Japan’s Toyota raises its profit outlook after solid earnings helped by a weak yen

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Toyota is raising its full fiscal year profit forecast after reporting its October-December profits nearly doubled from the year before. Toyota Motor Corp. said Tuesday that its third quarter profit totaled 1.36 trillion yen, or $9 billion. Japan’s top automaker has recovered from losses suffered when the coronavirus pandemic slammed computer chip production. A favorable exchange rate also helped. Quarterly sales rose 23% to $81 billion. Toyota raised its full fiscal year profit forecast to 4.5 trillion yen, or $30 billion, up from an earlier forecast for $27 billion. In the first nine months of the fiscal year, Toyota reported a 3.9 trillion yen ($26 billion) profit.