Ferrari's newest supercar looks absolutely mesmerizing, but it's only sold in one country

On Tuesday, Ferrari unveiled its J50 supercar in a ceremony at the National Art Center in Tokyo.

The special edition supercar celebrates the 50th anniversary of Ferrari's entry into the Japanese market.

(Hence the name J50.)

In total, Ferrari will build just 10 examples of the two-seat, mid-engined supercar - exclusively for the Japanese market.

In fact, all 10 will be tailored by Ferrari's Special Projects Department to suit the tastes of each individual owner.

This means each of the cars will likely look very different from one another.

(The example presented to the public on Tuesday is finished in a special "three-layer red" paint job with a black and red leather interior.)

As a result, the ultra-rare J50 will probably appreciate dramatically over the next few years.

Japanese Ferrari collectors rejoice!

Mechanically, the open-top J50 is based on Ferrari's stellar 488 Spider. Which means it gets the 488's sensational 3.9 liter, twin-turbocharged V8 engine.

However, instead of the Spider's 661 horsepower, the J50's engine gets a little extra juice with its output upped to 680 ponies.

Aesthetically, the J50 bears little resemblance to the 488 on which it is based. The front end styling draws heavily upon the ultra-exclusive 2015 Ferrari Sergio while the windshield is designed to create a look reminiscent of a "helmet visor".

At the same time, the J50 is designed with a lift-off, carbon fiber, targa-style roof instead of the 488 Spider's powered, folding hard top. The Targa roof is an iconic feature from Ferraris of the 1970s and 1980s - such as the 308- and is stored behind the seats.

The overall silhouette of the J50 even bears a resemblance to the multi-million-dollar LaFerrari Aperta drop-top hypercar.

Ferrari did not disclose the asking price for the J50. However, we estimate that the J50's buyers likely forked over a sum solidly in the seven figures.