#Japan

Some people like to bitch about the crafty Nips who are manipulating their currency again. Other people like to cash-in on sudden swings in currency valuations. If you are of the second kind, then Reuters recommends a look at formerly beaten-down stocks of Japanese carmakers who nearly went under during years of unfettered appreciation of the ¥en.

Here we go. Are you sitting down?

Presenting its Q3 financials in Tokyo today, Toyota delivered much higher profits and much higher sales while promising even higher profits at pretty much flat sales for the future. With a man on his left who looked like an accountant, and who had a big accountant’s briefcase on his knee, ready to pull whatever document his master needs, and a very quiet Shigeru Hayakawa on his right, Toyota Senior Managing Officer Takahiko Ijichi did forecast a net profit of 860 billion yen ($9.3 billion) for the fiscal year ending on March 31, 2013 up from the previously forecasted 780 billion yen. He also signaled a pause in Toyota’s rapid expansion:

As we all know, TTAC has an occasional thing for pink cars. So has Fiat. Right where I live. Fiat delights Japan with the 500 Fiore Rosa (i.e. “Pink Flower”) limited edition of its Cinquecento.

Toyota, along with its Japanese peers, has wallowed in double digit minus territory in China, ever since cars were upturned and dealerships torched in September over a few uninhabited rocks in the East China Sea. In January, China sales of Toyota shot up 23.5 percent compared to the same month a year earlier. Are Japanese fortunes in China finally turning to the better?

A new year started in Japanese auto sales, and the easy double digit up times while comparing with a disaster 2011 are over. It’s getting worse: This year, Japan’s new car sales compare to 2012 sales on government-speed: Japanese could collect hefty subsidies in most of 2012, no such largesse this year. In January, new car sales are not down 12.9 percent, as the Dow Jones News Wire make you believe. They are down 7.8 percent, as correctly reported by Reuters. But down is down. Please come to the tables.

Honda made cautionary noises when announcing its quarterly numbers today, taking its annual profit forecast for the year down a notch to 370 billion yen ($4.1 billion). Three months ago, Honda already had cut its profit forecast for the fiscal year to March to 375 billion yen ($4.7 billion) from its earlier estimate of 470 billion yen ($5.9 billion). $1.8 billion evaporated on the forecast, mostly due to continuing sales troubles in China.

Usually, we are not big on COTY’s, but this one is too good to pass up. According to lore, which is sometimes parroted in the comments at TTAC, there is mutual hate between Koreans and Japanese. This did not stop Korean journalists from crowning a Japanese car as Korea’s Car of the year: The Toyota Camry. This was so momentous that Toyota Korea president Hisao Nakabayashi broke into tears when the award was presented at a Seoul hotel.

Guangzhou Autos is reporting that 2012 profits are down as much as 80 percent, thanks to the dispute with Japan over a few islands in some godforsaken corner of the world.

Takeshi Uchiyamada, not really meaning it

Toyota “appears set to choose Vice Chairman Takeshi Uchiyamada as its next chairman,” The Nikkei [sub] writes today. Uchiyamada used to be Toyota’s R&D Chief, and is celebrated as the “father of the Prius.” He was made Vice Chairman last year. If confirmed, he would replace the 75 year old Fujio Cho. A Chairman at Toyota has more of an oversight role. The executive power rests at President and CEO Akio Toyoda.

The inevitable march to American-made “imports” continues, as one Toyota official recently declared his desire to see every single Toyota sold in America to be a made-in-USA product.

Johan de Nysschen, at home in Hong Kong

New Infiniti-boss and former Audi U.S. chief Johan de Nysschen wants to bring Infiniti home to Japan. He had said this to me last September in his office in Hong Kong, and he reiterated it again in Detroit when talking to the Wall Street Journal’s man in Japan, Chester Dawson. Back home in Yokohama, people are sucking air through their teeth. “Muzukashi desu ne.” This will be difficult.

Toyota sold 236,659 Prii (all kinds) in the U.S. alone in 2012, all of them imported from high-yen Japan. This is a major drag on the car’s profitability. Long import routes are a hindrance, offshore production also tends to impact the granularity of options and trims. U.S. production of the Prius was expected for last year, it did not happen. Yesterday, Shigeki Terashi, head of Toyota Motor North America Inc. came as close to announcing as possible that Toyota plans to produce the Prius in North America. He didn’t really say it, and you needed to be Japanese to hear it.

The Tokyo Auto Salon was mobbed, to a high degree by youth that allegedly has no interest in cars, or procreation. They come to the Auto Salon for two reasons: Cars and girls. Both are plentiful. On Friday, we promised you in-depth coverage of this important topic, and here it is. Like with our hachi-roku coverage, we try to give you a feeling for the overwhelming number of underdressed women by giving you TTAC’s biggest picture collection of all times.

CAUTION: The content may be NSFW in certain places that object to bare skin, racy outfits and musings about deviant behavior. Do not click and/or complain if that offends you.

On Friday, we mentioned that Toyobaru’s hachi-roku absolutely dominates the Tokyo Auto Salon into total submission. Just about any booth (save that of Honda, Nissan etc.) has the almond-eyes of one or more hachi-roku looking at you. On Friday, we promised you visual proof. Here it is, and it is a monster. It is the biggest collection of hachi-roku pictures this side of Gunma.

This used to be a harmless Mazda RX7. Now it’s a car … well, it certainly won’t pass pedestrian protection regs in civilized countries.