In a strange case of the mouse chasing the cat, Toyota is chasing Hyundai. The Genesis Coupe, on sale since last year, brought to market an inexpensive (starting at CDN$24,495), RWD 2-door with a manual transmission. Starting in 2011, Toyota and developmental partner Subaru are going to have something to fight back with. This FT-86 Concept, so named because it draws elements from the FT-HS concepts and the classic AE86 Corolla, previews that weapon. The FT-HS is one of my favourite concepts from the last few years, so maybe I’m biased in saying that the new concept is appealing, at least from the front. The sides and rear are derivative and hardly groundbreaking. Or that’s what I would say if I were talking about a company other than ToMoCo. For Toyota, the design is about as radical as the Mazda Furai.

The current buzz is that engines will be Subaru-derived 4-cylinder boxers with outputs from 200-250hp. Good enough for me. And with the resurgent, or at least stabilizing economy, the prospects for this car to see the light of the showroom floor have never been rosier.

So, is Toyota bringing a chopstick or a samurai sword to the knife fight? Let us know what you think and follow the jump to check out the full gallery.