Toyota Increases Share Buyback Plan to ¥1.2 Trillion

The automaker expands its repurchase program amid a 27% drop in share price since May.

Toyota raised its share buyback plan from ¥1 trillion to ¥1.2 trillion, equivalent to $8.31 billion.
The decision follows a significant 27% decline in Toyota's share price, which closed at ¥2,617 on Tuesday.
The buyback program, initially announced in May, aims to repurchase up to 410 million shares, or 3.93% of its outstanding shares.
Toyota's operating profit for Q2 2024 was ¥1.31 trillion, a 17% increase from the previous year, driven by strong demand and a weaker yen.
The enhanced buyback aligns with the Japanese government's push for large enterprises to reduce cross-held shareholdings.