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Toyota boosts profit forecast despite sales dip
Toyota, the Japanese company and the world's largest car manufacturer, raised its annual operating profit forecast by 13%, along with announcing a plan to buy back shares worth up to one trillion yen ($6.3 billion). This increase was driven by the yen's decline against the dollar, leading to revised exchange rate expectations of 160 yen per dollar. Despite this, the company's profits in the first quarter declined by 9% due to a 28% drop in sales in China and an impact on Middle East sales resulting from the Iranian war, with regional sales dropping by a third. Additionally, the effects of the Kumamoto earthquake on local production contributed to a 1.5% decrease in stock prices.
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