweet spot: $400-$500

August 2015

• Nikka raised the price of Taketsuru age statements by about 50%

Feb 17, 2015

• $130-$210

Aug 2, 2014

• $135-$200

Nov 17, 2013

• $130-$170

Nikka Taketsuru 17

July 2022

• $500-$1000
• Sweet spot: $600-$800

March 2020

• discontinued

May 16, 2017

• Avg price $190

Aug 17, 2016

• $200-$350
• Sweet Spot above

August 2015

• Nikka raised the price of Taketsuru age statements by about 50%

May 30, 2013

• Avg price $104

Nikka Taketsuru NAS

July 2022

• $70-$100
• Sweet spot $80-$90

Other Nikka Whiskies

Nikka Coffey Grain

July 2022

• $62-$90

March 19, 2018

• Avg $63

March 13, 2015

• $52-$68

Nikka Coffey Malt 

July 2022

• $70-$100

Apr 2, 2018

• Avg price $66

March 13, 2015

• $48-$65

Nikka From The Barrel

July 2022

• $70-$110
• Sweet spot: $80-$100

Ichiro’s Malt – Chichibu Whisky Prices

Ichiro’s Malt the First Ten

July 2022

• $2200-$3000

Mars Whisky

Mars Iwai Tradition

July 2022

• $35-$80
• Sweet spot: $50-$60

May 7, 2017

• $45-$55

July 11, 2015

• $60

Akashi – White Oak Distillery

Akashi 5-Year Single Malt

Feb 25, 2016

• $100-$125 (not available in the US)

Akashi Single Malt 

July 2022

• $45-$250
• Sweet spot: $100-$150

Akashi Blended

Apr 9, 2015

• $35-$85
• Sweet spot: $35-$45

Johnnie Walker Blue Label Blended

Johnnie Walker Blue is an excellent blended whisky. And though it’s a NAS, 28-year-old whisky is supposedly the minimum age for its blending components. 

Surprisingly, Blue Label has not increased much in price.

July 2022

• $170-$210

April 22, 2017

• $145-$170

Jan 25, 2016

• $140-$160

Sep 24, 2014

• $130-$170

July 23, 2013

• $150-$170

Macallan 18 Sherry Oak Single Malt

This Speyside single malt is one of the world’s finest whiskies. And whisky enthusiasts know it. Macallan is one of the few Scotch brands to nearly match the price increases of prominent Japanese whiskies. 

July 2022

• $400-$700

Feb 5, 2021

• $290-$345

July 27, 2018

• $220-$260

April 17, 2017

• $200-$240

Aug 15, 2015

• $175-$225

July 30, 2013

• $155-$165

Highland Park 30 Single Malt 

This Island single malt has always been expensive. But it hasn’t kept up with the price increases from its competition from Japan. 

July 2022

• $1200-$2000

Dec 10, 2020

• $1150-$1500 (supply seems to be shrinking)

Jan 13, 2018

• $750-$1250 (data gap likely w/ top-end prices missing)

March 26, 2017

• $750-$1500

Nov 5, 2015

• $650-$875

Aug 10, 2014

• $550-$800

Takeaways

The price ranges among retailers are wild. This is especially true once the supply starts to dwindle. It pays to shop around.

Discontinued whiskies explode in price. And it also impacts the prices of other products in lineups. For example, when Hibiki 12 was discontinued, other marquee Suntory whiskies also jumped in price.

New, affordably-priced whiskies are often price gouged upon release, THEN prices go down. Suntory Toki, Mars Iwai Tradition, and Nikka Coffey Gin are examples. Before the supply is saturated, retailers take advantage of these products’ newness.

And the manufacturers do this too. But eventually, they often seem to recalibrate prices.

Similarly, some retailers will price gouge new releases in the US. This happened with Akashi Blended whisky in 2015.

Overall, Japanese whisky has been an excellent investment. And this creates even more pressure on weak supplies and further increases prices.