Japanese automaker Toyota’s profits zoom on cheap yen, strong global sales

Published October 31, 2023 11:07 PM

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Toyota’s profit in the latest quarter jumped nearly threefold from a year ago as vehicle sales grew around the world and a cheap yen boosted the Japanese automaker’s overseas earnings. Toyota reported Wednesday 1.28 trillion yen, or $8.5 billion, in quarterly profit, up from 434 billion yen the previous year. Quarterly sales rose 24%. A cheap yen is a plus for Japan’s giant exporters like Toyota by raising the value of its overseas earnings when translated into yen. The U.S. dollar was trading at about 145 Japanese yen in the latest quarter, up from 138 yen. It’s trading above 150 yen lately.

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