From Reference.com:
"Brand development
In 1986, Toyota’s longtime advertising agency Saatchi & Saatchi formed a specialized unit, Team One, to handle marketing for the new luxury brand. Image consulting firm Lippincott & Margulies was hired to develop a list of 219 prospective names; Vectre, Verone, Chaparel, Calibre and Alexis were chosen as top candidates. While Alexis quickly became the front runner (also associated with the Alexis Carrington character on the popular 1980s primetime drama Dynasty) and later morphed to Lexus, the name has been attributed to the combination of the words "luxury" and "elegance. According to Team One interviews, the name has no specific meaning and simply denotes a luxurious and technological image, although Lexus in Australia claim the original name is short for Luxury Export to United States. (LExUS)."
Still no idea if there is a shred of truth in the article. And yes v slow day at work.