With the same amount of money you'd have to save up for an MIA, you could be better off buying your friend's MIJ cheaper and then spending the rest on upgrading parts if necessary. So far all the prices everyone has listed here (~$500-600ish) seem reasonable enough, definitely better than buying American (unless you meant second-hand?). Plus if you get the MIJ and then decide down the road that you wanna change parts (pickup, bridge, etc), it'll be more plausible and less costly than modding an American Fender (I would know, I've got two CIJs and an MIJ, all heavily modded to my personal preferences and the total cost is still cheaper than if I bought three MIA basses).
The general consensus for Japanese Fenders is that in terms of sound they may or may not necessarily sound great (subjective - not sure about the stock pickups and electronics), but in terms of physical build their quality is nearly always top-notch (I say 'nearly' because production wasn't always consistent from what I've heard). Based on the pictures you posted, your friend's bass appears to be in quite good condition (or at least no blemishes as far as I can tell - brush off the dust and it'll probably look brand new).
Some of the Japanese Fenders are made from basswood instead of alder, which some people dismiss as cheap wood because it's a bit soft so it can get dented somewhat easily, but if you take very good care of your basses it's hardly an issue (never had this problem with any of mine). Also, the 'softness' makes for a lighter weight than alder. Not sure if that's the wood in your friend's bass though, but even if it is, I'm simply saying it isn't nearly as bad as some folks claim it is (it's got a good mid-range emphasis anyway).
Personally I feel getting your friend's MIJ would be worth it, but at the end of the day it's up to you, of course. If you find a nice American model you absolutely love, go for it man. There are a lotta great stuff out there, just gotta keep looking to keep your options open
Lastly, here's a comparison video I found