U.S. shares of Toyota, Honda and Nissan soared Thursday as investors anticipated that a weaker yen will allow them to sell cars more cheaply in the U.S.
The Bank of Japan plans to increase the amount of cash in circulation, a move that will depress the value of the yen against the dollar. That will lower the cost of producing Japanese vehicles that are shipped and sold to Americans. But the largest Japanese automakers have already moved much of their production to the U.S. and Canada.
Toyota U.S. shares rose 4.7% to $105.66, nearly reaching a five-year high. Honda shares gained 5.4% to $39.21 and Nissan rose 5.4% to $19.83. General Motors and Ford shares fell slightly.
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