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May 13, 2014 AT 9:29 AM
Helped by a weak yen, Toyota profits nearly doubled to $17.9 billion in fiscal 2014, while sales surged 16% to $252 billion. The disparity between revenue growth and income growth highlights just how much the automaker gained from the devaluation of the yen and increased sales in key markets such as North America and China. The auto maker has benefited hugely from a deteriorating yen since Toyota produces almost 50% of its vehicles in Japan. The company attributed this increase to successful efforts at cost reduction and efficient marketing strategies.