Akio Toyoda, president of Toyota
, has stated that the Japanese automaker is planning to revise its earnings forecast due to the fact that the Yen has reached a 15-year high
. The full-year profit forecast was based on a rate of 90 Yen to the US Dollar. It will be reduced to around 80 Yen to USD. The Yen has risen 15 percent against the USD and 13 percent against the Euro, which is not good for a company that has to repatriate earnings from its overseas sales.
Earlier this year, the rising Yen created concerns that Akio Toyoda would be forced to shutter some assembly plants
. Toyoda assured the public that plants would not be closing, however more vehicle assembly is
being shipped to overseas factories.
is not alone in making this move. Nissan
has stated that it is looking at doing a revision of earnings as well as finding more locally sourced parts to aid overseas production.