Toyota Motor Corp and Nissan Motor Co may report profit fell last quarter, as plunging vehicle demand and currency swings force Asian carmakers to abandon earnings goals. Toyota's net income for the three months ended Sept. 30, probably fell 50 percent to 227 billion yen ($2.28 billion), according to five analysts surveyed by Bloomberg News. The company's full-year profit will be 1.05 trillion yen, 16 percent lower than its forecast, according to analysts.
Financial market turmoil and weakening economies have sapped auto demand worldwide, prompting Asian automakers including Toyota, Honda Motor Co. and Hyundai Motor Co. to cut production in Asia, Europe and North America. For Japanese automakers, the yen's strength against the dollar and euro further erodes the value of overseas revenue.
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