The J2M4 Model 32, designated as Raiden Mod.32 (雷電三二型), was a high-altitude prototype variant of the Raiden series developed to increase the service ceiling and effectiveness at high altitude. It was equipped with a Mitsubishi MK4R-C "Kasei 23C" engine and turbocharger, which lengthened the nose of the plane considerably. With 2 prototypes built, problems with the turbocharger, weight balance, and increased take-off and landing range canceled further development of a Raiden with the Kasei 23C.

It was introduced in Update 1.47 "Big Guns" as a premium vehicle purchasable in-game with Golden Eagles, but was removed from in-game sale after the 9th Anniversary Sale. It has since been made available temporarily for purchase in-game with Golden Eagles during the 2022 "Day of Japan" and 2023 "National Foundation Day in Japan" mini-events. Similar to its replacing variant, the J2M5, the J2M4 boosts its performance over its earlier predecessors by boasting a 1,854 hp engine on top of equipping a turbocharger increasing its efficiency at high altitudes.