Toyota will keep domestic output at its current level of around 3m vehicles a year to help protect manufacturing in Japan, company president Akio Toyoda told a shareholders’ meeting.

He made the commitment at a time when Japanese manufacturers are looking to move more production out of Japan to protect themselves from exchange rate volatility.

Toyoda said, even if labour costs in Japan were 10 times more than in emerging economies, Toyota would strive for a level of domestic productivity that allowed those additional costs to be offset.