It is! Not exactly the same bento, but take this one from FamilyMart for example - https://www.family.co.jp/goods/obento/0616225.html

It is 498 yen (3.57 USD) and that is taxes included!

It is.

In my experience the cheapest convenience store bentos in japan are roughly equivalent to slightly better than fast food Japanese in California.

And usually the price is much different too. Like 500 yen, which in America might be $4.50 or so, but the equivalent in America (or California at least) would cost maybe 3x as much.

I joke about it with a Japanese friend I made on one of my trips. There's a Japanese family restaurant chain that has some locations in California (Yayoi). In japan it's just another family restaurant where you can get reasonably priced meals (maybe up to 1500 yen but I haven't been in a few years) and in America the same restaurant easily charges $20-25 for regular meals.

Food tends to be very economical in Japan, at least to me as a visitor.

Restaurant food in America is just hideously expensive, once you factor in the 20% tip that's expected. Even before tip it's very expensive.

It's not just Japan; every developed nation outside North America has much more reasonable prices for eating out.

I live in Western Europe and convenience stores and fast food has become really expensive, except for bread. A 500mL coke and premade salad or other lunch menu can easily set you back €10. McDonalds is almost €15 and even a kebab is usually over €10 now.

$20 takeout or counter pickup lunch is unfortunately a thing in multiple US cities.

On the up side, airport pricing doesn't seem so shocking anymore.