It is likely a wheel bearing, if I recall correctly the mx62 didn't have pressed in bearings the way the mx83 did so replacement should be a walk in the park
That's great!!
How you can be so sure??
All Cressidas until 1988 had the old fashioned rear wheel bearings that weren't sealed and needed periodic maintenance.
Source: I owned and ran the Internet's biggest Toyota Cressida website and forum for about seven years. Now defunct sadly. Was a nice community.
RockAuto shows a huge selection of wheel bearings for your car, for CHEAP!
If you do those wheel bearings and there's still noise, well, at least the wheel bearings are freshened up and you aren't out too much money.