Toyota Motor Corp. posted record sales and net profit for fiscal 2014 on Friday, thanks to the weakened yen and cost-cutting efforts at the world's largest automaker.

Sales for the business year that ended in March amounted to ¥27.2 trillion, up 6 percent from the ¥25.6 trillion for the previous year. Net profit exceed ¥2 trillion for the first time, logging ¥2.17 trillion, up 19.2 percent from ¥1.82 trillion. Operating profit was also the highest ever, at ¥2.89 trillion.

However, the Aichi-based auto giant sold fewer vehicles globally during the year, at 8.97 million, compared with 9.11 million in fiscal 2013.

Unit sales increased in the U.S. and Europe but fell in Japan by 211,000 due to the sales tax hike in April last year. The Asian region also saw a decrease of 120,000.

Yet the weaker yen and cost reduction efforts helped boost operating profit by ¥560 billion, Toyota said.

Return on equity increased to 13.9 percent from 13.7 percent last year.

The firm forecasts unit sales to continue falling to around 8.9 million this year. But it expects sales and profits to hit record highs again — with ¥27.5 trillion in sales, ¥2.8 trillion in operating profit and ¥2.25 trillion in net profit — even without the help of exchange rates.

The forecast is based on plans to cut costs further and boost sales promotion, the firm said.

During a news conference at its Tokyo headquarters, company President Akio Toyoda stressed the importance of sustainable growth and improving competitiveness.

"I think this fiscal year is a big turning point for Toyota, whether it can take a firm step for sustainable growth, or goes back to the past despite the efforts we've made," he said, adding that the company will make decision to ensure the former result.

One example of this, he said, is that the corporation will introduce its first model in the second half of this year developed under Toyota New Global Architecture, an efficiency philosophy for its production lines that involves the use of standard parts in multiple models simultaneously.