7 Nov 2010

Toyota profits soar, despite strong yen

1:54 pm on 7 November 2010

Profits at Japanese car manufacturer Toyota have continued to soar, prompting the firm to raise its prediction of earnings for the year to 380 billion yen.

Second quarter earnings had nearly doubled to 98.7 billion yen, the BBC reports.

Sales were boosted by 'green' car subsidies in Japan, which have now come to an end.

Executive vice president Satoshi Ozawa warned the strong yen was putting production levels in Japan at risk.

Mr Ozawa spoke of a continued tough business environment, characterised by the surging yen, the risk of slowdown in demand recovery in the United States and Europe, and falling demand following the end of the eco-car subsidies in Japan.