Not in my opinion. However some will say they do such as certain rackets selected for different countries which each have their own code. People try to sell jp rackets for more but in Japan they are sold at the same price as anywhere else.
Apparently cn code means Chinese national player but again I doubt the racket is any different and worth the extra.
I see, I was talking about yonex. I assume the situation is the same for victor though. Not much if amy difference between codes
Actually there probably is a difference in quality.