Toyota Increases Profit Outlook and Shares Buyback
Toyota, the Japanese company and the world's largest automaker, has raised its annual operating profit forecast by 13%, with plans to buy back shares worth up to one trillion yen ($6.3 billion). This revision comes amid the yen's appreciation against the dollar, prompting the company to lower its exchange rate assumptions to 160 yen per dollar from 150 yen. Despite this, its operating profits in the first quarter declined by 9%, with sales in China dropping by 28% and sales in the Middle East affected by the Iranian conflict, where they fell by a third. Although the company has made efforts to mitigate the impact of the war, its shares fell by 1.5% due to deteriorating fundamentals and the suspension of production at four domestic plants following the Kyushu earthquake.
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