"It's uncertain when sales will recover in China. It's unlikely to happen anytime soon ..."
- Kei Nihonyanagi, autos analyst at Barclays Securities
Japanese largest manufacturer, Toyota Motor Corp. lifted its profit forecast for this fiscal year, as earnings soared to a four-year high of 143.7 billion yen ($1.8 billion) in the third quarter, boosted by sales in North America and Southeast Asia. Despite a dramatic decline in sales in China, amid anti-Japanese sentiment, the company raised its net profit projection by 2.6% to Y780 billion ($9.7bn), up from Y760 billion.
"Manufacturers have a lot to learn from Toyota," said Edwin Merner, Tokyo-based president of Atlantis Investment Research Corp., which manages about $300 million in assets. Others can learn to "stay the course even in bad times, not blame other people or the government when things go wrong," he added.
"It's uncertain when sales will recover in China. It's unlikely to happen anytime soon ... I think the market hopes for a recovery in January-March, but I don't really see what's going to drive that," said Kei Nihonyanagi, autos analyst at Barclays Securities in Tokyo.
The Nikkei 225 Stock Average tumbled 0.44 per cent, or 39.93 points, to 7,967.51. The broader Topix Index plunged 0.51 per cent, or 3.79 points, to 744.16.
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