Toyota Increases Share Buyback Plan in Response to Stock Decline, Reuters Reports

TOKYO (Reuters) – Toyota Motor announced on Tuesday that it has increased its share buyback plan through April 30 to as much as 1.2 trillion yen (approximately $8.31 billion), up from a previous plan of 1 trillion yen, in response to recent share price movements.

On May 8, Toyota had initially decided to repurchase up to 410 million shares, which represents 3.04% of its outstanding shares, excluding treasury shares.

The Japanese automaker has seen its shares decline by 27% since then, with the stock closing at 2,617 yen on Tuesday.

(Note: The exchange rate used is $1 = 144.37 yen.)