Japanese car giant Toyota lifted on Tuesday its profit guidance as the weak yen helped it offset geopolitical risks, including the Middle East war and the rising Chinese competition.
The world's number one automaker by sales delivered a brighter outlook days after Tokyo and Washington moved to boost the beleaguered currency.
The new forecast reflects "changes in the external environment such as foreign exchange assumptions, as well as marketing efforts including the establishment of alternative logistics routes to the Middle East," it said.
Automakers have hit the skids because of the Middle East conflict, which has pushed up raw materials costs and disrupted shipping routes, as well as due to U.S. import tariffs and Chinese rivals gaining market share.
Last month, Chinese electric vehicle giant BYD challenged Toyota, Nissan and Suzuki in their front yard, launching a pint-sized "kei" car in Japan.
