Toyota lifts net profit outlook as weaker yen expected to have positive impact on sales
Toyota on Aug. 4 lifted its net profit forecast for the current business year to 2.36 trillion yen.
The new outlook for the year to March 2023 is higher than the previous forecast in part because of a weaker yen. The previous projection was for a net profit of 2.26 trillion yen.
However, the outlook is a 17.2% drop from the previous year’s record net profit.
“A weaker yen has a big positive impact on our sales,” a Toyota official said.
The company has now set the dollar rate at 130 yen for the current fiscal year. This is weaker than the previous rate of 115 yen against the U.S. dollar.
For exporters like Toyota, a weaker yen increases profits earned overseas when the profits return to Japan.
A weak yen also makes Japan-made products more competitive overseas. (Kyodo)
Toyota lifts net profit outlook as weaker yen expected to have positive impact on sales
Toyota on Aug. 4 lifted its net profit forecast for the current business year to 2.36 trillion yen.
The new outlook for the year to March 2023 is higher than the previous forecast in part because of a weaker yen. The previous projection was for a net profit of 2.26 trillion yen.
However, the outlook is a 17.2% drop from the previous year’s record net profit.
“A weaker yen has a big positive impact on our sales,” a Toyota official said.
The company has now set the dollar rate at 130 yen for the current fiscal year. This is weaker than the previous rate of 115 yen against the U.S. dollar.
For exporters like Toyota, a weaker yen increases profits earned overseas when the profits return to Japan.
A weak yen also makes Japan-made products more competitive overseas. (Kyodo)
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