Ratings agency Fitch has downgraded Toyota one notch to A, with a stable outlook, citing “the prolonged inherent structural weakness that leaves it vulnerable to FX (foreign exchange) volatility”.

“Fitch estimates that Japan accounts for about 40% of Toyota’s global production, and Toyota exports around 50% of its Japanese production which is higher compared with its Japanese competitors. As a result, the company is the most exposed among the big three Japanese automakers to FX movements and its profitability improvement was slowest among its Japanese competitors.”

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Toyota said recently it would no longer export its Camry model to North America, relying solely on US production, but a spokesman refused to be drawn on whether the move was related to exchange rate concerns.

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