Toyota Motor Corporation (Toyota) has revised down its FY 2009 forecast on 22 December 2008. The revised estimates are significantly below our estimates and further strengthen our negative view on the common stock. Consequently, we reiterate our SELL rating for the common stock. Despite our fundamental weak outlook for the common stock; we reiterate our BUY rating for the ADR based on our anticipated significant positive currency impact on the ADR over the medium term.

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