TOKYO — Even as their global business hums along nicely, Toyota, Mazda and Subaru all felt the sting of the Japanese yen's rising value in the quarter ended Dec. 31.
Foreign currency exchange rates and slumping wholesale deliveries punished Toyota Motor Corp. and its two smaller Japanese partners, Mazda Motor Corp. and Subaru Corp., last week as they reported earnings results for the quarter.
Each posted a slide in operating profit, with Mazda taking the worst hit — a 76 percent plunge.
The yen's appreciation against the dollar, euro and other currencies lopped off $1.74 billion from their combined bottom lines. Toyota, as the biggest and most international of the three partners, absorbed about 84 percent of their total forex blow.
Wrestling with exchange-rate fluctuations is nothing new for trade-dependent Japanese automakers. But the companies' fiscal third-quarter results were a painful reminder of the volatile headwinds they face, even when the rest of their business is humming along fine.