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| Toyota shares rise despite weak earnings and outlook | Toyota shares rise despite weak earnings and outlook |
| (about 2 hours later) | |
| Shares in Japanese carmaker Toyota have risen, 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. |
| On Thursday, Toyota reported 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. |
| However, the results were not as bead as feared, and on Friday the carmaker's shares closed up 3%. | 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 finished flat at 16,254.45. | Overall Japan's Nikkei 225 index finished flat at 16,254.45. |
| Like many Japanese exporters, Toyota has been suffering from the strengthening yen. | Like many Japanese exporters, Toyota has been suffering from the strengthening yen. |
| 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. | 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. |
| 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 were higher. In South Korea, the country's benchmark Kospi rose 0.9% to 2,017.93. |
| Australia's ASX/200 index closed 0.4% higher at 5,497.40. | Australia's ASX/200 index closed 0.4% higher at 5,497.40. |
| In China, the mainland benchmark Shanghai Composite closed down 0.2% at 2,976.70 while in Hong Kong the Hang Seng climbed 1.4% to 22,146.09. |