Toyota switches from pound to euro

Brand Republic 10-Aug-00

Toyota suppliers in the UK are being asked by the Japanese carmaker to settle transactions using the Euro in favour of the pound.

LONDON (Brand Republic) - Toyota suppliers in the UK are being asked by the Japanese carmaker to settle transactions using the Euro in favour of the pound. The company said it wants to limit currency risk exposure from which it last year lost Y430bn (£2.6bn). It is also considering purchasing from suppliers in Europe to save money. Some jobs could be lost as a result.