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Toyota facing first profit drop in 5 years

Net income may fall 35 per cent for fiscal year ending in March as currency swings pose stiff headwinds

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Mr Toyoda has overseen a series of strategic longer-term moves that could insulate the company from the effects of foreign exchange rate changes and help meet tougher fuel economy and emissions rules.

Tokyo

TOYOTA Motor Corp said that annual net income will probably decline for the first time in five years, as currency swings that had spurred record profits now pose stiff headwinds.

Net income may drop 35 per cent to 1.5 trillion yen (S$19 billion) for the fiscal year ending in