Toyota Reaffirms Plan to Maintain Japan Output

President Akio Toyoda reiterates that Toyota Motor Co. will continue to produce at least 3 million vehicles per year in Japan despite the strong yen.

Shareholders quizzed Toyoda about the decision at the company's annual shareholder meeting. He defends Toyota's policy on patriotic and business grounds. Toyoda says the company benefits from the manufacturing expertise of its domestic plants and a strong supplier network.

Toyota expects to build 8.65 million vehicles worldwide this year, including 3.4 million of them in Japan. About half of the domestic output will be exported.

Toyoda urges the Bank of Japan to intervene to weaken the yen, thus defending the country's industrial base and helping Japanese exporters that don't take their production offshore.