You all know the basic story! Japanese Whisky is in the duldrums in the early 2000’s or a bit earlier. The big two Japanese Whisky producers Suntory and Nikka(parent Asahi), ramp down production. After all, the big two do not survive on whisky alone so there is a safety net. Japanese Whisky from virtually out of nowhere gains traction in the West in around 2009 followed in the East a few years later. This actually parallel’s the international explosion of whisky(ey) as a beverage of choice worldwide. Think new money/burgeoning economies, India, China, South East Asia.
The gushing of some influential whisky bloggers(certainly not me), better accessabilty outside of Japan and a host of international awards and Japanese Whisky is the darling of the whisky/key scene. From zero to hero and all of a sudden demand far exceeds supply! Stock shortage enshews followed by panic stations!  Age statement after age statement bottling’s are dropped from the lineups, replaced by no age statement versions.
I’ll fast forward through the time line of each no age statement replacements and focus on some ‘spin’ from the distilleries.
This is the stuff I have read in articles and a couple recent books on Japanese Whisky. Whisky writer interviews Master Distiller. Master Distiller says if we do not have the ‘restrictions’ of an age statement, we have a larger canvas to paint with. Example, if the bottle is no age statement we can blend any whisky from 3 years old and up where before, if we had a 12 year age statement, we can only use 12 year old whisky and up. Fundamently I have no problem with the theory if……the no age statement bottling’s are as good as the age statment whiskie’s they have replaced and the cost is commensurate(if the average age is less).
Herien lies my issue. Almost without exception, the no age statment bottling’s are not as good as the age statement bottling’s they have replaced and on like for like pricing when the age statement bottling’s were standard, the age statement bottling’s were cheaper.
Some examples in Aussie dollars –
Hibiki Harmony NAS ave price $AUD150 – not sure what they are going for in Japan. Last tasted yesterday, my own 2019 bottle. 
Hibiki 17YO when a standard bottling $AUD135 – Y10,000 in Japan. Hibiki 21 Y20,000
There have been improvements  since the first NAS bottling’s were released but the NAS is still only 70% as good a whisky as the 17YO.
Yoichi NAS – $AUD125
Owned and opened 3 bottles and closer now to the Yoichi 10 but double or more the price of the Yoichi 10 when available. Last tasted July 2019, my own 2019 bottle.
Yoichi 10 when a standard bottling Y4500. Yoichi 12 Y6500. Yoichi 15 Y10,000. Yoichi 20 Y20,000.
Miyagiyo NAS – Ave price $AUD135. I’ve owned and opened a couple of bottles and tasted a 2019 and not a patch on the age statements. 2019 bottling tasted at WhiskyLive July 2019. Have my own(older) open bottle as well.
Age statements were the same price structure as Yoichi minus a 20YO which was never offered
Yamazaki NAS – In style it is pure Yamazaki and cracked a newly arrived bottle today. $AUD125.
12 year old is now $AUD250. NAS I’d say is better than half the price of the 12(these days’s) but again, 20% not as good when the 12 was at 75 bucks. Yamazaki 10 when a standard bottling Y5000, Yamazaki 12 Y7000, Yamazaki 18 Y20,000
Hakushu NAS – A big disappointment – Owned and drunk a few bottle’s and not a patch on the 12YO. Yes, there are the clean forest notes of the 12 but what happened to the peat and pepper? This was Japans Talisker 10 before it was emancipated. Last tasted June 2019, my own 2018 bottle.
Age statements were the same price structure as Yamazaki.
Nikka Taketusru NAS – This is the biggest improver for me. Latest bottling’s seems to have a bigger/older Sherry Cask influence. Still, AUD$125 for the NAS when back in the day even the 21YO was about 100 bucks!!!! Despite all that,  along with Nikka FTB this is my current Nikka of choice! Last tasted a week ago, my own 2019 bottle.
Taketsuru 12 when a standard bottling Y2500, Taketsuru 17 Y7000, Taketsuru 21 Y10,000
So there we have it, age statement Japanese Whiskies swapped out for no age statement whiskies and in almost every case, the no age statement versions are inferior and yet cost more.
Knowing what we know, the big two Japanese Whisky producers currently have no choice but to release no age statement whiskies. I can cop that but prices should be commensurate with having a lot of younger whiskies in the mix and the no age statement offering’s not being on par with even the youngest age statement offerings’s. If I was to put an empertical value on the no age statement bottling’s, they should be priced 30% less than the old age statment bottling’s!