Toyota Motor Corp. raised its fiscal year profit forecast Wednesday as surging overseas sales of SUVs and the carmaker's production base in Japan make it one of the biggest beneficiaries of a weaker yen.

Net income for the 12 months ending in March may climb to a record ¥2.13 trillion, the company said. Its previous forecast was for a record profit of ¥2 trillion.

President Akio Toyoda is extending his company's leadership in profitability among automakers even as Volkswagen AG closes in on the global vehicle sales crown.