According to reports, Toyota will again revise its earnings prediction to the point where second half losses will negate gains from the first half of 2008, resulting in the first yearly loss in 70 years.

Japanese news outlets are reporting Toyota will announce second half losses which will exceed the profits from the first half of the year, resulting in overall net loss for the 2008 fiscal year. This comes in the face of increasingly dire sales figures across the auto industry and against a background of bailout loans for GM and Chrysler announced this morning. Because of this trend, Toyota may refrain from making sales and production forecasts for 2009 in an effort to avoid bringing shame upon Toyota City when they cannot meet targets. [Reuters]

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