Categories: Business

Toyota profits boosted by yen’s weakness and cost cutting

Toyota has seen its profits nearly double, boosted by the Japanese yen's weakness and cost cutting

Toyota has seen its profits nearly double, boosted by the Japanese yen’s weakness and cost cutting.

The carmaker made a net profit of 1.82 trillion yen ($17.8 billion) in the year to March 31, up from 962 billion yen a year ago.

Toyota has seen its profits nearly double, boosted by the Japanese yen’s weakness and cost cutting

But that was lower than its February forecast of 1.9 trillion yen profit.

Japanese companies, especially those relying on exports, have benefited from the weakness in the yen which helps lift their profits when they repatriate their overseas earnings back home.

The Japanese yen has weakened by nearly 18% against the US dollar since the start of 2013 amid aggressive policy measures by the government.

Toyota, the world’s biggest carmaker, said the yen’s weakness boosted its profits by nearly 900bn yen during the past financial year.

Clyde K. Valle

Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.