Toyota Plans Stock Buyback

Toyota Motor Corp. says it will spend 360 billion yen ($3.5 billion) to buy back as many as 60 million shares a 1.9% stake by the end of June.

The company plans to cancel half the shares it acquires. Its last stock buyback was in 2009.

Toyota entered January with nearly 3.6 trillion yen ($35 billion) in cash. Investors have been clamoring for the company to invest or return some of its horde to shareholders. Toyota said previously it will pay 30% of its net income as dividends.

The company is expected to post a record 1.9 trillion-yen ($18.6 billion) profit for the fiscal year ending March 31.