This is a Fender Boxer Series PB-551 Precision Bass, manufactured in Japan (MIJ) during the mid-to-late 1980s (roughly 1984 to 1987).
During this era, Fender Japan introduced the "Boxer" series to compete with the sleek, modern "Superstrat" and heavy metal-focused instruments that were dominating the market. Built at the legendary FujiGen factory—which is widely considered to have produced some of the highest-quality instruments in Fender's history—this bass strips the classic P-Bass down to a fast, aggressive, and minimalist design.
The "Blackout" Aesthetic: The most immediately recognizable feature is the complete lack of a pickguard on a solid black body. It is outfitted almost entirely with heavy-duty black hardware, including the bridge, control knobs, and tuning machines.
Neck & Headstock: It features a maple neck with a rosewood fretboard. However, unlike traditional Fenders with natural wood necks, both the back of the neck and the headstock are painted gloss black to seamlessly match the body.
Electronics: While the Boxer series is famous for the "Jazz Bass Special" (the PJ-configured bass famously played by Duff McKagan of Guns N' Roses), your PB-551 is a purist model. It features a single, high-output split-coil Precision Bass pickup with a straightforward control layout: one master volume and one master tone.
Body: Typically crafted from Basswood or Alder, these were designed to be relatively lightweight with a comfortable, well-balanced feel.
Vintage 1980s MIJ Fenders are highly sought after today due to their exceptional build quality and neck playability. Because this specific "no-pickguard" Boxer aesthetic is unique to that specific era of rock history, they have become great collector's pieces.
Depending on the condition of the frets and the electronics, these typically sell on the used market for between $700 and $1,000.