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Toyota shares rise despite weak earnings and outlook Toyota shares rise despite weak earnings and outlook
(about 1 hour later)
Shares in Japanese carmaker Toyota are trading higher despite the company reporting a weak outlook for profits in the current year. Shares in Japanese carmaker Toyota have risen, despite the company reporting a weak outlook for profits in the current year.
After Thursday's market close, the company posted a 15% drop in its first quarter net profit with the strong yen weighing down the company's exports. On Thursday, Toyota reported a 15% drop in its first quarter net profit, with the strong yen weighing down the company's exports.
Shares on Friday though were more than 2.5% higher in early trade. However, the results were not as bead as feared, and on Friday the carmaker's shares closed up 3%.
Overall Japan's Nikkei 225 index was flat at 16,270.03 points. Overall Japan's Nikkei 225 index finished flat at 16,254.45.
Like most Japanese exporters, Toyota has been suffering from the strengthening yen. Like many Japanese exporters, Toyota has been suffering from the strengthening yen.
The country's currency has become a safe haven in the face global economic uncertainty. Japan's currency is regarded as a haven in times of global economic uncertainty. But a stronger yen makes goods made in Japan more expensive on the world market, and reduces the value of sales made overseas when converted back into yen.
But the strong yen makes goods made in Japan more expensive on the world market, and reduces the value of sales made overseas when converted back into yen. Elsewhere in Asia, stocks were higher. In South Korea, the country's benchmark Kospi rose 0.9% to 2,017.93.
Elsewhere in Asia, stocks also moved higher. Australia's ASX/200 index closed 0.4% higher at 5,497.40.
Australia's ASX/200 was up by 0.4% to 5,498.40 points. In China, the mainland benchmark Shanghai Composite was flat at 2,978.89 while in Hong Kong the Hang Seng climbed 1.3% to 22,118.55.
In South Korea, the country's benchmark Kospi also moved 0.5% higher to 2,010.35.
In China, the mainland benchmark Shanghai Composite was flat at 2,975.36 while in Hong Kong the Hang Seng was 0.7% up at 21,980.28.