Purchase of Own Securities

Toyota Motor Corporation
23 February 2000



                    Notice of Repurchase of Shares
       (Cancellation of Shares Stipulated in 'Law on Special Exceptions to
        Commercial Code Concerning Procedures for Cancellation of Shares')

The Company's board of directors resolved to repurchase its shares at its
meeting held on February 23, 2000. We inform you as follows.

1. Type of shares to be repurchased              Par value shares of
                                                 common stock of the
                                                 Company

2. Aggregate number of shares to be repurchased  Up to 10,000,000
                                                 shares

3. Aggregate purchase price of shares            Up to 50,000,000,000
                                                 yen

(Reference)
(1) Number of the outstanding shares of the Company      3,754,750,129
    shares
   (as of January 31, 2000)

(2) Aggregate number of shares permitted to be repurchased and cancelled
    pursuant to the articles of incorporation          370,000,000 shares

Inquiry about this matter should be directed to:

Public Affairs Division of Toyota Motor Corporation (Toyota Jidosha
Kabushiki Kaisha)

                                  Tel [phone] (Tokyo Head Office)
                                  Tel [phone] (Head Office)
                                  Tel [phone] (Nagoya Office)