Japan’s gross domestic product may drop 0.12 per cent point on a nominal basis if a series of massive recalls by Toyota drives US consumers away from Japanese vehicles and leads to a fall in domestic car production, Daiwa Institute of Research has said.
Meanwhile, Toyota’s president Akio Toyoda, will testify before a congressional hearing next week, appealing to US lawmakers and aggrieved customers for understanding, while the company fixes its safety problems. “I will be happy to attend. I will speak with full sincerity,” Toyoda said.
“I am hoping our commitment to the United States and our customers will be understood,” said Toyoda.