Japanese automakers are getting much-needed cover from an old standby, as the weaker yen helps prop up profits amid declining sales in China and the increasingly tough shift to electric vehicles.
recently reported earnings that topped analyst estimates by 6% to 21% in the three months through June, and all cited the currency as a factor.
"They are struggling in the Chinese market," he said. "They just don't have an immediate solution" for their problems there, he added. For instance, Toyota has stuck to its forecast for an average exchange rate of 125 to the dollar this business year, a level not seen since April 2022, about a month after the U.S. Federal Reserve started raising interest rates. The yen was at 144 on Thursday., a move of one yen against the dollar has a 20 billion yen impact on operating profit, CFO Katsuyuki Mizuma said earlier this month.
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