While high gas prices have had less of an effect on Japanese automakers than their American counterparts, the soaring price of commodities like steel have stung just as badly. Toyota is considering raising the prices of its vehicles in response to those higher commodity prices, at least in its home market. The Toyota elite will make a decision after pouring over April-June sales data and 2nd quarter production costs. The news comes only days after Nissan CEO Carlos Ghosn suggested that Nissan would raise its prices in Japan if a market leader decided to do the same. Toyota executives did not mention raising the price of its own cars and trucks here in the States, but add rising inflation and a weak dollar to high steel prices and the move seems very likely.

[Source: Reuters, Photo by YOSHIKAZU TSUNO/AFP/Getty ]