Toyota’s quarterly profit soared 70 percent, and the world’s top-selling automaker raised its earnings forecast, as cost cuts and the weaker Japanese yen compensated for slightly weaker vehicle sales.The Tokyo-based maker of cars such as the Prius and the Camry said Wednesday its July-September net profit rose to 438.4 billion yen ($4.4 billion) from 257.9 billion yen a year earlier.
Profits at Japanese automakers have surged in yen terms as the Japanese currency weakened against the U.S. dollar over the past year, helped by a mammoth Bank of Japan effort to expand the money supply and ignite inflation to end years of economic stagnation.
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