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Judging from the videos I've seen posted, it's got to be belt slip on harder shifts. Two Lexus ISFs I've test driven would squeak their belts on hard shifts, especially the 1-2. There are videos showing this as well. The ISF has a super quick shifting automatic as well and the squeak is just something the ISF owners have learned to live with as there's really no fix and it's really not causing harm.
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