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Toyota posted a 19-percent drop in quarterly profits and withdrew its annual profit guidance, as floods in Thailand threaten production. But George Magliano, Senior Principal Economist at IHS Automotive, tells BNN that while the company has been hurt by floods in Thailand -- and earlier production cutbacks from the Japanese earthquake -- its problems are much more systemic.
"The big problems tend to be much more structural and long term," he says. "Number one is the yen and number two is they are still struggling with the [product] recall."
"[A rising yen] affects your cost structure, it affects your ability to compete against competition in other parts of the world…and it's starting to impact their future product programs," he says.
One report says Japan's central bank spent as much as $98.5 billion US in foreign exchange markets last week in order to curb the strength of the yen.