Toyota keen on Japan production despite yen rise

TOKYO, Sept 4 (BestGrowthStock) – Toyota Motor Corp (7203.T: ) (TM.N: )
wants to keep building cars in Japan for domestic sales even
though the yen’s recent rise is tough for business, the company
president was quoted by a Japanese newspaper as saying on
Saturday.

“The current situation is very tough,” Toyota President
Akio Toyoda told Asahi newspaper when asked about the impact of
the yen’s appreciation in an interview conducted on Friday.

“But Toyota is a global company that was born in Japan….
We would like to keep working hard in Japan.”

With the yen (JPY=: ) having hit a 15-year high against the
dollar late last month, the rationale to do more overseas
production is strengthening. [ID:nTOE67304R]

Asked if the world’s largest automaker will consider moving
its factories overseas to build models to be sold in Japan, the
president did not rule out such an option, but added: “I have a
strong feeling about manufacturing in Japan and our basic
stance is that we produce (cars) where they are sold.”

On Friday, the dollar rallied against the yen after a
surprising strong U.S. jobs data, but it pared most gains and
last traded at around at 84.30 yen, still near a 15-year low of
83.58 yen hit late last month. [FRX/]
(Reporting by Yoko Nishikawa; Editing by Lincoln Feast)

Toyota keen on Japan production despite yen rise