The recent price increase was directly because of demand to import PS5s from Japan to China after the release of the Wukong game. I'm not sure exactly why, but importing Japanese consoles was cheaper than buying whichever ones were left in China.

>I'm not sure exactly why,

Simple. This was actually the second price increase in Japan. second one was recent. First one from 2022: https://blog.playstation.com/2022/08/25/ps5-price-to-increas...

China was also included on the first one, so I do think the weak yen is a strong factor behind the second increase