Toyota's third-quarter profit jumped 22% due to a weak yen

Japanese automaker Toyota Motor reported on Thursday an unexpected 22% increase in operating profit in the third quarter. Analysts of the company note that the jump occurred against the background of the weakening of the yen and higher sales volumes, which offset the sharp rise in commodity prices.

Operating profit for the 3-month period ended December 31 was 956.7 billion yen (or $7.28 billion), which is higher than average profit forecasts (764.54 billion yen). Toyota increased its profit due to the fall in the yen last October, when it reached a 32-year low of 151.94 per $1.

Moreover, the automaker showed very high sales, despite the increase in costs. Since about the second half of last year, Toyota has been gradually raising prices in the United States (in its main market) to compensate for rising costs. 

Previously, the company planned to produce 9.7 million cars this fiscal year, but lowered the plan to 9.2 million in November and another 100,000 cars today. The manufacturer also cut its sales plan for battery electric vehicles from 58 to 40 due to safety concerns.