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Toyota reported seeking $2 billion loan from JBIC

Toyota reported seeking $2 billion loan from JBIC
By Myra P. Saefong, MarketWatch
Last update: 12:01 a.m. EST March 3, 2009
Comments: 8
TOKYO (MarketWatch) -- The auto-financing unit of Toyota Motor Corp. has asked the Japan Bank for International Cooperation for a loan of $2 billion under a recently-launched program to help Japanese firms operating abroad, according to news reports Tuesday.
Toyota hopes to use the funds for its U.S. operations, Nikkei News reported Tuesday in its evening edition.
Last month, Toyota announced that it was implementing additional measures to reduce production at its North American manufacturing plants in the midst of what it called the "worst automotive slump in decades."
Toyota Financial Services Corp. has requested the dollar-denominated loan -- the equivalent of about 200 billion yen -- under the emergency program launched by JBIC, Nikkei News said.
JBIC is the international wing of the state-backed Japan Finance Corporation.
The request for the loan is the first from an automaker under the program, the report said.
The amount of money to be borrowed has yet to be settled, Mio Sugito, an official at Toyota Financial Services, told Agence France-Presse.
The company hopes to diversify its financial resources as the international financial market gets tighter, particularly in the U.S., AFP quoted Sugito as saying. End of Story
Myra P. Saefong is MarketWatch's assistant global markets editor, based in Tokyo.
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