Kikuchi was fantastic in 2023 and really was a key piece in that rotation that kept it together after the Manoah disaster. He only has one-year left of control, however his 12M salary could definitely be intriguing to some teams who don't want to spend big money on a mid-rotation starter. So yeah he does have some trade value in a deal.
Looking at the free agent market, it looks like it's going to be tougher and way more expensive to acquire a solid bat, like a third baseman. Jays don't have a strong farm system, so they likely need to trade from their MLB roster to make any deals. The rotation is an area of strength, so they could afford to trade Kikuchi (currently their No. 4 starter), if a trade arises where they can make an offensive upgrade to their lineup, especially at 3B. There are plenty of SPs available in free agency who the Jays could sign on a 1-2 year deal who come with some upside and who could fill out the back of the rotation. Even if it means they have to pay a couple million more than Kikuchi's $12M AAV salary, who cares. Would rather pay another SP around $16M AAV to replace Kikuchi instead of locking up Chapman to a contract over $100M or Belly to over $200M.
It's also ironic how we all now forget how awful Kikuchi was prior to his 2023 season.