As a Japanese, I feel sorry that Kiwaya’s brands confuse you guys. They all are great instruments. Let me a little bit explain.
First, this Luna is made of solid Honduras Mahogany, no laminate!! At least it says in Japanese website. No laminate ukulele costs over $400. Surprisingly, the google translate calls “Tanban or 単板 (solid wood)” as veneer!!
Next, this Luna is made by T’s guitar. It is a well-respected company run by Shinji Takahashi. He is also a co-owner of Imua ukulele. Until 1970s, Luna was an independent brand. In 1990s, Kiwaya asked Mitsuba-gakki to revive the brand. Mitsuba-gakki produces only entry-level ukulele, so Luna in 1990s to mid-2000s is like Kala in the US, around $200-300. They are laminate. Then, Kiwaya changed the manufacturer to T’s. From entry to high-end ones, all are made of solid woods.
Third, as far as I understand, this instrument is exactly the same as Kiwaya KTS-7. Luna is a brand name for distribution in Japan. Kiwaya is the name for overseas. Kiwaya’s website in Japanese says, they sell the Famous and Luna ukulele as a new name Kiwaya in other countries from 2004. But I’m not so sure the reason of the price difference.