Toyota Soars On Weakened Yen

Toyota's profit jumped by 70 percent last quarter, with about 73 percent of the increase due to the weakened yen. A number of Japanese companies, including Nissan, Sony, and Canon, have reported disappointing results recently. Toyota's performance was buoyed by the fact that the company still produces more than 50 percent of its cars in Japan while other Japanese companies have moved production offshore. The yen has lost about 12 percent this year, so Toyota's future currency gains are likely to be muted barring continued weakening in the yen.