Toyota Motor Corporation announced on May 8, 2024, that its operating income, which indicates profit from its core business, increased 96.4% from the previous fiscal year to 5,352.9 billion yen in the fiscal year ended March 31, 2024, becoming the first Japanese company to surpass 5 trillion yen.
In addition to strong sales, the impact of the yen's depreciation significantly boosted operating income.
Since Toyota Motor Corporation tends to issue firm earnings forecasts, they usually tend to exceed company forecasts in most years.
This time, however, the rapid depreciation of the yen since the beginning of the year has resulted in better results than ever before.
Toyota Motor Corporation's financial results for the fiscal year ending March 31, 2024