ask somebody at a Yamaha dealer, they'll tell you...
I had a student buy a baby grand, Yamaha, just a few months ago. They paid $8500 plus tax and delivery. Not a bad deal - it was new, and it retailed at about $12,000.
anyways, the sales person was clearly saying that the parts were made in china, and if you wanted a "real" Yamaha, you should spend more like $20, 000 or even more. Yamaha simply sticks their sticker on china-made instruments.
that is not unheard-of, in the world of instrument makers.