Toyota maintained its reputation for dependability as full-year profit came within a whisker of its most recent forecast and comfortably ahead of its start-of-year forecast. While the company expects profit to take a significant hit in 2025/26, the biggest factor in the anticipated decline is not the direct effect of tariffs but the secondary effect of the weak US dollar, which has fallen about 9% versus the yen during 2025 to date, in response not only to tariff uncertainty but also the direction of US fiscal policy.
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