Yes your right.
http://www.tokaiforum.com/viewtopic.php?p=19453
Q4: Since when does Tokai Gakki produce Fender Japan guitars, and will this cooperation continue? Do you make all available models in Japan, or are there some models that you outsource to your or other Korean partners?
A4: We started to make guitars for Fender Japan 8 years ago (10 years ago now) . All of the guitars are made in our factory, Japan. One other factory, Daita Gakki (should be Dyna Gakki), is making guitars for Fender Japan. So we do not make some of the models of Fender Japan. They export some of them. But we do not.
JD=Dyna Gakki, JT=Terada, JF=Fuji Gen Gakki
Terada and Dyna are making the Fender Gretsch's.
I think Hoshino (Ibanez) have a business interest in Dyna Gakki.
Who makes Edwards guitars in Japan, does anyone know?
Is it Fujigen, Tokai, Dyna, Terada, I think they are the only factories left in Japan.