Toyota lifts full-year forecast, but tariffs hit earnings

Toyota Motor has raised its profit forecast for the current fiscal year amid strong sales and cost cutting.

Japan's largest automaker said on Wednesday that its group sales in the first half of the fiscal year rose almost 6 percent from a year ago to 24.6 trillion yen. That's roughly 160 billion dollars, and a record for the period. But operating profit fell over 18 percent and net income declined 7 percent.

Toyota said the Trump administration's tariffs weighed heavily on results. Toyota's Chief Financial Officer Kon Kenta said the company has stabilized production by boosting safety and quality.