TOKYO — Toyota has secretly approved plans to put its sensational 200-mph Lexus LF-A supercar in the market, according to a report in Tokyo.

Japan's media are reporting that Toyota will launch a luxury sports car for the Lexus brand embracing F1 technology in fall 2008. The reports also say Toyota is pitching hard to bring the Japanese F1 Grand Prix to its newly refurbished Fuji Speedway track, which will help the company drive home the car's F1 connection.

The supersleek LF-A, as shown so far, has a 5.0-liter, front-mounted V10. However, with F1 engine regulations switching to V8, it raises the question whether Toyota will make that change on the LF-A as well. The fact that Honda is preparing a new V10 NSX for 2009 suggests Toyota will stick with the V10 so it won't lose out in the image war, and at the same time to hold firm to the LF-A's premium status.

The LF-A sticker is expected to be just under $170,000, a bargain by supercar standards.

Honda's contract to hold the F1 Japanese Grand Prix at Suzuka expires this year. This has not escaped the attention of Toyota, which will be lobbying hard to stage the race at its own Fuji Speedway, near Tokyo. Honda, however, seems determined to fight to keep its F1 date. That raises the possibility of two F1 races in Japan, which sounds exciting!

What this means to you: Toyota, with cash to burn, puts the pedal to the metal with F1, both on the circuit and the road.