Apparently the name for Lexus was devised from the title of the topic for a meeting in the Toyota HQ in Japan.
It said that there would be a committee formed to fix the name of a new product and the Committee would have to decide what a Luxury Export to the United States should be called.
After three days the most junior member of the team who was scribbling on his note pad said the name was already in the title of the committee --
Luxury EXport to the United States