FX Week

Weak dollar hurts Toyota

The yen's rise to an average of ¥119 per dollar over the first quarter of 2003, from an average of ¥127 to the dollar over the same period in 2002, lost the firm around ¥50 billion from the reduced comparative value of profits made abroad, a company spokesperson in Tokyo told FX Week.

However, this loss was softened by an exchange profit of 20 billion on yen/euro, caused by the yen's descent to an average of 135 per euro in the three months ending June 30 this year from an average of 117 per