Monday, 22nd December 2008
In Business In Japan,
Falling exports hit Toyota profits
Japanese car giant Toyota expects to make its first full year loss in 67 years, it has announced.
The firm has also said it will lower its profits forecast for the second time in less than two months.
Plummeting exports are among the factors affecting Japan's auto industry, reports the Times.
Katsuaki Watanabe, Toyota's president, commented: "The change that has hit the world economy is of a critical scale that comes once in a hundred years."
Japan's finance ministry recently revealed that the country's exports have fallen by more than 26.8 per cent, leading to the first trade deficit for 28 years.
Meanwhile, Toyota predicts it will sell 7.54 million vehicles in the current business year, down on its initial forecast of 8.24 million.
Steel Business Briefing reports that demand for cars is projected to fall below the five million unit mark.