Sept 11 Toyota Motor Corp will return
to its pre-Lehman crisis dividend payout ratio of 30 percent,
the Nikkei reported, quoting the company's Managing Officer
The automaker maintained a policy of paying out 30 percent
of its earnings per share through fiscal 2007, but stopped
publishing targets after the Lehman shock in 2008, the paper
Toyota Motor's payout ratio came in well above 30 percent
even during the financial crisis as it continued to pay
dividends despite the strengthening yen eroding its earnings,
the Nikkei reported.
Sasaki, however, said, "to get investors to hold Toyota
stock over the long term, we need stable dividends based on
higher profits, not the kind of outlier payout ratios we had in
With its earnings recovering, Toyota has decided to clarify
its payout ratio target again, the Japanese daily said.
"Our earning power has recovered since the financial crisis,
and we are strengthening it further," Sasaki said.
Sasaki, however, said the company was not looking at stock
buybacks as a possibility, at least for now.
The company is resolved to keeping its operating profit at 1
trillion yen ($9.96 billion) or higher, even if the yen
skyrockets or economic conditions deteriorate abruptly, Sasaki