Toyota forecasts $4.95 billion loss

Toyota has forecast its first operating loss in 71 years, citing falling demand and an appreciating yen as the key factors leading to its poor performance. Despite predicting late last year that its loss would only amount to ¥150 billion ($1.7 billion) in the year through March, the carmaker has now forecast an annual loss three times greater than this. The world's largest carmaker now says its first annual operating loss in seven decades will be ¥450 billion ($4.95 billion) for the fiscal year ending March 31.