Revision of Business Forecast

Toyota Motor Corporation
04 February 2004

        English translation from the original Japanese-language document





                                                                February 5, 2004



To Whom It May Concern:



Company Name  : Toyota Motor Corporation

Representative    : Fujio Cho, President

Code Number     : 7203

Contact Person   : Takahiko Ijichi

                              General Manager

                              Accounting Division

                              Tel. [phone]



            Revisions to the FY2004 Unconsolidated Business Forecast

   (All financial information has been prepared in accordance with accounting
                    principles generally accepted in Japan)





Based on the recent trends in business performance and other factors, Toyota
Motor Corporation hereby makes the following revisions to the FY2004 (April 1,
2003 to March 31, 2004) unconsolidated business forecast disclosed upon the
announcement of the financial statements FY2004 semi-annual on November 5, 2003:



1. Revisions to the FY2004 (April 1, 2003 to March 31, 2004) unconsolidated
business forecast
                                           Net sales           Ordinary income            Net income
Previous forecast (A)                    JPY8,700.0 billion       JPY800.0 billion         JPY510.0 billion
Revised forecast (B)                     JPY8,800.0 billion       JPY880.0 billion         JPY560.0 billion
Amount changed (B)- (A)                    JPY100.0 billion        JPY80.0 billion          JPY50.0 billion
% of change                                            1.1%                  10.0%                     9.8%

(Reference)                              JPY8,739.3 billion       JPY892.6 billion         JPY634.0 billion
FY2003 results
(April 1, 2002 to March 31, 2003)



2. Reasons for the Revisions

The FY2004 (April 1, 2003 to March 31, 2004) unconsolidated business performance
is expected to exceed the previously announced business forecast due to the yen
remaining weaker than expected on the exchange market, the steady increase in
the number of units sold in the overseas markets, and other factors.





Cautionary Statement with Respect to Forward-Looking Statements



           This statement on business forecast contains forward-looking
statements that reflect Toyota's plans and expectations.  These forward-looking
statements are not guarantees of future performance and involve known and
unknown risks, uncertainties and other factors that may cause Toyota's actual
results, performance, achievements or financial position to be materially
different from any future results, performance, achievements or financial
position expressed or implied by these forward-looking statements.  These
factors include: (i) changes in economic conditions affecting, and the
competitive environment in, the automotive markets in Japan, North America,
Europe and other markets in which Toyota operates; (ii) fluctuations in currency
exchange rates, particularly with respect to the value of the Japanese yen, the
U.S. dollar, the euro and the British pound; (iii) Toyota's ability to realize
production efficiencies and to implement capital expenditures at the levels and
times planned by management; (iv) changes in the laws, regulations and
government policies affecting Toyota's automotive operations, particularly laws,
regulations and policies relating to environmental protection, vehicle
emissions, vehicle fuel economy and vehicle safety, as well as changes in laws,
regulations and government policies affecting Toyota's other operations,
including the outcome of future litigation and other legal proceedings; (v)
political instability in the markets in which Toyota operates; (vi) Toyota's
ability to timely develop and achieve market acceptance of new products; and
(vii) fuel shortages or interruptions in transportation systems, labor strikes,
work stoppages or other interruptions to, or difficulties in, the employment of
labor in the major markets where Toyota purchases materials, components and
supplies for the production of its products or where its products are produced,
distributed or sold.  A discussion of these and other factors which may affect
Toyota's actual results, performance, achievements or financial position is
contained in the 'Operating and Financial Review and Prospects' and 'Information
on the Company' sections and elsewhere in Toyota's annual report on Form 20-F,
which is on file with the United States Securities and Exchange Commission.








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