As GM's government-imposed deadline approaches Monday, it is highly likely the automaker that once dominated the global market will file for bankruptcy protection just like Chrysler did a few weeks ago.

Last year, Toyota overtook GM to become the world's largest automaker, and its rise to the top seemed unstoppable. Japan appeared to be No. 1 again, at least in one industry.

But the automobile world looks totally different than it did six months ago. Toyota has announced a record net loss of more than ¥430 billion for fiscal 2008 and is projecting a ¥550 billion net loss this year.