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Submission: On April 25 via api from US — Scanned from JP
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It looks like you're using an ad blocker. To enjoy our content, please include The Japan Times on your ad-blocker's list of approved sites. Thank you for supporting our journalism. * * PRINT SUBSCRIBERS | * SUBSCRIBE | * Login * My Account * * * 10 SUNNY TOKYO (12 P.M.) TODAY'S PRINT EDITION * Login * SUBSCRIBE * My Account * PRINT SUBSCRIBERS ≫ * (FREE ARTICLE) * * MENU * Search * News * Opinion * Life * Community * Culture * Sports * City Guide * Support * Search Search × search * Editorials * Commentary * Cartoons * News * National * World * Business * Asia Pacific * Reference * Columns * Multimedia * Opinion * Editorials * Commentary * Cartoons * Life * Travel * Digital * Food & Drink * Environment * Style & Design * Language * Lifestyle * People * Columns * Multimedia * Community * Voices * Issues * Our Lives * Event listings * How-tos * Columns * Culture * Film * Music * Art * Stage * Events * Festivals * Books * TV * Columns * Multimedia * Sports * Rugby * Baseball * Soccer * Basketball * Sumo * Figure Skating * Tennis * More Sports * Columns * Multimedia * City Guide * Restaurants * Places * Support * About us * Faqs COMMENTARY / JAPAN TOYOTA PREPARES TO SPEND BIG, BUT IS IT SMART TO INVEST BILLIONS ON THE FUTURE? Sorry, but your browser needs Javascript to use this site. If you're not sure how to activate it, please refer to this site: https://www.enable-javascript.com/ * Akio Toyoda, president and chief executive officer of Toyota Motor Corp., said that during past crises the company cut costs and investments and grew substantially leaner, but "lost necessary muscle.” | BLOOMBERG * * * BY ANJANI TRIVEDI * Bloomberg * * SHARE * Twitter * Facebook * LinkedIn * Email * Print May 19, 2020 * New York – Big, futuristic investment bets on the post-coronavirus period still feel too early. Yet Toyota Motor Corp. seems to be confident that the dollars will matter. That stands out in a world where most rivals can barely think about cash flows for the next six months, let alone investments a year from now. While guiding toward an 80 percent drop in operating profits for its 2020 fiscal year, Toyota says it plans to drop capital expenditures by around 3 percent and keep that spending at ¥1.35 trillion ($12.6 billion), while lowering research and development only 1 percent. As a portion of net revenues, R&D would rise to 4.6 percent to about ¥1.35 trillion, up from 3.7 percent, which is the average since 2017. Toyota is doing what it hasn’t during previous crises that damaged supply chains and businesses around the world. In a speech during last week’s earnings call, President Akio Toyoda recalled the four difficult years after the financial crisis, made worse in 2011 by a devastating earthquake and tsunami in Japan and flooding in Thailand. The company cut costs and investments and grew substantially leaner, but “lost necessary muscle.” Toyoda said that “because we stopped everything to stop the bleeding, including investing in the future, we ended up needing some time to strengthen our company composition.” KEYWORDS Toyota, carmakers, Akio Toyoda, investments, COVID-19 * * * * * * In a time of both misinformation and too much information, quality journalism is more crucial than ever. By subscribing, you can help us get the story right. SUBSCRIBE NOW MORE FROM OPINION CHINESE LEADER XI JINPING’S IDEA OF A NEW WORLD ORDER To present a compelling alternative to China's vision of world order, the West should stop asking others to defend the existing one and start recruiting partners to build on a new vision. 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However, before writing your first comment, please create a display name in the Profile section of your subscriber account page. Your subscription plan doesn't allow commenting. To learn more see our FAQ * WHAT’S TRENDING * EDITORS’ PICKS * Japan orders SDF to prepare to shoot down North Korean rockets * Japan order to shoot down North Korean rocket dramatic, but intercept unlikely * Japan grants long-term visa to U.S. man in same-sex marriage with Japanese national * Three nuclear superpowers, rather than two, usher in a new strategic era * In Nagano, an excavation of Japan's ancient elephant looks to rewrite history * Neil Hartmann: 'When you are out of your comfort zone, you look at things differently' * Chinese censorship is quietly rewriting the COVID-19 story * The future of AI relies on a high schoolteacher’s free database * Showa seduction: The unending attraction of retro Japan * Black people of Japan, we need to talk. 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SPECIAL SUPPLEMENTS Sponsored contents planned and edited by JT Media Enterprise Division. 広告出稿に関するおといあわせはこちらまで Read more SUPPLEMENTS BINDER * Bridges by SMS * * Global Insight * GMI Post * * World Eye Reports Return to The Japan Times top page JT Digital Archives The Japan Times Alpha JT Bookclub The Japan Times Jobs Education in Japan * SUBSCRIBE * NEWSLETTERS * ePaper Edition * * * * News * National * World * Business * Asia Pacific * Reference * Columns * Multimedia * Opinion * Editorials * Commentary * Cartoons * Life * Travel * Digital * Food & Drink * Environment * Style & Design * Language * Lifestyle * People * Columns * Multimedia * Community * Voices * Issues * Our Lives * Event listings * How-tos * Columns * Culture * Film * Music * Art * Stage * Events * Festivals * Books * TV * Columns * Multimedia * Sports * Rugby * Baseball * Soccer * Basketball * Sumo * Figure Skating * Tennis * More Sports * Columns * Multimedia * City Guide * Restaurants * Places * Support * About us * Faqs * About us * Contact us * Work with us * Privacy Policy * Link policy * Republishing * FAQs * Announcements * Press * Sitemap * Advertise The Japan Times LTD. All rights reserved. * * PRINT SUBSCRIBERS | * SUBSCRIBE | * Login * My Account * * * 10 SUNNY TOKYO (12 P.M.) TODAY'S PRINT EDITION * Login * SUBSCRIBE * My Account * PRINT SUBSCRIBERS ≫ * (FREE ARTICLE) * More stories to check out before you go Keep on reading Neil Hartmann: 'When you are out of your comfort zone, you look at things differently'Neil Hartmann came to Japan as a teenager and got an education in music and Japanese by being Hokkaido’s first English-speaking radio DJ.The Japan Times Group 3 Undo Chinese leader Xi Jinping’s idea of a new world orderTo present a compelling alternative to China's vision of world order, the West should stop asking others to defend the existing one and start recruiting partners to build on a new vision.The Japan Times Group 3 Undo India arrests Sikh separatist after major huntIndian police arrested Sunday a firebrand Sikh separatist after a month-long manhunt that sparked protests among the diaspora in Britain, Canada and the United States.The Japan Times Group 3 Undo As Yoon heads to U.S., Russia’s war puts focus on huge South Korean artillery stockpilesPresident Yoon Suk-yeol has indicated his government may be open to changing its policy about providing lethal aid to Ukraine under certain conditions.The Japan Times Group 3 Undo ' ' ' ' ' ' Two arrested over video of unhygienic acts at Osaka restaurantThe arrests come at a time when restaurant chains including revolving sushi restaurants are fighting to protect their businesses from similar behavior.The Japan Times Undo Russia pounds Ukraine's front line as leak prompts questions over counteroffensiveUkrainian officials played down a report that Kyiv is amending plans following the unauthorized release of classified U.S. documents.The Japan Times Undo Five teen girls arrested for burning junior high student with cigarettesAfter admitting to the act, the girls said they were angry with the victim because she was dating their friend’s boyfriend.The Japan Times Undo NATO entry delay for Sweden spells trouble for alliance, experts sayFinland and Sweden abandoned decades of military nonalignment in the wake of Russia's invasion of Ukraine, but Turkey and Hungary have refused to ratify Sweden's bid to join the alliance.The Japan Times Undo ニッスイ 57歳「まさか…」夫が始めた1本50円の記憶力維持対策ドリンクが凄い加齢に伴い低下する記憶力をDHA・EPAがサポート!おいしいごま豆乳仕立てのDHAドリンクを初回限定価格でお試し。ニッスイの機能性表示食品のお得な情報を見る。ニッスイ| SponsoredSponsored Undo OBC 【請求書管理の決定版】請求書業務を自動化!OBC| SponsoredSponsored 続きを読む Undo French President seeks to defend stance on China after backlashThe Japan Times Undo U.S. college basketball star shuns White House inviteThe Japan Times Undo OBC 会計業務からの解放OBC| SponsoredSponsored 続きを読む Undo ニッスイ 57歳「嘘でしょ…」夫が始めた、1本50円の記憶維持対策ドリンクが凄いニッスイ| SponsoredSponsored Undo On the U.S. and China, Macron says the quiet part out loudFrench President Macron has annoyed allies by saying Europeans should stand apart from the U.S. on China and Taiwan or risk becoming "vassals.”The Japan Times Undo Japan's crown prince and princess to attend British king's coronationThe trip from May 4 to 7 to Britain will be the couple's first official visit to the country and first time attending a foreign royal coronation.The Japan Times Undo