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Toyota shares rise despite weak earnings and outlook

Toyota logo Image copyright AFP

Shares in Japanese carmaker Toyota have risen, despite the company reporting a weak outlook for profits in the current year.

On Thursday, Toyota reported a 15% drop in its first quarter net profit, with the strong yen weighing down the company's exports.

However, the results were not as bead as feared, and on Friday the carmaker's shares closed up 3%.

Overall Japan's Nikkei 225 index finished flat at 16,254.45.

Like many Japanese exporters, Toyota has been suffering from the strengthening yen.

Japan's currency is regarded as a haven in times of global economic uncertainty. But a stronger yen makes goods made in Japan more expensive on the world market, and reduces the value of sales made overseas when converted back into yen.

Elsewhere in Asia, stocks were higher. In South Korea, the country's benchmark Kospi rose 0.9% to 2,017.93.

Australia's ASX/200 index closed 0.4% higher at 5,497.40.

In China, the mainland benchmark Shanghai Composite closed down 0.2% at 2,976.70 while in Hong Kong the Hang Seng climbed 1.4% to 22,146.09.

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