Toyota Motor Corp. on Friday lowered its outlook for group net profit, operating profit and sales for the business year through March due to a stronger yen, despite posting record sales and net profit in the April-June quarter.
The same day, Honda also revised down its group net profit outlook through March, after seeing first quarter profits fall due to a stronger yen and disappointing sales in the United States.
Toyota said an expected rise in the yen is the main factor behind the cuts in earnings forecasts. A strong yen erodes overseas profits when converted into the home currency.