December 8, 2011 at 12:54 pm
The Toyota City, Japan-based company, until last year the world’s biggest carmaker, reported an operating loss of 32.6 billion yen ($425 million) in the fiscal first half and said the strong yen reduced operating income by 130 billion yen. With 6.79 million sales globally through September of this year, General Motors Co. leads Toyota by 1 million vehicles.
The yen has gained about 3.6 percent in the past six months against the dollar, while the currencies of nine developed- nation peers tracked by Bloomberg Correlation-Weighted Currency Indexes have declined more than 5 percent.
The currency’s advance hurts the overseas competitiveness of Japanese manufacturers and reduces the value of repatriated earnings.
To read the full story and copyright Business.com
Sorry, comments are closed at this time.