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Toyota Suffers 14.5% Quarterly Profit Decline on Stronger Yen

Toyota Motor (TM) 's earnings announcement today cast a big shadow over many of Japan's exporters, which are suffering the consequences of a turbulent currency market. Not only did the stronger yen result in a 14.5% net profit decline in the first quarter, it forced the Japanese automaker to cut its outlook for the full year.

The Aichi prefecture, Japan-based company said consolidated net profit for the first quarter of fiscal 2017 fell 14.5% year on year to ¥552 billion ($5.4 billion) on a 5.7% sales decline to ¥6.6 trillion. Operating profit dropped 15.0% to ¥642 billion.

Sales dropped in all three...


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