Toyota Motor Corp wants to keep building cars in Japan for domestic sales even though the yen's recent rise is tough for business, the company president was quoted by a Japanese newspaper as saying on Saturday. "The current situation is very tough," Toyota President Akio Toyoda told Asahi newspaper when asked about the impact of the yen's appreciation in an interview conducted on Friday.
"But Toyota is a global company that was born in Japan.... We would like to keep working hard in Japan." With the yen having hit a 15-year high against the dollar late last month, the rationale to do more overseas production is strengthening.
Asked if the world's largest automaker will consider moving its factories overseas to build models to be sold in Japan, the president did not rule out such an option, but added: "I have a strong feeling about manufacturing in Japan and our basic stance is that we produce (cars) where they are sold." On Friday, the dollar rallied against the yen after a surprising strong US jobs data, but it pared most gains and last traded at around at 84.30 yen, still near a 15-year low of 83.58 yen hit late last month.