Tokyo, Japan (BBN)– Shares in Japanese carmaker Toyota are trading higher despite the company reporting a weak outlook for profits in the current year.
After Thursday’s market close, the company posted a 15 per cent drop in its first quarter net profit with the strong yen weighing down the company’s exports, reports BBC.
Shares on Friday though were more than 2.5 per cent higher in early trade.
Overall Japan’s Nikkei 225 index was flat at 16,270.03 points.
Like most Japanese exporters, Toyota has been suffering from the strengthening yen.
The country’s currency has become a safe haven in the face global economic uncertainty.
But the strong yen makes goods made in Japan more expensive on the world market, and reduces the value of sales made overseas when converted back into yen.
Elsewhere in Asia, stocks also moved higher.
Australia’s ASX/200 was up by 0.4 per cent to 5,498.40 points.
In South Korea, the country’s benchmark Kospi also moved 0.5 per cent higher to 2,010.35.
In China, the mainland benchmark Shanghai Composite was flat at 2,975.36 while in Hong Kong the Hang Seng was 0.7 per cent up at 21,980.28.

BBN/SSR/PA