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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World Toyota may shift to foreign production AFP - Sunday, January 16 Send IM Story Print Toyota may shift to foreign production Slideshow: Full Photo Coverage: Business & Economy TOKYO (AFP) - – Toyota Motor will consider shifting factories overseas if the yen stays high and puts pressure on its profits, the company president said. "We do not wish to relocate production sites because of currencies and foreign exchange alone," Akio Toyoda said in a Japanese-language online message dated Friday. However, he added, "if profits cannot be generated" despite efforts towards efficient, good-quality manufacturing and training, "we have no choice but to consider relocation of production sites as a real possibility." The company plans to release a fresh medium-term business plan in April, he added. Japanese exporters, led by automakers and electronics producers, have come under pressure from the rising yen in recent months. A strong yen makes Japanese exports relatively more expensive in foreign markets, while shrinking the value of Japanese firms' overseas earnings when repatriated. Meanwhile, Japanese automakers have been shifting more of their production and sales overseas -- particularly to growing Asian markets -- as younger Japanese motorists avoid car purchases due to the high costs of fuel, maintenance and tax. Toyota Motor had already announced in late 2010 a plan to reduce domestic production while boosting output in foreign countries in 2011. "Unfortunately, we have to brace ourselves for more difficulty and uncertainty to come, like last year," Toyoda said in his message, adding that the business plan would outline a corporate vision for the decade to 2020. "In April we hope to be able to show you the vision, including the directions and targets for a medium-term business structure reform plan to achieve the vision's goals," Toyoda said. Recommend Send IM Story Print Related Articles Bahrain's Investcorp signs partnership with Ballast Capital Reuters - 26 minutes ago Zain Saudi trims Q4 net loss, boosts network Reuters - 40 minutes ago Shanghai eyes foreign firm listings, cross-border trade Reuters - 42 minutes ago Bank Muscat Q4 profit beats forecasts Reuters - 59 minutes ago Indonesia carrier Garuda talks up IPO AFP - 1 hour 4 minutes ago News Search Top Stories Europe meets under pressure to boost crisis fund British actress Susannah York dies aged 72: report Smoking causes gene damage in minutes Turkmenistan says ready for energy partnership with EU BP embarks upon Russian Arctic energy exploration deal More Top Stories » ADVERTISEMENT Most Popular Most Viewed Zsa Zsa Gabor has leg amputated to save life Smoking causes gene damage in minutes Breastfeeding study raises doubts over guidelines Delta mulls massive aircraft purchase British actress Susannah York dies aged 72: report More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2011 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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