Stronger Yen Prompts Toyota To Trim Profit Forecast, Saps Honda

TOKYO, Aug 2 (Reuters) – Toyota Motor Corp. lowered its annual income forecast while Honda Motor Co. flipped in a double-digit decline in quarterly income as a resurgent yen hurt two of Japan’s biggest automakers. The quarterly cash flow unveiled on Friday by Japan’s biggest and third-biggest automakers highlight how “safe-haven” demand for the currency – buoyed by global uncertainties and dropping U.S.

Japanese exporters in the months to come. A strengthening yen hurts Japanese automakers as cars exported from Japan become more expensive, although it reduces the value of cash flow made abroad also. 22.4 billion), from a previous forecast of 2.55 trillion yen. The two 2.7% drop on the entire year means it will snap a three-year run of rising profit.

Toyota Operating Officer Kenta Kon informed reporters at a results briefing. It desires the yen to operate around 106 to the U.S. 121 to the euro in the current financial yr, from a prior assumption of 110 yen and 125 yen, respectively. 6.93 billion), because the Sept 2015 quarter its highest, helped by hook upsurge in global vehicle sales.

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But the more powerful domestic currency had taken a toll on Honda’s earnings. Japan’s No. 3 automaker posted an operating income of 252.4 billion yen for the April-June period, down 16% from 299.3 billion yen a 12 months ago and lagging analyst forecasts. Still, Honda reiterated its forecast for a 6% upsurge in operating profit to 770 billion yen because of this fiscal year and said the yen were expected by it to average around 110 to the U.S. Easing demand for vehicles in addition has dented cash flow at Honda and other automakers including Nissan Motor Co and Ford Motor Co, prompting the second option two to declare job cuts and seed closures.

An escalating trade battle between China and America, the world’s top two auto marketplaces, and slowing economic development have prompted a broad-based sales downturn in the global auto sector. Honda Executive Vice President Seiji Kuraishi told reporters, adding that tensions could have a poor impact in China also, where demand for vehicles is slowing.

A downturn in the global auto sector could consider on profits just as automakers invest seriously in new technology including electric vehicles, autonomous driving technology and ride-sharing services to endure a industry shift from car ownership. Toyota has been pouring profit ride-sharing services including Uber, Grab, and Didi Chuxing while deepening alliances with SoftBank Group Corp to develop on-demand transport services in Japan, to position itself as a service provider of mobility services.

Investors have backed this strategy, pushing Toyota stocks approximately 10% higher this season, outperforming its home competitors. Honda too has been scrambling to reinvent itself to contend with tech companies such as Google mother or father Alphabet and Uber, by growing partnerships and investing in General Motors Co’s Cruise self-driving vehicle device.

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