20-F

As filed with the Securities and Exchange Commission on June 24, 2015

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F

(Mark One)

¨ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended: March 31, 2015

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

¨ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-14948

TOYOTA JIDOSHA KABUSHIKI KAISHA

(Exact Name of Registrant as Specified in its Charter)

TOYOTA MOTOR CORPORATION

(Translation of Registrant’s Name into English)

Japan

(Jurisdiction of Incorporation or Organization)

1 Toyota-cho, Toyota City

Aichi Prefecture 471-8571

Japan

+81 565 28-2121

(Address of Principal Executive Offices)

Hiroaki Shimizu

Telephone number: +81 565 28-2121

Facsimile number: +81 565 23-5800

Address: 1 Toyota-cho, Toyota City, Aichi Prefecture 471-8571, Japan

(Name, telephone, e-mail and/or facsimile number and address of registrant’s contact person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of Each Class:	Name of Each Exchange on Which Registered:
American Depositary Shares*	The New York Stock Exchange
Common Stock**

* American Depositary Receipts evidence American Depositary Shares, each American Depositary Share representing two shares of the registrant’s Common Stock.

** No par value. Not for trading, but only in connection with the registration of American Depositary Shares, pursuant to the requirements of the U.S. Securities and Exchange Commission.

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report: 3,146,813,631 Shares of Common Stock (including 82,545,759 Shares of Common Stock in the form of American Depositary Shares) as of March 31, 2015

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act: Yes  x    No  ¨

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934: Yes  ¨    No  x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files): Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer  x            Accelerated filer  ¨             Non-accelerated filer  ¨

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP  x             International Financial Reporting Standards as issued by the International Accounting Standards Board  ¨              Other  ¨

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow: Item  17  ¨    Item 18  ¨

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes  ¨    No  x

TABLE OF CONTENTS

ITEM 1.	IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS	1
ITEM 2.	OFFER STATISTICS AND EXPECTED TIMETABLE	1
ITEM 3.	KEY INFORMATION	1
3.A	SELECTED FINANCIAL DATA	1
3.B	CAPITALIZATION AND INDEBTEDNESS	4
3.C	REASONS FOR THE OFFER AND USE OF PROCEEDS	4
3.D	RISK FACTORS	5
ITEM 4.	INFORMATION ON THE COMPANY	8
4.A	HISTORY AND DEVELOPMENT OF THE COMPANY	8
4.B	BUSINESS OVERVIEW	9
4.C	ORGANIZATIONAL STRUCTURE	51
4.D	PROPERTY, PLANTS AND EQUIPMENT	52
ITEM 4A.	UNRESOLVED STAFF COMMENTS	53
ITEM 5.	OPERATING AND FINANCIAL REVIEW AND PROSPECTS	53
5.A	OPERATING RESULTS	53
5.B	LIQUIDITY AND CAPITAL RESOURCES	84
5.C	RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES	87
5.D	TREND INFORMATION	89
5.E	OFF-BALANCE SHEET ARRANGEMENTS	89
5.F	TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS	90
5.G	SAFE HARBOR	91
ITEM 6.	DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES	91
6.A	DIRECTORS AND SENIOR MANAGEMENT	91
6.B	COMPENSATION	99
6.C	BOARD PRACTICES	100
6.D	EMPLOYEES	101
6.E	SHARE OWNERSHIP	102
ITEM 7.	MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS	103
7.A	MAJOR SHAREHOLDERS	103
7.B	RELATED PARTY TRANSACTIONS	104
7.C	INTERESTS OF EXPERTS AND COUNSEL	104
ITEM 8.	FINANCIAL INFORMATION	104
8.A	CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION	104
8.B	SIGNIFICANT CHANGES	105
ITEM 9.	THE OFFER AND LISTING	105
9.A	LISTING DETAILS	105
9.B	PLAN OF DISTRIBUTION	105
9.C	MARKETS	106
9.D	SELLING SHAREHOLDERS	106
9.E	DILUTION	106
9.F	EXPENSES OF THE ISSUE	106
ITEM 10.	ADDITIONAL INFORMATION	106
10.A	SHARE CAPITAL	106
10.B	MEMORANDUM AND ARTICLES OF ASSOCIATION	106
10.C	MATERIAL CONTRACTS	114
10.D	EXCHANGE CONTROLS	114

10.E	TAXATION	115
10.F	DIVIDENDS AND PAYING AGENTS	121
10.G	STATEMENT BY EXPERTS	121
10.H	DOCUMENTS ON DISPLAY	121
10.I	SUBSIDIARY INFORMATION	121
ITEM 11.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	122
ITEM 12.	DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES	123
12.A	DEBT SECURITIES	123
12.B	WARRANTS AND RIGHTS	123
12.C	OTHER SECURITIES	123
12.D	AMERICAN DEPOSITARY SHARES	124
ITEM 13.	DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES	125
ITEM 14.	MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS	125
ITEM 15.	CONTROLS AND PROCEDURES	125
ITEM 16.	[RESERVED]	126
16A.	AUDIT COMMITTEE FINANCIAL EXPERT	126
16B.	CODE OF ETHICS	126
16C.	PRINCIPAL ACCOUNTANT FEES AND SERVICES	127
16D.	EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES	128
16E.	PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS	128
16F.	CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT	129
16G.	CORPORATE GOVERNANCE	129
16H.	MINE SAFETY DISCLOSURE	132
ITEM 17.	FINANCIAL STATEMENTS	133
ITEM 18.	FINANCIAL STATEMENTS	133
ITEM 19.	EXHIBITS	134

As used in this annual report, the term “fiscal” preceding a year means the twelve-month period ended March 31 of the year referred to. All other references to years refer to the applicable calendar year, unless the context otherwise requires. As used herein, the term “Toyota” refers to Toyota Motor Corporation and its consolidated subsidiaries as a group, unless the context otherwise indicates.

In parts of this annual report, amounts reported in Japanese yen have been translated into U.S. dollars for the convenience of readers. Unless otherwise noted, the rate used for this translation was ¥120.17 = $1.00. This was the approximate exchange rate in Japan on March 31, 2015.

CAUTIONARY STATEMENT WITH RESPECT TO FORWARD-LOOKING STATEMENTS

Written forward-looking statements may appear in documents filed with the Securities and Exchange Commission, or the SEC, including this annual report, documents incorporated by reference, reports to shareholders and other communications.

The U.S. Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking information to encourage companies to provide prospective information about themselves without fear of litigation so long as the information is identified as forward looking and is accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those projected in the information. Toyota relies on this safe harbor in making forward-looking statements.

Forward-looking statements appear in a number of places in this annual report and include statements regarding Toyota’s current intent, belief, targets or expectations or those of its management. In many, but not all cases, words such as “aim”, “anticipate”, “believe”, “estimate”, “expect”, “hope”, “intend”, “may”, “plan”, “predict”, “probability”, “risk”, “should”, “will”, “would”, and similar expressions, are used as they relate to Toyota or its management, to identify forward-looking statements. These statements reflect Toyota’s current views with respect to future events and are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those which are anticipated, aimed at, believed, estimated, expected, intended or planned.

Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ from those in forward-looking statements as a result of various factors. Important factors that could cause actual results to differ materially from estimates or forecasts contained in the forward-looking statements are identified in “Risk Factors” and elsewhere in this annual report, and include, among others:

(i) changes in economic conditions, market demand, and the competitive environment affecting the automotive markets in Japan, North America, Europe, Asia and other markets in which Toyota operates;

(ii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro, the Australian dollar, the Russian ruble, the Canadian dollar and the British pound, and interest rates fluctuations;

(iii) changes in funding environment in financial markets and increased competition in the financial services industry;

(iv) Toyota’s ability to market and distribute effectively;

(v) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management;

(vi) changes in the laws, regulations and government policies in the markets in which Toyota operates that affect Toyota’s automotive operations, particularly laws, regulations and government policies relating to vehicle safety including remedial measures such as recalls, trade, environmental protection, vehicle emissions and vehicle fuel economy, as well as changes in laws, regulations and government policies that affect Toyota’s other operations, including the outcome of current and future litigation and other legal proceedings, government proceedings and investigations;

(vii) political and economic instability in the markets in which Toyota operates;

(viii) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand;

(ix) any damage to Toyota’s brand image;

(x) Toyota’s reliance on various suppliers for the provision of supplies;

(xi) increases in prices of raw materials;

(xii) Toyota’s reliance on various digital and information technologies;

(xiii) fuel shortages or interruptions in electricity, transportation systems, labor strikes, work stoppages or other interruptions to, or difficulties in, the employment of labor in the major markets where Toyota purchases materials, components and supplies for the production of its products or where its products are produced, distributed or sold; and

(xiv) the impact of natural calamities including the negative effect on Toyota’s vehicle production and sales.

PART I

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

Not applicable.

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE

Not applicable.

ITEM 3. KEY INFORMATION

3.A SELECTED FINANCIAL DATA

You should read the U.S. GAAP selected consolidated financial information presented below together with “Operating and Financial Review and Prospects” and Toyota’s consolidated financial statements contained in this annual report.

U.S. GAAP Selected Financial Data

The following selected financial data have been derived from Toyota’s consolidated financial statements. These financial statements were prepared in accordance with U.S. GAAP.

	Year Ended March 31,
	2011			2012			2013			2014			2015
	(Yen in millions, except share and per share data)
Consolidated Statement of Income Data:
Automotive:
Revenues		17,337,320			16,994,546			20,419,100			23,781,404			25,062,129
Operating income		85,973			21,683			944,704			1,938,778			2,325,310
Financial Services:
Revenues		1,192,205			1,100,324			1,170,670			1,421,047			1,661,149
Operating income		358,280			306,438			315,820			294,891			361,833
All Other:
Revenues		972,252			1,048,915			1,066,461			1,151,280			1,255,791
Operating income		35,242			42,062			53,616			64,270			65,650
Elimination of intersegment:
Revenues		(508,089	)		(560,132	)		(592,039	)		(661,820	)		(744,548	)
Operating income		(11,216	)		(14,556	)		6,748			(5,827	)		(2,229	)
Total Company:
Revenues		18,993,688			18,583,653			22,064,192			25,691,911			27,234,521
Operating income		468,279			355,627			1,320,888			2,292,112			2,750,564
Income before income taxes and equity in earnings of affiliated companies		563,290			432,873			1,403,649			2,441,080			2,892,828
Net income attributable to Toyota Motor Corporation		408,183			283,559			962,163			1,823,119			2,173,338
Net income attributable to Toyota Motor Corporation per share (yen):
Basic		130.17			90.21			303.82			575.30			688.02
Diluted		130.16			90.20			303.78			574.92			687.66
Shares used in computing net income attributable to Toyota Motor Corporation per share, basic (in thousands)		3,135,881			3,143,470			3,166,909			3,168,989			3,158,851
Shares used in computing net income attributable to Toyota Motor Corporation per share, diluted (in thousands)		3,135,915			3,143,470			3,167,155			3,170,911			3,160,429

1

	Year Ended March 31,
	2011		2012		2013		2014		2015
	(Yen in millions, except per share and numbers of vehicles sold data)
Consolidated Balance Sheet Data (end of period):
Total Assets:		29,818,166		30,650,965		35,483,317		41,437,473		47,729,830
Short-term debt, including current portion of long-term debt		5,951,836		5,963,269		6,793,956		7,780,483		8,963,492
Long-term debt, less current portion		6,449,220		6,042,277		7,337,824		8,546,910		10,014,395
Toyota Motor Corporation shareholders’ equity		10,332,371		10,550,261		12,148,035		14,469,148		16,788,131
Common stock		397,050		397,050		397,050		397,050		397,050
Other Data:
Dividends per share (yen)		50.0		50.0		90.0		165.0		200.0
Number of vehicles sold
Japan		1,913,117		2,070,799		2,278,796		2,365,410		2,153,694
North America		2,031,249		1,872,423		2,468,804		2,529,398		2,715,173
Europe		795,534		797,993		799,085		844,003		859,038
Asia		1,255,016		1,326,829		1,683,578		1,608,355		1,488,922
Other*		1,313,123		1,283,885		1,640,401		1,768,867		1,755,037
Worldwide total		7,308,039		7,351,929		8,870,664		9,116,033		8,971,864

* “Other” consists of Central and South America, Oceania, Africa and the Middle East, etc.

Dividend Information

Toyota normally pays dividends twice per year, including an interim dividend and a year-end dividend. Although Toyota’s articles of incorporation provide that retained earnings can be distributed as dividends pursuant to the resolution of its board of directors, Toyota’s board of directors recommends the payment of a year-end dividend to holders of common shares and registered pledgees of common shares of record as of March 31, the record date, in each year. Year-end dividends are usually paid to shareholders immediately following approval of the dividend at the general shareholders’ meeting, normally around the middle of June of each year.

At the 111th Ordinary General Shareholders’ Meeting held in June 2015, Toyota’s shareholders approved amendments to Toyota’s articles of incorporation permitting the issuance of Model AA Class Shares in the future. The articles of incorporation now provide that in the event that Toyota pays a year-end dividend to holders of common shares, it will pay a year-end dividend to any holders of Model AA Class Shares or registered pledgees of Model AA Class Shares of record as of the record date for the year-end dividend, in the amount payable on the Model AA Class Shares pursuant to their terms (“AA Dividends”), in preference to holders of common shares or registered pledgees of common shares.

In addition to these year-end dividends, Toyota may pay an interim dividend in the form of cash distributions from its distributable surplus to holders of common shares and pledgees of common shares of record as of September 30, the record date, in each year by resolution of its board of directors. Toyota normally pays the interim dividend in late November. The articles of incorporation now provide that in the event that Toyota pays such interim dividends, Toyota will pay an amount equivalent to one-half of the AA Dividends (“AA Interim Dividends”) as an interim dividend to any holders of Model AA Class Shares or registered pledgees of Model AA Class Shares of record as of the record date for the interim dividend, in preference to holders of common shares or registered pledgees of common shares.

If the amount of the dividends from surplus paid to holders of Model AA Class Shares or registered pledgees of Model AA Class Shares is less than the prescribed amount of AA Dividends in any fiscal year, the amount of the shortfall will be carried forward to and accumulate in the following fiscal year and thereafter. Dividends from surplus will be paid to holders of Model AA Class Shares or registered pledgees of Model AA Class Shares in preference to the payment of interim and year-end dividends until such payment reaches the amount of the accumulated unpaid dividends on the Model AA Class Shares.

2

For a further discussion of Model AA Class Shares, please see “Additional Information — Memorandum and Articles of Association.”

In addition, under the Companies Act of Japan (the “Companies Act”), dividends may be paid to holders of common shares and pledgees of record of common shares as of any record date, other than those specified above, as set forth in Toyota’s articles of incorporation or as determined by its board of directors from time to time. Toyota’s articles of incorporation permit Toyota to pay dividends, in addition to interim dividends mentioned in the preceding paragraph, by a resolution of its board of directors. Toyota has incorporated such a provision into its articles of incorporation in order to enable a flexible capital policy. Under the Companies Act, dividends may be distributed in cash or (except in the case of interim dividends mentioned in the third preceding paragraph) in kind, subject to limitations on distributable surplus and to certain other conditions.

The following table sets forth the dividends declared by Toyota for each of the periods shown. The periods shown are the six months ended on that date. The U.S. dollar equivalents for the cash dividends shown are based on the noon buying rate for Japanese yen on the last date of each period set forth below.

	Cash Dividends per Common Share
Period Ended	Yen		U.S. dollars
September 30, 2010		20.0		0.24
March 31, 2011		30.0		0.36
September 30, 2011		20.0		0.25
March 31, 2012		30.0		0.36
September 30, 2012		30.0		0.38
March 31, 2013		60.0		0.63
September 30, 2013		65.0		0.66
March 31, 2014		100.0		0.97
September 30, 2014		75.0		0.68
March 31, 2015		125.0		1.04

The payment and the amount of any future dividends are dependent on the amount of Toyota’s future earnings, its financial condition and other factors, including statutory restrictions on the payment of dividends.

Toyota deems the benefit of its shareholders as one of its priority management policies, and it continues to work to improve its corporate structure to realize sustainable growth in order to enhance its corporate value. Toyota will strive to continue to pay stable dividends aiming at a consolidated dividend payout ratio of 30% while giving due consideration to factors such as business results for each term, investment plans and its cash reserves. In order to successfully compete in this highly competitive industry, Toyota plans to utilize its internal funds for the early commercialization of next-generation environment and safety technologies, giving priority to customer safety and reliability. Considering these factors, an annual dividend of ¥200 per common share was paid for fiscal 2015, consisting of a year-end dividend of ¥125 per common share and an interim dividend of ¥75 per common share.

In fiscal 2015, Toyota repurchased 55,521,900 shares of its common stock at a total cost of ¥359.9 billion, excluding shares constituting less than one unit that were purchased by Toyota upon request. Since Toyota began repurchasing common shares in fiscal 1997, the cumulative number of common shares repurchased as of the end of March 2015 was 792.5 million shares at a total cost of ¥3,228.7 billion. The following table shows the approximate number of common shares repurchased and the approximate cost of repurchase of those shares for each of the periods indicated:

	Year Ended March 31,
	2011		2012		2013		2014		2015
Number of shares repurchased		0		0		0		0		55,521,900
Amount paid		0		0		0		0		359,994

3

Toyota’s future share repurchases will be influenced by factors such as Toyota’s future earnings and financial position. For a further discussion of Toyota’s share repurchases, please see “Purchases of Equity Securities by the Issuer and Affiliated Purchasers”.

Exchange Rates

In parts of this annual report, yen amounts have been translated into U.S. dollars for the convenience of investors. Unless otherwise noted, the rate used for the translations was ¥120.17 = $1.00. This was the approximate exchange rate in Japan on March 31, 2015.

The following table sets forth information regarding the noon buying rates for Japanese yen in New York City as announced for customs purposes by the Federal Reserve Bank of New York expressed in Japanese yen per $1.00 during the periods shown. At the end of May 2015, the noon buying rate was ¥123.98 = $1.00. The average exchange rate for the periods shown is the average of the month-end rates during the period.

Fiscal Year Ended or Ending March 31,	At End of Period		Average (of month-end rates)		High		Low
			(¥ per $1.00)
2011		82.76		85.00		94.68		78.74
2012		82.41		78.86		85.26		75.72
2013		94.16		83.26		96.16		77.41
2014		102.98		100.46		105.25		92.96
2015		119.96		110.78		121.50		101.26
2016 (through May 31, 2015)		123.98		121.92		124.18		118.80

Month Ended	High		Low
	(¥ per $1.00)
December 31, 2014		121.38		117.28
January 31, 2015		120.20		116.78
February 28, 2015		120.38		117.33
March 31, 2015		121.50		119.01
April 30, 2015		120.36		118.80
May 31, 2015		124.18		119.09

Fluctuations in the exchange rate between the Japanese yen and the U.S. dollar will affect the dollar equivalent of the price of the shares on the Japanese stock exchanges. As a result, exchange rate fluctuations are likely to affect the market price of the American Depositary Shares (“ADSs”) on the New York Stock Exchange (“NYSE”). Toyota will declare any cash dividends on shares in Japanese yen. Exchange rate fluctuations will also affect the U.S. dollar amounts received on conversion of cash dividends.

Exchange rate fluctuations can also materially affect Toyota’s reported operating results. In particular, a strengthening of the Japanese yen against the U.S. dollar can have a material adverse effect on Toyota’s reported operating results. For a further discussion of the effects of currency rate fluctuations on Toyota’s operating results, please see “Operating and Financial Review and Prospects — Operating Results — Overview — Currency Fluctuations”.

3.B CAPITALIZATION AND INDEBTEDNESS

Not applicable.

3.C REASONS FOR THE OFFER AND USE OF PROCEEDS

Not applicable.

4

3.D RISK FACTORS

Industry and Business Risks

The worldwide automotive market is highly competitive.

The worldwide automotive market is highly competitive. Toyota faces intense competition from automotive manufacturers in the markets in which it operates. Although the global economy continues to recover gradually, competition in the automotive industry has further intensified amidst difficult overall market conditions. In addition, competition is likely to further intensify in light of further continuing globalization in the worldwide automotive industry, possibly resulting in industry reorganizations. Factors affecting competition include product quality and features, safety, reliability, fuel economy, the amount of time required for innovation and development, pricing, customer service and financing terms. Increased competition may lead to lower vehicle unit sales, which may result in a further downward price pressure and adversely affect Toyota’s financial condition and results of operations. Toyota’s ability to adequately respond to the recent rapid changes in the automotive market and to maintain its competitiveness will be fundamental to its future success in existing and new markets and to maintain its market share. There can be no assurances that Toyota will be able to compete successfully in the future.

The worldwide automotive industry is highly volatile.

Each of the markets in which Toyota competes has been subject to considerable volatility in demand. Demand for vehicles depends to a large extent on economic, social and political conditions in a given market and the introduction of new vehicles and technologies. As Toyota’s revenues are derived from sales in markets worldwide, economic conditions in such markets are particularly important to Toyota. In fiscal 2015, the Japanese economy continued on a path of moderate recovery, even though weakness could be seen in personal consumption and other areas. The U.S. economy saw ongoing recovery mainly due to increasing personal consumption and the European economy as a whole showed continuing signs of recovery. Meanwhile, economies such as those of China and emerging countries showed signs of weakness. The shifts in demand for automobiles are continuing, and it is unclear how this situation will transition in the future. Toyota’s financial condition and results of operations may be adversely affected if the shifts in demand for automobiles continues or progresses further. Demand may also be affected by factors directly impacting vehicle price or the cost of purchasing and operating vehicles such as sales and financing incentives, prices of raw materials and parts and components, cost of fuel and governmental regulations (including tariffs, import regulation and other taxes). Volatility in demand may lead to lower vehicle unit sales, which may result in downward price pressure and adversely affect Toyota’s financial condition and results of operations.

Toyota’s future success depends on its ability to offer new, innovative and competitively priced products that meet customer demand on a timely basis.

Meeting customer demand by introducing attractive new vehicles and reducing the amount of time required for product development are critical to automotive manufacturers. In particular, it is critical to meet customer demand with respect to quality, safety and reliability. The timely introduction of new vehicle models, at competitive prices, meeting rapidly changing customer preferences and demand is more fundamental to Toyota’s success than ever, as the automotive market is rapidly transforming in light of the changing global economy. There is no assurance, however, that Toyota will adequately and appropriately respond to changing customer preferences and demand with respect to quality, safety, reliability, styling and other features in a timely manner. Even if Toyota succeeds in perceiving customer preferences and demand, there is no assurance that Toyota will be capable of developing and manufacturing new, price competitive products in a timely manner with its available technology, intellectual property, sources of raw materials and parts and components, and production capacity, including cost reduction capacity. Further, there is no assurance that Toyota will be able to implement capital expenditures at the level and times planned by management. Toyota’s inability to develop and offer products that meet customers’ preferences and demand with respect to quality, safety, reliability, styling and other features in a timely manner could result in a lower market share and reduced sales volumes and margins, and may adversely affect Toyota’s financial condition and results of operations.

5

Toyota’s ability to market and distribute effectively is an integral part of Toyota’s successful sales.

Toyota’s success in the sale of vehicles depends on its ability to market and distribute effectively based on distribution networks and sales techniques tailored to the needs of its customers. There is no assurance that Toyota will be able to develop sales techniques and distribution networks that effectively adapt to changing customer preferences or changes in the regulatory environment in the major markets in which it operates. Toyota’s inability to maintain well-developed sales techniques and distribution networks may result in decreased sales and market share and may adversely affect its financial condition and results of operations.

Toyota’s success is significantly impacted by its ability to maintain and develop its brand image.

In the highly competitive automotive industry, it is critical to maintain and develop a brand image. In order to maintain and develop a brand image, it is necessary to further increase customers’ confidence by providing safe, high-quality products that meet customer preferences and demand. If Toyota is unable to effectively maintain and develop its brand image as a result of its inability to provide safe, high-quality products or as a result of the failure to promptly implement safety measures such as recalls when necessary, vehicle unit sales and/or sale prices may decrease, and as a result revenues and profits may not increase as expected or may decrease, adversely affecting its financial condition and results of operations.

Toyota relies on suppliers for the provision of certain supplies including parts, components and raw materials.

Toyota purchases supplies including parts, components and raw materials from a number of external suppliers located around the world. For some supplies, Toyota relies on a single supplier or a limited number of suppliers, whose replacement with another supplier may be difficult. Inability to obtain supplies from a single or limited source supplier may result in difficulty obtaining supplies and may restrict Toyota’s ability to produce vehicles. Furthermore, even if Toyota were to rely on a large number of suppliers, first-tier suppliers with whom Toyota directly transacts may in turn rely on a single second-tier supplier or limited second-tier suppliers. Toyota’s ability to continue to obtain supplies from its suppliers in a timely and cost-effective manner is subject to a number of factors, some of which are not within Toyota’s control. These factors include the ability of Toyota’s suppliers to provide a continued source of supply, and Toyota’s ability to effectively compete and obtain competitive prices from suppliers. A loss of any single or limited source supplier or inability to obtain supplies from suppliers in a timely and cost-effective manner could lead to increased costs or delays or suspensions in Toyota’s production and deliveries, which could have an adverse effect on Toyota’s financial condition and results of operations.

The worldwide financial services industry is highly competitive.

The worldwide financial services industry is highly competitive. Increased competition in automobile financing may lead to decreased margins. A decline in Toyota’s vehicle unit sales, an increase in residual value risk due to lower used vehicle price, an increase in the ratio of credit losses and increased funding costs are factors which may impact Toyota’s financial services operations. If Toyota is unable to adequately respond to the changes and competition in automobile financing, Toyota’s financial services operations may adversely affect its financial condition and results of operations.

Toyota’s operations and vehicles rely on various digital and information technologies.

Toyota depends on various information technology networks and systems, some of which are managed by third parties, to process, transmit and store electronic information, including sensitive data, and to manage or support a variety of business processes and activities, including manufacturing, research and development, supply chain management, sales and accounting. In addition, Toyota’s vehicles may rely on various digital and information technologies, including information service and driving assistance functions. Despite security measures, Toyota’s digital and information technology networks and systems may be vulnerable to damage, disruptions or shutdowns due to attacks by hackers, computer viruses, breaches due to unauthorized use, errors or

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malfeasance by employees and others who have or gain access to the networks and systems Toyota depends on, service failures or bankruptcy of third parties such as software development or cloud computing vendors, power shortages and outages, and utility failures or other catastrophic events like natural disasters. Such incidents could materially disrupt critical operations, disclose sensitive data, interfere with information services and driving assistance functions in Toyota’s vehicles, and/or give rise to legal claims or proceedings, liability or regulatory penalties under applicable laws, which could have an adverse effect on Toyota’s brand image and its financial condition and results of operations.

Financial Market and Economic Risks

Toyota’s operations are subject to currency and interest rate fluctuations.

Toyota is sensitive to fluctuations in foreign currency exchange rates and is principally exposed to fluctuations in the value of the Japanese yen, the U.S. dollar and the euro and, to a lesser extent, the Australian dollar, the Russian ruble, the Canadian dollar and the British pound. Toyota’s consolidated financial statements, which are presented in Japanese yen, are affected by foreign currency exchange fluctuations through translation risk, and changes in foreign currency exchange rates may also affect the price of products sold and materials purchased by Toyota in foreign currencies through transaction risk. In particular, strengthening of the Japanese yen against the U.S. dollar can have an adverse effect on Toyota’s operating results.

Toyota believes that its use of certain derivative financial instruments including foreign exchange forward contracts and interest rate swaps and increased localized production of its products have reduced, but not eliminated, the effects of interest rate and foreign currency exchange rate fluctuations. Nonetheless, a negative impact resulting from fluctuations in foreign currency exchange rates and changes in interest rates may adversely affect Toyota’s financial condition and results of operations. For a further discussion of currency and interest rate fluctuations and the use of derivative financial instruments, see “Operating and Financial Review and Prospects — Operating Results — Overview — Currency Fluctuations”, “Quantitative and Qualitative Disclosures About Market Risk”, and notes 20 and 21 to Toyota’s consolidated financial statements.

High prices of raw materials and strong pressure on Toyota’s suppliers could negatively impact Toyota’s profitability.

Increases in prices for raw materials that Toyota and Toyota’s suppliers use in manufacturing their products or parts and components such as steel, precious metals, non-ferrous alloys including aluminum, and plastic parts, may lead to higher production costs for parts and components. This could, in turn, negatively impact Toyota’s future profitability because Toyota may not be able to pass all those costs on to its customers or require its suppliers to absorb such costs.

A downturn in the financial markets could adversely affect Toyota’s ability to raise capital.

Should the world economy suddenly deteriorate, a number of financial institutions and investors will face difficulties in providing capital to the financial markets at levels corresponding to their own financial capacity, and, as a result, there is a risk that companies may not be able to raise capital under terms that they would expect to receive with their creditworthiness. If Toyota is unable to raise the necessary capital under appropriate conditions on a timely basis, Toyota’s financial condition and results of operations may be adversely affected.

Political, Regulatory, Legal and Other Risks

The automotive industry is subject to various governmental regulations.

The worldwide automotive industry is subject to various laws and governmental regulations including those related to vehicle safety and environmental matters such as emission levels, fuel economy, noise and pollution. In particular, automotive manufacturers such as Toyota are required to implement safety measures such as recalls

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for vehicles that do not or may not comply with the safety standards of laws and governmental regulations. In addition, Toyota may, in order to reassure its customers of the safety of Toyota’s vehicles, decide to voluntarily implement recalls or other safety measures even if the vehicle complies with the safety standards of relevant laws and governmental regulations. Many governments also impose tariffs and other trade barriers, taxes and levies, or enact price or exchange controls. Toyota has incurred, and expects to incur in the future, significant costs in complying with these regulations. If Toyota launches products that result in safety measures such as recalls, Toyota may incur various costs including significant costs for free repairs. Furthermore, new legislation or changes in existing legislation may also subject Toyota to additional expenses in the future. If Toyota incurs significant costs related to implementing safety measures or meeting laws and governmental regulations, Toyota’s financial condition and results of operations may be adversely affected.

Toyota may become subject to various legal proceedings.

As an automotive manufacturer, Toyota may become subject to legal proceedings in respect of various issues, including product liability and infringement of intellectual property. Toyota may also be subject to legal proceedings brought by its shareholders and governmental proceedings and investigations. Toyota is in fact currently subject to a number of pending legal proceedings and government investigations. A negative outcome in one or more of these pending legal proceedings could adversely affect Toyota’s financial condition and results of operations. For a further discussion of governmental regulations, see “Information on the Company — Business Overview — Governmental Regulation, Environmental and Safety Standards” and for legal proceedings, please see “Information on the Company — Business Overview — Legal Proceedings”.

Toyota may be adversely affected by natural calamities, political and economic instability, fuel shortages or interruptions in social infrastructure, wars, terrorism and labor strikes.

Toyota is subject to various risks associated with conducting business worldwide. These risks include natural calamities; political and economic instability; fuel shortages; interruption in social infrastructure including energy supply, transportation systems, gas, water, or communication systems resulting from natural hazards or technological hazards; wars; terrorism; labor strikes and work stoppages. Should the major markets in which Toyota purchases materials, parts and components and supplies for the manufacture of Toyota products or in which Toyota’s products are produced, distributed or sold be affected by any of these events, it may result in disruptions and delays in the operations of Toyota’s business. Should significant or prolonged disruptions or delays related to Toyota’s business operations occur, it may adversely affect Toyota’s financial condition and results of operations.

ITEM 4. INFORMATION ON THE COMPANY

4.A HISTORY AND DEVELOPMENT OF THE COMPANY

Toyota Motor Corporation is a limited liability, joint-stock company incorporated under the Commercial Code of Japan and continues to exist under the Companies Act. Toyota commenced operations in 1933 as the automobile division of Toyota Industries Corporation (formerly, Toyoda Automatic Loom Works, Ltd.). Toyota became a separate company on August 28, 1937. In 1982, the Toyota Motor Company and Toyota Motor Sales merged into one company, the Toyota Motor Corporation of today. As of March 31, 2015, Toyota operated through 541 consolidated subsidiaries (including variable interest entities) and 203 affiliated companies, of which 54 companies were accounted for through the equity method.

See “— Business Overview — Capital Expenditures and Divestitures” for a description of Toyota’s principal capital expenditures and divestitures between April 1, 2012 and March 31, 2015 and information concerning Toyota’s principal capital expenditures and divestitures currently in progress.

Toyota’s principal executive offices are located at 1 Toyota-cho, Toyota City, Aichi Prefecture 471-8571, Japan. Toyota’s telephone number in Japan is +81-565-28-2121.

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4.B BUSINESS OVERVIEW

Toyota primarily conducts business in the automotive industry. Toyota also conducts business in finance and other industries. Toyota sold 8,972 thousand vehicles in fiscal 2015 on a consolidated basis. Toyota had net revenues of ¥27,234.5 billion and net income attributable to Toyota Motor Corporation of ¥2,173.3 billion in fiscal 2015.

Toyota’s business segments are automotive operations, financial services operations and all other operations. The following table sets forth Toyota’s sales to external customers in each of its business segments for each of the past three fiscal years.

	Yen in millions
	Year Ended March 31,
	2013		2014		2015
Automotive		20,378,762		23,733,855		25,006,224
Financial Services		1,150,042		1,379,267		1,621,685
All Other		535,388		578,789		606,612

Toyota’s automotive operations include the design, manufacture, assembly and sale of passenger cars, minivans and commercial vehicles such as trucks and related parts and accessories. Toyota’s financial services business consists primarily of providing financing to dealers and their customers for the purchase or lease of Toyota vehicles. Toyota’s financial services also provide retail installment credit and leasing through the purchase of installment and lease contracts originated by Toyota dealers. Related to Toyota’s automotive operations is its development of intelligent transport systems (“ITS”). Toyota’s all other operations business segment includes the design and manufacture of prefabricated housing, information technology related businesses including a web portal for automobile information called GAZOO.com, and sales promotions for KDDI’s communication-related products (predominantly the au brand).

Toyota sells its vehicles in approximately 170 countries and regions. Toyota’s primary markets for its automobiles are Japan, North America, Europe and Asia. The following table sets forth Toyota’s sales to external customers in each of its geographical markets for each of the past three fiscal years.

	Yen in millions
	Year Ended March 31,
	2013		2014		2015
Japan		7,910,456		8,532,875		8,338,881
North America		6,167,821		7,938,615		9,430,450
Europe		2,003,113		2,614,070		2,690,803
Asia		4,058,629		4,475,382		4,531,178
Other*		1,924,173		2,130,969		2,243,209

* “Other” consists of Central and South America, Oceania, Africa and the Middle East.

During fiscal 2015, 24.0% of Toyota’s automobile unit sales on a consolidated basis were in Japan, 30.3% were in North America, 9.6% were in Europe and 16.6% were in Asia. The remaining 19.5% of consolidated unit sales were in other markets.

The Worldwide Automotive Market

Toyota estimates that annual worldwide vehicle sales totaled approximately 89 million units in 2014.

Automobile sales are affected by a number of factors including:

• social, political and economic conditions;

• introduction of new vehicles and technologies; and

• costs incurred by customers to purchase and operate automobiles.

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These factors can cause consumer demand to vary substantially from year to year in different geographic markets and in individual categories of automobiles.

In fiscal 2015, the global economy experienced gradual expansion in developed countries with the United States as a driving force, while growth in emerging markets slowed down due to the relative weakening currencies of emerging markets reflecting in part the end of U.S. monetary quantitative easing contributing to the strength of the U.S. dollar, as well as due to the decline in prices of natural resources in resource-producing countries contributing to the weakness of the local currency of such countries.

The automotive industry was also impacted by this trend. In 2014, with respect to developed countries, markets in the United States expanded and the downturn bottomed out in Europe. In addition, in Japan, due to the consumption tax increase in April 2014, market demand slowed down. In emerging markets, the expansion of the Chinese market continued despite signs of weakness in the economy, but markets in other emerging countries slowed down.

However, in the medium- to long-term, Toyota expects the automotive market to grow driven principally by the growth in emerging markets. Global competition is expected to be severe, as competition in compact and low-price vehicles intensifies, and technological development and development of new products become more frequent with a heightened global awareness of the environment and more stringent fuel economy standards.

In 2014, China, North America, Europe and Asia were the world’s largest automotive markets. The share of each market across the globe, which Toyota estimates based on the available automobile sales data in each country and region information, was 27% for China, 22% for North America (20% excluding Mexico and Puerto Rico), 21% for Europe and 10% for Asia. In China, new vehicle sales increased to approximately 24.0 million units. In North America, new vehicle sales increased to approximately 19.6 million units. In Europe, new vehicle sales increased to approximately 18.4 million units. In Asia (including India but excluding Japan and China), new vehicle unit sales decreased slightly from the previous year to approximately 8.8 million units.

The worldwide automotive industry is affected significantly by government regulations aimed at reducing harmful effects on the environment, enhancing vehicle safety and improving fuel economy. These regulations have added to the cost of manufacturing vehicles. Many governments also mandate local procurement of parts and components and impose tariffs and other trade barriers and price or exchange controls as a means of creating jobs, protecting domestic producers or influencing their balance of payments. Changes in regulatory requirements and other government-imposed restrictions can limit an automaker’s operations. These regulations can also make it difficult to repatriate profits to an automaker’s home country.

The development of the worldwide automotive market includes the continuing globalization of automotive operations. Manufacturers seek to achieve globalization by localizing the design and manufacture of automobiles and their parts and components in the markets in which they are sold. By expanding production capabilities beyond their home markets, automotive manufacturers are able to reduce their exposure to fluctuations in foreign exchange rates as well as to trade restrictions and tariffs.

Recently, there have been many global business alliances and investments entered into between manufacturers in the global automotive industry. There are various reasons behind these transactions including the need to respond to the excessive global capacity in the production of automobiles, the need to reduce costs and improve efficiency by increasing the number of automobiles produced using common vehicle platforms and by sharing research and development expenses for environmental and other technology, the desire to expand a company’s global presence through increased size and the desire to expand into particular segments or geographic markets.

Toyota believes that its research and development initiatives, particularly the development of environmentally friendly new vehicle technologies, vehicle safety and information technology, provide it with a strategic advantage.

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Toyota’s ability to compete in the global automotive industry will depend in part on Toyota’s successful implementation of its business strategy. This is subject to a number of factors, some of which are not in Toyota’s control. These factors are discussed in “Operating and Financial Review and Prospects” and elsewhere in this annual report.

Toyota Global Vision

In March 2011, Toyota unveiled its “Toyota Global Vision” corporate outline for the future, which serves not only to give direction to Toyota employees around the world, but also to convey such direction to customers and to the public at large. Toyota will work to achieve sustained growth through the realization of the following ideals which are parts of the Vision:

“The safest and most responsible ways of moving people”

• Safety is Toyota’s highest priority, and Toyota will continue to provide world-class safety.

• Toyota will also continue to contribute to environmental quality and to human happiness by using leading environmental technology and by deploying that technology in a growing line of vehicle models. At the same time, Toyota will work through the provision of products, sales and services that exceed customer expectation to offer a rewarding experience for customers.

“Enriching lives around the world”

• Toyota has been consistently true to its founding spirit of serving society through conscientious manufacturing, and it will continue working in that spirit to contribute to enhance the quality of life wherever it has operations.

• Toyota will strive to continue contributing to economic vitality wherever it has operations by generating stable employment and by participating in mutually beneficial business relationships with dealers and suppliers. It will also strive to continue to actively engage in initiatives for human resources development and the promotion of cultural activities of its host communities.

“Lead the way to the future of mobility”

• Toyota will lead the industry in technological development that will spawn next-generation mobility. For example, it will explore possibilities in personal mobility and in the convergence of information technology for automobiles and “smart grids” for optimizing energy generation and consumption. Toyota will strive to offer products and services that match the needs in each market.

• Toyota will strive to advance environmental technology and develop low-carbon technologies and technologies for maximizing safety through interaction with the transport infrastructure to lay a foundation for sustainable and amenable future mobility.

“Our commitment to quality, constant innovation”

• Toyota is committed to providing quality vehicles that are highly reliable and driven with a sense of safety and reliability.

• Toyota will constantly reinvent itself and continue to engage in cutting-edge technology development. Toyota will work towards offering vehicles around the world that address the needs of today and of tomorrow at affordable prices.

“Continued awareness for the Earth and environment”

• Toyota will continue to work towards minimizing environmental impact in its manufacturing and other operations, and products.

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• With an emphasis on environmental awareness, Toyota will in its operations work towards energy conservation, reduction in carbon dioxide emission, efficient use of resources such as recycling, and human resource development and production methods that allow for coexistence with nature.

“Exceed expectations and be rewarded with a smile”

• Everyone at Toyota will continuously maintain a sense of gratitude to customers and will strive to earn smiles with products and services that are stimulating and inspiring and exceed customer expectations.

“There is always a better way”

• All Toyota employees will share the recognition that there is always a better way and share a commitment to continuous improvement, which are fundamental to The Toyota Way.

“Meet challenging goals by engaging the talent and passion of people”

• Toyota will nurture a corporate culture where teamwork and individual creativity thrive and where people will approach their work with pride and passion.

• Toyota will honor the spirit of diversity in recruiting, training and promoting capable individuals around the world. Human resources development at Toyota will continue to promote the transfer of the company’s monozukuri spirit of conscientious manufacturing and related skills and know-how from one generation to the next.

As for Toyota’s future business environment, in the world economy, the U.S. is expected to recover steadily. Also the European economy is picking up gradually chiefly in the eurozone, while the economies of several countries are likely to slow down, such as in Russia which is weighed down by declines in crude oil prices. Emerging countries also show downside risk. The Japanese economy is expected to recover gradually through improvements in employment and income conditions, although attention needs to be paid to such factors as uncertainty in overseas economies, which performance will affect the Japanese economy.

The automotive market is expected to expand gradually, led by the U.S. However, amid adaptation of eco-car promotion policies in various countries and increased efforts toward the development of safety technologies, as well as continuing advances in information and communication technology, fierce competition exists on a global scale.

In this severe business environment, Toyota intends to steadily progress toward the realization of the Toyota Global Vision through sustainable growth based on the following policies:

First, Toyota intends to reinforce its core competitiveness in order to grow as steadily as a tree adding annual growth rings. It plans to work on quality improvement and human resource development in order to manufacture vehicles that bring smiles to customers. In addition, it plans to thoroughly improve productivity in each of its business operations through measures such as effective use of management resources and the strengthening of its IT infrastructure.

Second, Toyota intends to take on bold challenges toward the creation of new value in order to progress into the future. It plans to work toward the future of mobility through pioneering technologies, products and businesses.

In order to implement the above, Toyota intends to improve its management structure to speed up decision-making, enhance the supervision of business execution, strengthen collaboration with Toyota group companies and leverage the value of diversity.

Based on these initiatives, Toyota will contribute to “enriching lives of communities” by providing “ever-better cars.” This is expected to encourage more customers to purchase Toyota cars and thereby lead to the

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establishment of a stable business base. By perpetuating this cycle, it will aim to realize sustainable growth and enhance corporate value. In addition, through full observance of corporate ethics such as compliance with applicable laws and regulations, Toyota will fulfill its social responsibilities.

Automotive Operations

Toyota’s revenues from its automotive operations were ¥25,062.1 billion in fiscal 2015, ¥23,781.4 billion in fiscal 2014 and ¥20,419.1 billion in fiscal 2013.

Toyota produces and sells passenger cars, minivans and commercial vehicles such as trucks. Toyota Motor Corporation’s subsidiary, Daihatsu Motor Co., Ltd. (“Daihatsu”), produces and sells mini-vehicles and compact cars. Hino Motors, Ltd. (“Hino”), also a subsidiary of Toyota Motor Corporation, produces and sells commercial vehicles such as trucks and buses. Toyota also manufactures automotive parts, components and accessories for its own use and for sale to others.

On March 4, 2015, Toyota Motor Corporation, Toyota Motor Sales & Marketing Corporation (“TMSM”), a wholly-owned subsidiary of Toyota Motor Corporation, and Toyota Marketing Japan Corporation (“TMJ”), a wholly-owned subsidiary of TMSM, announced that TMSM will merge with and into Toyota Motor Corporation and TMJ’s motor sports business will be transferred to Toyota Motor Corporation.

Vehicle Models

Toyota’s vehicles (produced by Toyota, Daihatsu and Hino) can be classified into three categories: hybrid vehicles, conventional engine vehicles, and fuel cell vehicles, which in December 2014 became available commercially for the first time in the world, in the Japanese market. Toyota’s product line-up includes subcompact and compact cars, mini-vehicles, mid-size, luxury, sports and specialty cars, recreational and sport-utility vehicles, pickup trucks, minivans, trucks and buses.

Hybrid Vehicles

The world’s first mass-produced hybrid car was Toyota’s Prius. It runs on an efficient combination of a gasoline engine and motor. This system allows the Prius to travel more efficiently than conventional engine vehicles of comparable size and performance. The hybrid design of the Prius also results in the output of 75% less emission than the maximum amount allowed by Japanese environmental regulations. Toyota views the Prius as the cornerstone of its emphasis on designing and producing eco-friendly automobiles.

In the last three years, Toyota has strengthened its hybrid lineup by introducing the Prius plug-in and the fully remodeled GS450h in January 2012, the Yaris HV in May 2012, the ES300h in July 2012, the Auris HV in November 2012, the Avalon HV and the fully remodeled Crown HV in December 2012, the fully remodeled IS300h in May 2013, the fully remodeled Corolla Axio HV/Corolla Fielder HV in August 2013, the fully remodeled Harrier HV in December 2013, the fully remodeled Voxy HV/Noah HV in January 2014, the NX300h in July 2014, the RC300h and the Esquire HV in September 2014 and the fully remodeled Alphard and Vellfire in January 2015. In the hybrid vehicles area, where strong growth is anticipated, Toyota aims to continue its efforts to offer a diverse line-up of hybrid vehicles, enhance engine power while improving fuel economy and otherwise work towards increasing the sales of hybrid vehicles.

Fuel Cell Vehicles

Toyota began limited sales of a fuel cell vehicle in Japan and the United States in December 2002. In June 2005, Toyota’s new fuel cell passenger vehicle became the first in Japan to acquire vehicle type certification under the Road Vehicles Act, as amended, on March 31, 2005, by Japan’s Ministry of Land, Infrastructure, Transport and Tourism. Leases for fuel cell vehicles began in July 2005. By 2007, Toyota was able to make

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improvements to start-up and cruising distance at temperatures below freezing, which were technological challenges. Toyota has made advances by solving technological issues such as the above and worked towards the practical use of such solutions, culminating in the general sale of the world’s first mass produced fuel cell vehicle MIRAI in Japan beginning in December 2014.

Conventional Engine Vehicles

Subcompact and Compact

Toyota’s subcompact and compact cars include the four-door Corolla sedan, which is one of Toyota’s bestselling models. The Yaris, marketed as the Vitz in Japan, is a subcompact car designed to perform better and offer greater comfort than other compact cars available in the market with low emissions that are particularly attractive to European consumers. In Europe, Toyota introduced the fully remodeled Aygo in June 2014. In Japan, Toyota introduced the remodeled Corolla Axio/Fielder in May 2012, the remodeled Porte and its variant, the Spade, in July 2012 and the remodeled Auris in August 2012. In India, Asia, China and other markets, Toyota introduced the Etios and Vios. In addition, Toyota introduced the AGYA, which is designed and manufactured by Daihatsu.

Mini-Vehicles

Mini-vehicles are manufactured and sold by Daihatsu. Daihatsu manufactures mini-vehicles, passenger vehicles, commercial vehicles and auto parts. Mini-vehicles are passenger cars, vans or trucks with engine displacements of 660 cubic centimeters or less. Daihatsu sold approximately 629 thousand mini-vehicles and 197 thousand automobiles on a consolidated basis during fiscal 2015. Daihatsu’s largest market is Japan, which accounted for approximately 80% of Daihatsu’s unit sales during fiscal 2015. From 2011, Toyota began to sell some mini-vehicles manufactured by Daihatsu under the Toyota brand.

Mid-Size

Toyota’s mid-size models include the Camry, which has been the bestselling passenger car in the United States for seventeen of the past eighteen calendar years (from 1997 to present) and also for the last thirteen consecutive years. The Camry was fully remodeled in August 2011. Camry sales in the United States for 2014 were approximately 428 thousand units (including Camry hybrids). In addition, Toyota’s other mid-size models include the REIZ for the Chinese market, the Avensis, which was remodeled in November 2008 for the European market, and the Mark X, which was remodeled in October 2009 for the Japanese market.

Luxury & Large

In North America, Europe, Japan and other regions, Toyota’s luxury lineup consists primarily of vehicles sold under the Lexus brand name. Lexus passenger car models include the LS, the GS, the ES, the IS, the HS, the CT and the RC. Lexus models also include the LX, the GX, the RX and the NX sold as luxury sport-utility vehicles. Toyota commenced sales of its luxury automobiles in Japan under the Lexus brand in August 2005. As of March 31, 2015, the Lexus brand lineup in Japan includes the LS, the GS, the HS, the IS, the CT, the RX, the NX and the RC. The Toyota brand’s full-size luxury car, the Avalon, was remodeled in October 2012, and the Crown was remodeled in December 2012. Toyota also sells the Century limousine in Japan.

Sports and Specialty

In the United States Toyota sells the Scion tC, a sports model targeted at young drivers. In December 2010, Toyota introduced the LFA model under the Lexus brand as the high-performance sports model, and in April 2012, Toyota introduced the 86 (called Scion FR-S in the U.S.), a compact sports car with a front-mounted engine and rear-wheel drive. In October 2014, Toyota introduced the RC coupe that leads the image of Lexus, which engages drivers on a sentimental level.

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Recreational and Sport-Utility Vehicles and Pickup Trucks

Toyota sells a variety of sport-utility vehicles and pickup trucks. Toyota’s sport-utility vehicles available in North America include the Sequoia, the 4Runner, the RAV4, the Highlander, the FJ Cruiser and the Land Cruiser, and pickup trucks available are the Tacoma and Tundra. The Tacoma, the Tundra, the Highlander and the Sequoia are manufactured in the United States. Toyota also offers four types of sport-utility vehicles under the Lexus brand, including the LX, the GX, the RX, and the NX. Toyota also manufactures the RX and RAV4 models in Canada. Toyota’s pickup truck, the Hilux, has been the bestselling model of all Toyota cars sold in Thailand. In North America, the fully remodeled RAV4 was introduced in December 2012 and the fully remodeled Highlander was introduced in December 2013. In July 2014, Toyota introduced the new NX model under the Lexus brand, and in May 2015, Toyota introduced the fully remodeled Hilux in Thailand.

Minivans and Cabwagons

Toyota offers several basic models for the global minivan market. Its largest minivans in Japan, the Alphard and the Vellfire, were remodeled in January 2015. In addition, the Corolla Verso was remodeled in December 2008 in Europe, and the Wish was remodeled in April 2009, the Noah/Voxy was remodeled in January 2014 and the new model Esquire was introduced in October 2014 in Japan. Toyota’s other minivan models include, in Japan, the Estima, the Sienta and the Isis, and, in North America, the Sienna.

Trucks and Buses

Toyota’s product lineup includes trucks (including vans) up to a gross vehicle weight of five tons and micro-buses that are sold in Japan and in overseas markets. Trucks and buses are also manufactured and sold by Hino, a subsidiary of Toyota. Hino’s product lineup includes large trucks with a gross vehicle weight of over eleven tons, medium trucks with a gross vehicle weight of between five and eleven tons and small trucks with a gross vehicle weight of up to five tons. Hino’s bus lineup includes medium to large buses used primarily as tour buses and public buses, small buses and micro-buses.

Product Development

New cars introduced in Japan during fiscal 2015 and thereafter include the RC, the NX, the Esquire and the MIRAI. Remodeled cars in Japan during fiscal 2015 and thereafter include the Alphard, the Vellfire and the PIXIS TRUCK. New vehicles developed during fiscal 2015 and thereafter and introduced outside of Japan include the RC and the NX. Remodeled cars outside of Japan during fiscal 2015 and thereafter include the Aygo, the Alphard, the Vellfire and the Hilux.

In addition, the IMV product lineup based on the IMV project to optimize global manufacturing and supply systems is a lineup of strategic multipurpose vehicles produced from a single platform to meet market demand. The IMV product lineup includes, as of March 31, 2015, the Hilux, Fortuner, and Innova, one or all of which are available in all regions except for Japan.

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Markets, Sales and Competition

Toyota’s primary markets are Japan, North America, Europe and Asia. The following table sets forth Toyota’s consolidated vehicle unit sales by geographic market for the periods shown. The vehicle unit sales below reflect vehicle sales made by Toyota to unconsolidated entities (recognized as sales under Toyota’s revenue recognition policy), including sales to unconsolidated distributors and dealers. Vehicles sold by Daihatsu and Hino are included in the vehicle unit sales figures set forth below.

	Year Ended March 31,
	2011					2012					2013					2014					2015
	Units		%			Units		%			Units		%			Units		%			Units		%
Market
Japan		1,913,117		26.2	%		2,070,799		28.2	%		2,278,796		25.7	%		2,365,410		26.0	%		2,153,694		24.0	%
North America		2,031,249		27.8			1,872,423		25.5			2,468,804		27.8			2,529,398		27.7			2,715,173		30.3
Europe		795,534		10.9			797,993		10.8			799,085		9.0			844,003		9.3			859,038		9.6
Asia		1,255,016		17.2			1,326,829		18.0			1,683,578		19.0			1,608,355		17.6			1,488,922		16.6
Other*		1,313,123		17.9			1,283,885		17.5			1,640,401		18.5			1,768,867		19.4			1,755,037		19.5
Total		7,308,039		100.0	%		7,351,929		100.0	%		8,870,664		100.0	%		9,116,033		100.0	%		8,971,864		100.0	%

* “Other” consists of Central and South America, Oceania, Africa and the Middle East, etc.

The following table sets forth Toyota’s vehicle unit sales and market share in Japan, North America, Europe and Asia on a retail basis for the periods shown. Each market’s total sales and Toyota’s sales represent new vehicle registrations in the relevant year (except for the Asia market where vehicle registration does not necessarily apply). All information on Japan excludes mini-vehicles. The sales information contained below excludes unit sales by Daihatsu and Hino, each a consolidated subsidiary of Toyota. Vehicle unit sales in Asia do not include sales in China.

	(Thousands of Units)
	Fiscal Year Ended March 31,
	2011			2012			2013			2014			2015
Japan:
Total market sales (excluding mini-vehicles)		2,975			3,067			3,242			3,433			3,126
Toyota sales (retail basis, excluding mini-vehicles)		1,407			1,396			1,570			1,605			1,439
Toyota market share		47.3	%		45.5	%		48.4	%		46.7	%		46.0	%
	(Thousands of Units)
	Calendar Year Ended December 31,
	2010			2011			2012			2013			2014
North America:
Total market sales		14,058			15,417			17,153			18,514			19,597
Toyota sales (retail basis)		2,008			1,880			2,360			2,520			2,670
Toyota market share		14.3	%		12.2	%		13.8	%		13.6	%		13.6	%
Europe:
Total market sales		18,368			19,074			18,171			18,009			18,397
Toyota sales (retail basis)		808			820			838			848			888
Toyota market share		4.4	%		4.3	%		4.6	%		4.7	%		4.8	%
Asia (excluding China):
Total market sales		7,430			7,861			8,986			8,899			8,785
Toyota sales (retail basis)		1,039			1,103			1,487			1,427			1,324
Toyota market share		14.0	%		14.0	%		16.5	%		16.0	%		15.1	%

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Japan

Japan is one of the leading countries with respect to technological advancements and improvements and will continue to demonstrate such strength. Toyota strives to earn customer satisfaction by introducing products distinctive of Japan’s manufacturing ability such as value-added products including Lexus models, hybrid vehicles, vehicles with 3-seat rows and mini-vehicles. Toyota’s consolidated vehicle sales in Japan in fiscal 2015 was 2,154 thousand units, a decrease of 211 thousand units in comparison with the previous year. Toyota endeavors to secure and maintain its large share of and position atop the Japanese market. Toyota held a domestic market share (excluding mini-vehicles) on a retail basis of 48.4% in fiscal 2013, 46.7% in fiscal 2014 and 46.0% in fiscal 2015.

Although Toyota’s principle is to conduct production in regions where it enjoys true competitiveness, it considers Japan to be the source of its good manufacturing practices. Toyota supports its operations worldwide through measures such as the development of new technologies and products, low-volume vehicles to complement local production, production of global vehicle models which straddle multiple regions and supporting overseas factories. Toyota will also launch the implementation of the new platform and the new unit for the Toyota New Global Architecture (“TNGA”) globally, with Japan at the core. In Japan, Toyota is implementing flexible production based on market needs, in order to support its large share of domestic sales.

In January 2011, Central Motor Co., Ltd., Toyota’s subsidiary, began production at its Tohoku plant, implementing innovative production technology that realizes cost reductions. The Tohoku plant produces compact vehicles such as the Yaris sedan and the Corolla Axio. In addition, Kanto Auto Works, Ltd. became a wholly-owned subsidiary of Toyota in January 2012. In July 2012, Toyota integrated Central Motor Co., Ltd., Kanto Auto Works, Ltd. and Toyota Motor Tohoku Corporation to establish Toyota Motor East Japan, Inc. as a new company. This integration is intended to enable Toyota Motor East Japan, Inc. to design, develop, and produce globally competitive compact cars, manufacture auto parts and support Toyota’s overseas operations. Toyota has established three domestic production bases, each of which are in the Tokai, Kyushu and Tohoku regions.

In January 2012, Toyota Auto Body Co., Ltd. became a wholly-owned subsidiary of Toyota. Toyota Auto Body Co., Ltd. is primarily responsible for integrating the planning, development and production of minivans, commercial vehicles, SUVs, etc.

Since Toyota formed an alliance with Fuji Heavy Industries, Ltd. (“FHI”) in 2005, Toyota and FHI have utilized each other’s resources in development and production. In April 2008, in order to create synergy and to further strengthen competitiveness, Toyota, Daihatsu and FHI agreed on the following three points: (1) Toyota and FHI will jointly develop a compact rear-wheel-drive sports car that will be marketed by both Toyota and FHI, (2) Toyota will provide FHI with a compact car on an original equipment manufacturing basis (“OEM”) and (3) Daihatsu will supply FHI with mini-vehicles and an FHI version of the Daihatsu Coo compact car on an OEM basis. In order to promote a smooth cooperation, FHI transferred 61 million FHI shares owned by FHI to Toyota in July 2008. As a result of this transfer, Toyota owns 16.5% of FHI issued shares. While Toyota vehicles have been manufactured at FHI’s North American production center, Subaru of Indiana Automotive, Inc., since 2007, Toyota and FHI have decided to cease such production in the fall of 2016, and the collaboration between Toyota and FHI will shift going forward to collaboration focusing on products and technology.

In Japan, there are five major domestic manufacturers, five specialized domestic manufacturers and a growing volume of imports from major United States and European manufacturers. The prolonged economic slump in the Japanese economy and the recent increases in environmental awareness have also shifted consumer preference towards more affordable automobiles such as compact and subcompact vehicles and towards utility vehicles such as mini-vans. For more than 40 years, Toyota has maintained its position as the largest automobile manufacturer in Japan. Every year since fiscal 1999, Toyota, excluding Daihatsu and Hino, has achieved a market share (excluding mini-vehicles) of over 40%, reflecting in part the success of the introduction of new models for subcompact and compact cars, mini-vans and sedans. In August 2005, Toyota launched the Lexus

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brand in Japan and achieved a record top market share of 25.6% in the luxury market in 2011. Toyota aims to further distinguish the Lexus brand by continuing to attract new and affluent customers including customers that typically had purchased imported vehicles.

North America

The North American region is one of Toyota’s most significant markets. While the automotive market struggled in the aftermath of the financial crisis beginning in 2008, Toyota has since reorganized its production structure and made improvements to its product lineup. In addition, Toyota is actively working to promote increased local operations independence in North America, in accordance with the Toyota Global Vision, announced in 2011.

In the North American region, of which the U.S. is the center, Toyota has a wide product lineup (excluding large trucks and buses), and sold 2,715 thousand vehicles on a consolidated basis in fiscal 2015. This represents approximately 30% of Toyota’s total unit sales on a consolidated basis. The U.S., in particular, is the largest market in the North American region, accounting for 89% of the retail sales of Toyota in such region. Sales figures for fiscal 2015 were 107.3% of those in the previous fiscal year.

Toyota commenced sales of the first-generation Prius hybrid model in North America in 2000. The Prius became Toyota’s bestselling model behind the Corolla and Camry, having gained particular support among customers concerned with the environment. Toyota introduced the first hybrid model under the Lexus brand, the RX400h, and the Highlander hybrid in 2005. Further, Toyota continued expanding its hybrid models with the introduction of models such as the HS250h in 2009, the CT200h and the Prius V in 2011, the Prius C, the ESh and the Avalon HV in 2012 and the NXh in 2014.

Since the introduction of the LS and ES models under the premium brand model, Lexus, in the United States in 1989, Toyota has expanded its Lexus sales with models including the GS, IS and RX. In 2012, Toyota introduced the all-new GS and ES models, and unit sales reached 244 thousand units. Toyota is seeking to steadily increase sales every year and achieved sales of 274 thousand units through the introduction of the new IS model in 2013 and 311 thousand units through the introduction of the new NX and RC models in 2014.

Toyota is continuing to revise its vehicle models and North American production capacities in response to changes in market conditions. Starting 2011, Toyota, instead of importing from Japan, began production of the Corolla at its Mississippi plant. In 2013, the production capacity at the Woodstock plant in Canada increased from 150 to 200 thousand units per year, and the production capacity at the Indiana plant also increased. Toyota commenced production of the RX450h hybrid model at its Cambridge plant in Canada in 2014. Through the business alliance with Mazda Motor Corporation, the production of Toyota brand light vehicles for sale mainly in North America is scheduled to begin at Mazda’s plant in Mexico in July 2015. In addition, Toyota has decided to commence production of the Lexus ES350 at its Kentucky plant for sale in the North America market starting in the fall.

In terms of auto parts, Toyota increased production capacity of engine plants in Kentucky and Alabama in 2013 and 2014, respectively, to meet rising demand, and also increased production capacity of auto parts at its automatic transmission plant in West Virginia in 2014.

In order to further strengthen competitiveness in North America, Toyota will continue the realignment of North American manufacturing operations going forward. As part of this effort, a new plant will be built in Mexico in 2019 and production of the Corolla will be shifted from the plant in Canada to the new plant in Mexico. Compact cars will also be produced at the new plant as well as at the plant in Mississippi. Toyota will consider focusing its production of mid-sized vehicles in the plant in Canada, along with the plants in Indiana and Kentucky, by commencing production of mid-sized vehicles instead of the Corolla in Canada starting in 2019.

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As for Toyota’s vehicle development in North America, the Toyota Technical Center spearheads the design, planning, and evaluation of vehicles and parts as to their ability to meet customer needs. Toyota will continue to promote self-reliance towards producing even better cars in the future.

In April 2014, Toyota decided to relocate its North American headquarters for manufacturing, sales and marketing, financial services and other functions to the city of Plano in northern Dallas, Texas. By unifying its North American operations, Toyota plans to promote collaboration and efficiencies across functions, position itself to deliver “ever-better cars” to customers and work towards realizing sustainable growth in the North America market. The relocation is expected to take place following the completion of the construction of the new headquarters in late 2016 or early 2017.

Europe

While competition continues to intensify, Toyota has expanded its lineup of hybrid models to further strengthen its sales operations, and has entered into supply agreements with BMW and PSA for diesel engines and light commercial vehicles, respectively. As a result, Toyota launched the BMW engine-equipped Verso in early 2014 and plans to expand to other models in the future. Toyota also began sales of light commercial vehicles supplied by PSA from mid-2013. In addition, Toyota is actively promoting production and sales measures that meet local demand by strengthening its value chain including used car dealerships, after-sales services and finance and insurance services.

In 2014, while the market recovered steadily in the eurozone, the market in Eastern European countries, mainly in Russia, slowed down due to factors such as the situation in Ukrainian and decline in crude oil prices.

Sales in 2014 in Europe exceeded the previous year’s figures due to increased sales in major markets resulting from the introduction of new models and increased sales of hybrid models. Going forward, Toyota will strive to maintain sales with the expansion of its product lineup while being responsive to market risks. Toyota’s consolidated vehicle sales in Europe in fiscal 2015 was 859 thousand units, an increase of 1.8% from fiscal 2014.

Toyota has in the past increased European production in response to sales growth, establishing Toyota Motor Manufacturing (UK) Ltd. (“TMUK”) in 1992, Toyota Motor Manufacturing Turkey Inc. (“TMMT”) in 1994 and Toyota Motor Manufacturing France S.A.S. (“TMMF”) in 2001. Further, in 2005, Toyota Peugeot Citroën Automobile Czech was formed as a result of a joint venture with PSA Peugeot Citroën as vehicle supply factories to Europe. At the time of the economic crisis in Europe, Toyota promptly reduced personnel and made adjustments to its plant operations. In addition, in 2010, TMUK limited its production to one production line at its Burnaston plant. At the same time, Toyota conducted measures such as changing from a two-shift to a one-shift production operation at TMMT and change from a three-shift to a two-shift production operation at Toyota Motor Manufacturing Poland SP.zo.o. To increase the utilization rate of these factories, Toyota began to transfer the production of the Corolla from South Africa to TMMT and commenced exporting the TMMF Yaris to North America in 2013.

Toyota opened the Toyota Motor Manufacturing Russia (TMMR) plant in 2007 as a base for its manufacturing operations in the Russian market, where future growth is expected. A two-shift production operation started in September 2012 and production capacity was increased from 20,000 units to 50,000 units per year. In addition, Toyota decided in September 2013 to manufacture a second model, namely the RAV4. Moreover, OOO “Toyota Motor” (sales) and TMMR were merged into one company at the end of 2013 to strengthen the business base and promote coordination of manufacturing and sales operations. In addition, Toyota commenced contract assembly of SUVs by Sollers Bussan in Vladivostok in February 2013. Toyota commenced complete knock down, or CKD, production of SUVs in Kazakhstan beginning in the spring of 2014.

Toyota’s principal European markets are Germany, France, the United Kingdom, Italy, Spain and Russia. Toyota’s principal competitors in Europe are Volkswagen, Renault, Ford, Opel and Peugeot, as well as Korean manufacturers Hyundai and Kia.

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Asia

Toyota’s consolidated vehicle sales in Asia (including China) in fiscal 2015 was 1,489 thousand units, a decrease of 7.4% from fiscal 2014.

In light of the importance of the Asian market that is further expected to grow in the long term, Toyota aims to build an operational framework that is efficient and self-reliant as well as a predominant position in the automotive market in Asia. Toyota has responded to increasing competition in Asia by making strategic investments in the market and developing relationships with local suppliers. Toyota believes that its existing local presence in the market provides it with an advantage over new entrants to the market and expects to be able to promptly respond to demand for vehicles in the region.

In this region, Toyota has been further strengthening its business foundations by improving its product line-up, expanding local procurement and increasing production capacities.

As an example of enhancing the product line-up, Toyota began producing IMVs (the Hilux, Fortuner and Innova) in Thailand, Indonesia, India, the Philippines and Malaysia in 2005 and in Vietnam in 2006. Furthermore, with increased production capacity, the Thailand plant now produces IMVs for export outside of Asia, including to Australia and to the Middle East, contributing greatly to the expansion of Toyota’s automotive business.

As part of Toyota’s efforts to expand business, Toyota Motor Thailand Co., Ltd. commenced production of the Camry hybrid in 2009 and Prius in 2011. Toyota also started operation of its second Gateway plant in 2013, expanding production capacity by 80 thousand units in Thailand to 810 thousand units. In April 2015, Toyota implemented a full model change for IMV models manufactured at its plant in Thailand.

In India, Toyota constructed a second plant with an annual production capacity of 70 thousand units and commenced production and sales of the Etios compact model designed specifically for the Indian market in 2010. Furthermore, Toyota increased production capacity in India during 2012 and 2013 to 210 thousand units. Moreover, Toyota began exporting the gasoline-fueled model of the Etios to South Africa from India in 2012.

In Indonesia, Toyota introduced the Etios and commenced operation of a second plant in Karawang in 2013 in order to meet the diverse customer needs and the expanding market. In 2014, Toyota increased the initial production capacity of 70 thousand units per year to 120 thousand units per year with the introduction of the Vios and the Yaris, and also began exporting the Vios to the Middle East. Toyota also began construction of a passenger vehicle engine plant to commence production at the beginning of 2016. In Malaysia, Toyota began production of the Camry hybrid in March 2015. In addition, in 2012 Toyota began production and sales of the Camry hybrid in Taiwan to accommodate the spread of environmentally-friendly vehicles. Moreover, in light of the free trade agreement between the U.S. and Korea, Toyota began sales of the U.S.-produced Camry in Korea in January 2012.

Toyota’s principal Asian markets are Thailand, Indonesia, India, Malaysia and Taiwan.

China

Toyota has been conducting its operations in China through joint ventures, and its success in producing products that meet local demands and in establishing its sales and service network has significantly contributed to Toyota’s profits. Based on the firm business foundation that it has established, Toyota is conducting its operations with the aim of promoting further growth and increasing profitability through further development of its sales and service network and expansion of its product lineup.

In China, Toyota has been conducting joint ventures with two major partners. First, with respect to the joint venture with China FAW Group Corporation since Toyota first launched the Vios through the joint venture in

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2002, Toyota has been producing and selling the Land Cruiser Prado, the Land Cruiser, the Corolla, the Crown, the REIZ, the Coaster, the RAV4 and the Prius in China. With regard to production capacity, in 2007, Toyota commenced production at the new Tianjin Teda plant, which has an annual production capacity of 200 thousand units, and in 2012, commenced production at a new factory in Changchun, China, which has an annual production capacity of 100 thousand units. Toyota also increased annual production capacity of the plant in Sichuan from 30 thousand units to 50 thousand units in the spring of 2015 to increase production of the Prado.

GAC Toyota Motor Co., Ltd., a joint venture between Toyota and Guangzhou Automobile Group Co., Ltd., commenced sales of the Camry in 2006, followed by production and sales of the Yaris, the Highlander, the E’z and the Levin. In 2006, it commenced production at the first plant on a single shift basis with an annual production capacity of 100 thousand units and expanded its annual production capacity to 200 thousand units on a double shift basis. In addition, a second plant commenced production in 2009 and Toyota plans to complete construction of a third plant in 2017. In terms of auto parts, in 2014, Toyota opened a plant in Changshu in Jiangsu, China for the production of the CVT as the first CVT plant outside of Japan. Toyota also plans to open a plant to produce hybrid vehicle batteries in October 2015.

Total vehicle sales in the Chinese market increased 8% from 22.19 million in 2013 to 24.00 million in 2014. In this market, Toyota’s sales in 2014 were 1.03 million vehicles, up 13% from the previous year. In the passenger vehicle market (17.80 million units), Toyota had a market share of 6%. In 2014, favorable conditions in the less-than-1.6 liter market continued, and the SUV market expanded as a result of customers’ value diversification. As for Toyota’s distribution network, Toyota has been expanding the distribution network for locally produced vehicles in cooperation with Chinese joint venture partners under Tianjin FAW Toyota Motor Co., Ltd. and Guanqi Toyota Motor Co., Ltd., and for imported vehicles, Toyota has also been expanding primarily the Lexus brand sales network. Toyota plans to further increase sales by expanding the number of dealers and the product lineup for both locally produced and imported vehicles, particularly inland. In addition, as the market in China develops, Toyota plans to promote the so-called “Value Chain” businesses such as used cars, services, financing and insurance.

South and Central America, Oceania, Africa and the Middle East

Toyota’s consolidated vehicle sales in South and Central America, Oceania, Africa and the Middle East (collectively, the “Four Regions”) in fiscal 2015 remained around the same at 1,755 thousand units, a decrease of 0.8% from fiscal 2014. The core models in this region are global models such as the Corolla, IMV (the Hilux) and Camry. In order to increase production of IMVs, Toyota expanded the annual production capacity of its Argentina factory from 70 thousand units to 90 thousand units in 2011. Toyota is seeking to further increase its annual production capacity to 140 thousand units per year during 2015 and 2016. In order to expand business in Brazil, Toyota constructed a new factory in Sorocaba with an annual production capacity of 70 thousand units, and in 2012, began production and sales of the compact vehicles. Starting from 2016, Toyota plans to increase production capacity to 110 thousand units per year. Further, Toyota began local production of the Fortuner in Egypt in 2012. Moreover, in terms of auto parts, Toyota plans to commence production at a plant in Brazil for passenger vehicle engines in 2016.

Toyota decided to end production of vehicles and engines at Toyota Motor Corporation Australia Ltd. by the end of 2017.

In these regions, which are expected to become increasingly important to Toyota’s business strategy, Toyota aims to develop new products which meet the specific demands of each region, increase production and further promote sales.

Toyota’s principal markets in the Four Regions are Brazil in South and Central America, Australia in Oceania, South Africa in Africa and Saudi Arabia in the Middle East.

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Production

Toyota and its affiliated companies produce automobiles and related parts and components through more than 50 overseas manufacturing companies in 28 countries and regions besides Japan. Toyota’s major manufacturing facilities include plants in Japan, the United States, Canada, the United Kingdom, France, Turkey, Thailand, China, Taiwan, India, Indonesia, South Africa, Australia, Argentina and Brazil. Daihatsu brand vehicles are produced at 4 factories in Japan and 4 manufacturing companies in 3 other countries, including Indonesia and Malaysia. Hino brand vehicles are produced at 2 factories in Japan and 10 manufacturing companies in 10 countries, including Indonesia and Thailand. For a listing of Toyota’s principal production facilities, see “Information on the Company — Property, Plants and Equipment”.

In promoting a sustainable growth strategy, establishing a system capable of providing optimal supply of products in the global market is integral to Toyota’s strategy.

In line with its basic policy of manufacturing where there is demand and where Toyota is truly competitive, Toyota will make efficient use of and maximize capacity utilization at its existing plants to respond to the expanding market and will continue to focus on making efficient capital investments as necessary. Furthermore, Toyota will continue to place top priority on safety and quality in strengthening true competitiveness with the aim of achieving sustainable growth.

In 2014, 76.5% of Toyota vehicles sold in overseas markets were manufactured in overseas plants by Toyota and its unconsolidated affiliated companies. In 2014, approximately 74.4% of Toyota vehicles sold in North America were produced in North America. Of the vehicles sold in Europe in 2014, approximately 73.7% were produced in Europe. In fiscal 2015, Toyota produced on a consolidated basis 4,125 thousand vehicles in Japan and 4,805 thousand vehicles overseas compared to 4,345 thousand vehicles in Japan and 4,687 thousand vehicles overseas in fiscal 2014.

The following table shows the worldwide vehicle unit production by Toyota for the periods shown. These production figures do not include vehicles produced by Toyota’s unconsolidated affiliated companies. The sales unit information elsewhere in this annual report includes sales of vehicles produced by these affiliated companies. Vehicles produced by Daihatsu and Hino are included in the vehicle production figures set forth below.

	Year Ended March 31,
	2011		2012		2013		2014		2015
Units Produced		7,169,721		7,435,781		8,698,454		9,032,165		8,929,887

Toyota closely monitors its actual units of sale, market share and units of production data and uses this information to allocate resources to existing manufacturing facilities and to plan for future expansions.

See “— Capital Expenditures and Divestitures” for a description of Toyota’s recent investments in completed plant constructions and for a description of Toyota’s current investments in ongoing plant constructions.

The Toyota Production System

Toyota pioneered the internationally recognized production system known as the “Toyota Production System”. The Toyota Production System is based on Toyota’s own concepts of efficient production of only necessary and quality products and efficient cost reduction, and has the following two principal elements:

• “Just-in-Time”, and

• “Jidoka”.

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Just-in-Time is an approach in which necessary parts and components are manufactured and delivered in just the right quantity in a timely manner just as they are needed. This allows Toyota to maintain low levels of inventory while maintaining operating efficiency.

Jidoka is a production concept which involves immediate stop of work when problems arise in the production line in order to stop the production of defective items from being passed on to subsequent stages of the process, and therefore making quality assurance an inherent part of the production process. To achieve this, Toyota’s equipment is designed to detect and highlight abnormalities and to stop whenever abnormalities occur. Toyota also authorizes its machine operators and other members of its production team to stop production whenever they note anything suspicious. This helps Toyota to build quality into the production process by avoiding defects and preventing the waste that would result from producing a series of defective items.

Toyota believes that the Toyota Production System allows it to achieve mass-production efficiencies even in high-mix, low-volume production. This belief gives Toyota the flexibility to respond to changing consumer demand without significantly increasing production costs. While the Toyota Production System remains the basis of Toyota’s automobile production, the system has been expanded for use in Toyota’s parts production, logistics and customer service activities as well.

Through the Toyota Production System, issues are identified and analyzed at the actual site, the entire production process is made visible and production efficiency as well as product quality are improved through the application of measures to address the sources of problems. As one method to implement these measures, Toyota utilizes sophisticated information technologies to improve each step of its vehicle development process, from product planning to commencement of mass-production. These technologies are intended to enhance flexibility, simplification, quality, cost competitiveness and speed. Specifically, detailed virtual assembly and other simulations of manufacturing processes are conducted on computers for a new vehicle or new production equipment/systems before a prototype is made. An actual prototype is made only after defects and related issues have been identified and resolved by computer simulation, thereby minimizing the time required for rebuilding prototypes and significantly shortening the time required before starting mass production. Moreover, this system is used to prepare virtual factories and other visual aids in order to facilitate training and communication at overseas plants and enable the efficient transfer of necessary technology and skills.

In order to strengthen manufacturing and promote localization of overseas production, Toyota established the Global Production Center (“GPC”) in July 2003 as a development and training center for global human resources. The GPC is intended to introduce local managers to the Toyota methodology, allowing them to train their subordinates while managing locally. GPC develops simple, easy-to-understand and efficient training systems for the development of explicit knowledge. One characteristic of the GPC is that managers and supervisors, new hires and experienced workers can all receive common skill-training. GPC’s training system involves a pre-training phase where trainees learn basic skills and discover the skills that they must acquire through image training. This is followed by various steps, from basic skill training and elemental task training to standard task training, which ensures a step-by-step training. The fruits of this training method are reduced training time, higher levels of achievement and the efficiency of training. Since January 2006, Toyota has opened regional GPCs in North America, Europe and Asia. In each region, Toyota commenced courses where trainees from each department are trained by local trainers to become trainers themselves.

In April 2015, the GPC was reorganized into TPS Promotion Center in order to promote TPS (Toyota Production System) and activities centering on improving production engineering and manufacturing methods at each manufacturing process by sharing global best standards in cooperation across different plants in order to foster highly skilled workers and improve logistics in order to comprehensively improve manufacturing abilities. Through these activities, Toyota has been making efforts to resolve issues relating to the entire supply chain.

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Toyota is working company-wide towards the production of “ever-better cars.” The production engineering and manufacturing divisions are developing Toyota’s own innovative production systems, equipment and processing technologies and deploying them in production lines in order to produce vehicles that create excitement, joy and fun for customers through truly competitive manufacturing methods.

Distribution

Toyota’s automotive sales distribution network is the largest in Japan. As of March 31, 2015, this network consisted of 280 dealers employing approximately 33 thousand sales personnel and operating approximately 4.7 thousand sales and service outlets. Toyota owns 15 of these dealers and the remainder is independent.

Toyota believes that this extensive sales network has been an important factor in its success in the Japanese market. A large number of the cars sold in Japan are purchased from salespersons who visit customers in their homes or offices. In recent years, however, the traditional method of sales through home visits is being replaced by showroom sales and the percentage of automobile purchases through showrooms has been gradually increasing. Toyota expects this trend to continue, and accordingly, is working to improve its sales activities such as customer reception and meticulous service at showrooms to increase customer satisfaction.

Sales of Toyota vehicles in Japan are conducted through four sales channels — “Toyota,” “Toyopet,” “Corolla” and “Netz.” In addition, Toyota introduced the Lexus brand to the Japanese market in August 2005, and currently distributes the Lexus brand vehicles through a network of 166 sales outlets in order to enhance its competitiveness in the domestic luxury automobile market. The following table provides information for each channel as of March 31, 2015.

	Dealers
Channel	Toyota Owned		Independent		Total		Market Focus
Toyota		4		45		49	Luxury channel for Toyota brand vehicles
Toyopet		4		48		52	Leading channel for the medium market
Corolla		4		70		74	Volume retail channel centering on compact models
Netz		3		102		105	Sales channel targeting customers with new values for the 21st century
Brand					Sales Outlets		Market Focus
Lexus						166	Premium brand

Outside Japan, Toyota vehicles are sold through approximately 170 distributors in approximately 190 countries and regions. Through these distributors, Toyota maintains networks of dealers. The chart below shows the number of Toyota distributors as of March 31, 2015 by country and region:

Country/Region	Number of Countries		Number of Distributors
North America		3		5
Europe		56		30
China		1		4
Asia (excluding China)		17		12
Oceania		17		15
Middle East		17		16
Africa		54		45
Central and South America		30		40

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Improving Efficiency

Toyota is working on the following to create a corporate structure allowing for efficient development, production and sales that can respond flexibly to changes in the external environment:

• working with suppliers as one team to dramatically increase the efficiency of development;

• creating a production structure that can better withstand fluctuations in demand and currency exchange rates; and

• strengthening sales capabilities in line with local conditions.

Toyota also plans to improve profitability and enhance operating efficiency by continuing to pursue aggressive cost reduction programs, including:

• improving product development and production efficiencies through the re-integration and improvement of vehicle platforms and power trains as well as through the development of electronic platforms which organize electronic devices of vehicles as a package and standardize electronic structure and infrastructure;

• implementing Ryohin-Renka Cost Innovation (“RR-CI”) activity, which aims for the elimination of waste in all processes from design to production while ensuring the reliability and safety of each part;

• applying advanced information technologies to improve efficiency throughout the product development and production processes;

• promoting global reinforcement of the supply base under an open and fair purchasing policy;

• streamlining production systems; and

• improving the efficiency of domestic and international distribution.

Toyota is further improving production efficiency by installing more versatile equipment and systems, modifying vehicle body designs to allow for a greater variety of models on each production line and sharing more parts among vehicles, not simply among different models but also among different platforms.

In April 2012, Toyota announced a new development framework, the TNGA, which reconciles sweeping advances in product appeal with cost reductions. The new framework sets forth an architecture that incorporates not only the three fundamental vehicle functions of moving, turning and stopping, but also ergonomics such as driving position as well as freedom of design. Toyota plans to efficiently develop cars with high basic-performance attributes by developing parts and modules based on this architecture. The TNGA provides for handling multiple models simultaneously in grouped development projects that will increase the sharing of parts and core vehicle components. This sharing, carried out in cooperation with suppliers, will result in lowered costs, thereby allowing developmental manpower and funds to be reinvested in R&D to meet consumer preferences and R&D to meet regional needs, resulting in further product improvement.

By April 2013, Toyota established systems to rapidly promote the TNGA. Toyota is promoting company-wide activities to reevaluate the way it does business from the ground up in order to continue producing high-quality, profitable and attractive cars.

Enhancing Vehicle Functionality and Realizing a Smart Mobility Society

Toyota is striving to realize a smart mobility society in which people feel at ease and excited about being in cars and in everyday life by connecting vehicles, people and communities in order to meet the needs of rapidly changing societies, including the falling birth rate and aging populations in developed nations and an increasingly diverse range of energy sources, among others. In particular, Toyota aims to contribute to an affluent lifestyle that offers peace of mind by enhancing vehicle functionality that will increase the attractiveness of vehicles and

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the excitement of driving, enhancing transport systems that make being in cars more comfortable and more environmentally friendly, and realizing Smart Communities that aim for optimization of local energy use and establishment of a low-carbon emission transportation system.

Enhancing Vehicle Functionality — Information Service Functions

To Toyota, enhancing vehicle functionality means advancing information service functions that integrate vehicles with telecommunication systems, and driving assistance functions that use communication technologies and sensor technologies to create vehicles with intelligent features. Information service functions can improve convenience and enrich the driving experience through information communication technologies that add new functions that are connected to the basic vehicle functions of “running, turning and stopping.” Examples include the following:

• Toyota is advancing enhancement of car navigation systems, such as car parking maps that display detailed information inside car parks, as well as the VICS system (Vehicle Information and Communication System) that provides real-time road traffic information such as congestion, accidents, traffic restrictions and parking. Car navigation systems play an increasingly important role in providing drivers with various types of information on safety, smooth traveling, comfort and convenience.

• T-Connect/G-BOOK is the latest information network service that merges the latest network technologies and car multimedia a step ahead of the arrival of the ubiquitous network society. T-Connect/G-BOOK provides various types of information useful for driving, as well as safety and security services that detect unusual conditions in the vehicle, thereby supporting a lifestyle with one’s vehicles anytime and anywhere through a network. In 2005, Toyota started G-BOOK ALPHA and G-Link for Lexus, each with additional various features including traffic congestion forecast service. In 2007, Toyota launched G-BOOK mX, which in addition to the well-received conventional safety and security services of G-BOOK, introduced even more useful car navigation services such as “Map-on-Demand” — the world’s first technology for automatically updating map data — and “Probe Communication Traffic Information” that provides drivers with highly precise information on traffic congestion. In 2014, Toyota launched T-Connect, which in addition to conventional telematics services, provides new services and functions through the distribution of applications to on-board device, as well as destination and other information searches through the adoption of a voice recognition system.

• HELPNET is an emergency dial system that, in the event of a traffic accident or medical emergency, transmits information required for emergency rescue, such as present-location data and vehicle details, either automatically or with the touch of a button. It immediately contacts police and fire departments through the HELPNET Operation Center. This system is integrated into T-Connect/G-BOOK and G-Link to improve the quality of services. HELPNET shortens the time taken to report following an emergency situation, which contributes to decreasing the number of traffic accident fatalities and reducing the level of impact, while at the same time aiming to prevent secondary disasters and ease traffic congestion.

In addition to the above, Toyota also operates a Japanese-language web portal for automobile information, GAZOO.com. The name “GAZOO” originates from the Japanese word gazo, meaning images. GAZOO was established as an Internet membership service linking Toyota, its national dealer network and GAZOO members, and has provided information on new and used Toyota vehicles and related services, as well as online shopping services. GAZOO currently provides information on not only Toyota vehicles but also other automakers, as well as offering a rich blog feature as a social networking portal site on automobiles. In addition, GAZOO features GAZOO Racing and Gazoo mura, through which Toyota aims to expand the fan base of car enthusiasts by promoting activities such as user-participatory motor sports, where customers can experience in real life the enjoyment that cars offer, to further complement its contents line-up. Toyota utilized its GAZOO technology to further expand its automobile information service by launching the G-BOOK telematics service in Japan in fall 2002 and G-Link, which is a service exclusive to Lexus, in August 2005. Toyota also offers a theft detection system, vehicle tracking service and operator support service as standard services to enhance services aiming to

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provide safety, security and comfort for T-Connect/G-BOOK and G-Link users in their lifestyle using vehicles. With G-BOOK mX announced in April 2007, Toyota started offering services that allow drivers to use more convenient navigation systems such as “Map-on-Demand” — the world’s first technology for automatically updating map data. In addition, Toyota has further strengthened its linkage between GAZOO and G-BOOK and has, for example, allowed map information searched on a blog on GAZOO.com to be used on G-BOOK, further maturing as a comprehensive telematics service. In Japan, Toyota is seeking to promote the use of the T-Connect/G-BOOK by equipping all Lexus models and certain Crown models with the T-Connect/G-BOOK as a standard feature. Toyota has also licensed its T-Connect/G-BOOK technology to certain other competitors in Japan. Toyota is applying the technology and experience which it has accumulated in Japan to regions outside Japan; G-BOOK services were introduced in China in March 2009, and unique telematics services in the United States were launched in August 2009. In addition, Toyota began offering telematics services for smartphones in December 2010 in Japan, and began to offer the same service in Thailand in March 2012 and the Middle East from January 2014 (UAE, Qatar and Lebanon in January 2014, Saudi Arabia in August 2014, Bahrain in October 2014 and Kuwait in January 2015).

In addition, in March 2004, Toyota launched its CRM (Customer Relationship Management) system called e-CRB (evolutionary Customer Relationship Building) in Thailand. e-CRB builds on a technology cultivated through the development of Gazoo and G-BOOK and offers its customers a variety of services such as providing information on new vehicles, accepting requests for brochures and estimates and notifying customers when it is time for maintenance by keeping track of the vehicle’s maintenance history and mileage. In addition, e-CRB offers an advanced operation system that can be utilized comprehensively at dealers including new and used cars and services. Toyota is promoting e-CRB in countries such as China, Thailand, Australia, India and Brazil where steady progress has been made as the service-in ratio has increased. In 2013, Toyota introduced the next-generation e-CRB that adopts tablet terminals (portable information processing terminals) in China. These tablet terminals are supporting the improvement of customer satisfaction at points of sale and in after-sale service.

Toyota also introduced a system called Sales Logistics Integrated Management (“SLIM”) in Guangzhou, China and India. By utilizing real sales information and linking with production and distribution, Toyota is able to realize the Just-in-Time production system of producing and delivering only the number of vehicles that have been sold. SLIM has been recognized to significantly increase the freshness of inventory and improve cash flow.

In September 2010, Toyota announced its smart-grid initiatives, which are intended to demonstrate efficient energy use toward the realization of a low-carbon and energy-saving society. By utilizing technology cultivated through the Internet and telematics services mentioned above, Toyota developed the Toyota Smart Center (“TSC”) that optimally controls electricity and links EV (electric vehicles) and PHV (plug-in hybrid vehicles) with homes, and conducted a demonstration project in Rokkasho Village in Aomori aimed at reducing overall CO2 emissions and users’ electricity costs. In addition, in order to develop a global platform of the TSC, Toyota announced a partnership with Microsoft Corp. in April 2011 and a partnership with Salesforce.com in May 2011. Toyota plans to utilize the cloud technology of these two companies in its Internet and telematics services to build a framework for TSC’s global implementation. In January 2012, Toyota began eConnect and “TOYOTA friend” services for PHV. In May 2013, Toyota utilized the latest version of Microsoft’s SharePoint to comprehensively redesign GAZOO, the automobile information portal site. Toyota aims to offer new services, achieve better vehicle quality and enhance product attractiveness as well as contribute further to society by utilizing the vehicle information, road conditions and other parameters collected via telematics services and stored at the TSC. With regard to contribution to society, Toyota began offering the Big Data Traffic Information Service in June 2013, through which traffic information, statistics and other related information are provided to local governments, universities and businesses to support traffic flow improvement and assist disaster prevention measures. Toyota plans to continue to work with new information technologies and the IT industry to establish a framework for TSC’s global implementation and to realize a mobility society of the future.

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Enhancing Vehicle Functionality — Driving Assistance Functions

Toyota’s driving assistance functions offer functions that assist drivers with an aim to lessen the burden of driving, enhance safety and provide to everyone the pleasure of driving. Toyota has commercialized enhancements to various functions that assist the driver in sensing external information, avoiding danger and making appropriate maneuvers. Examples of driving assistance functions include the following:

• VDIM (Vehicle Dynamics Integrated Management) is a system that constantly monitors the driver’s operations and the vehicle’s situation and centrally manages the engine, steering mechanisms and brakes. By stabilizing the vehicle before the driver loses control of the vehicle, VDIM achieves a high level of ‘active safety’ and improves driving performance, consisting namely of running, turning and stopping.

• “Pre-collision System” is a system that perceives possibilities of a crash with obstacles, cars in front or crossing pedestrians through a sensor installed in a vehicle. If a collision seems likely, it proceeds to activate warnings as well as brake assistance, which aids the driver’s operation of the brake, or the automatic braking system, which aids in avoiding the collision altogether or mitigates any damage.

• “Radar Cruise Control (with all-speed tracking function)” allows the vehicle to keep a constant distance between itself and the preceding vehicle within a speed range from zero to a preset speed, automatically slowing down and stopping if necessary to avoid collision. When the car in front speeds up, it allows the driver to accelerate.

• “Lane Departure Alert” is a system that uses a camera to detect white or yellow lane markers while driving. The system warns the driver with a buzzer and displays if it detects possible deviation in order to assist in avoiding a collision accident resulting from deviation. In addition, “Lane Keeping Assist System,” a system that assists the driver’s operation of the steering wheel with electric power steering in order to help keep the vehicle traveling between lane markers, has also been developed.

• “Automatic High Beam” detects the headlights of oncoming vehicles or taillights of vehicles running in front and adjusts the headlight range, automatically switching to low beam or high beam, in order to avoid dazzling the visions of the drivers with bright lights, as well as to secure the drivers’ forward visions at night.

• “Blind Spot Monitor” is a system which aims to reduce accidents by alerting the driver to other vehicles in the driver’s blind spot diagonally behind the driver’s seat with sound and visual display in the side mirrors while changing lanes.

From these driving assistance functions, in 2015 Toyota developed the Toyota Safety Sense, a collision avoidance support package that includes the Pre-collision System, the Lane Departure Alert and the Automatic High Beam. By the end of 2017, Toyota plans to install this package on nearly all models sold in Japan, the United States and Europe at an affordable price aimed at widespread adaption.

Enhancing Transport Systems

Enhancing transport systems requires taking a general approach that addresses various factors across a wide scope that are pertinent not only to vehicles but also roads, people and public transport systems in order to ensure smooth and efficient movement of people and vehicles and to build a safe transportation environment. In addition to VICS and ETC (Electronic Toll Collection System), which are already standard in Japan, the “Vehicle-Infrastructure Cooperative Systems that Support Safety Driving,” which combines cutting edge IT and vehicle technology, is in development and has begun to be partially implemented.

• The “ITS Spot Service” commenced in 2009 and corresponding products are available for purchase. Mainly for use on highways, this service provides drivers with information related to road traffic and safe driving that is transmitted from road infrastructures to car navigation systems through video and voice.

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• In the summer of 2011, Toyota introduced products corresponding to the driving safety support system (“DSSS”) which the National Police Agency has started operating. Mainly for use on normal roads, this system supports safe driving, including by preventing the driver from overlooking red lights, by transmitting traffic control information (such as traffic lights and signs) and other local information from road infrastructures to automobiles.

• Systems aimed at further reducing accidents, improving fuel efficiency and reducing CO₂ emissions are in development. Through direct and continuous exchange of information between vehicles and the road, other vehicles and pedestrians, these systems aim to mitigate side collisions and accidents involving pedestrians, which have been difficult to mitigate to date. This also includes systems such as C-ACC (Co-operative Adaptive Cruise Control) which supports fuel efficient driving and smooth acceleration and deceleration when following behind another vehicle.

Toyota is committed to developing new ITS products. Toyota believes that intelligent transport systems will become an integral part of its overall automotive operations and enhance the competitiveness of its vehicles. As familiarity with and demand for ITS products grow, Toyota expects an increasing number of ITS products to become commercially available and achieve greater acceptance each year.

Smart Communities

In April 2010, Toyota City was selected as a “Model Region for Next-Generation Energy Systems” by the Ministry of Economy, Trade and Industry. Toyota has since joined the “Toyota City Low-Carbon Society Verification Council” (established in August 2010), and carried out experiments relating to the “Optimization of Local Energy Use in Households and Destinations (commercial and public facilities)” and “Establishment of a System for Low-Carbon Emission Transportation.” In addition, starting in October 2014, Toyota launched an experimental ultra-compact electric vehicle sharing program in Grenoble, France, together with the city of Grenoble and local companies, and in Tokyo from April 2015.

In February 2013, Toyota, together with Toyota affiliated companies, established the “F-Grid Ohira, Miyagi Limited Liability Partnership,” a smart community business which operates the “F-Grid” in the Sendai Hokubu Industrial Park in the village of Ohira, Miyagi. The Partnership began supplying electricity and heat to partners in the industrial park in April 2013. This business aims to contribute to “creating a safe and secure community with the community and the industrial park working as one,” “revitalizing local industry” and “revitalizing the community.” Toyota believes that the elemental technologies developed through these experiments and businesses will help in the creation of new systems for society that meet differing social environments and municipal needs, not just in Japan but around the world, in both developed and emerging countries, and will play a role in the creation of energy and transportation infrastructure to help spread next-generation eco-cars.

Financial Services

Toyota’s financial services include loan programs and leasing programs for customers and dealers. Toyota believes that its ability to provide financing to its customers is an important value-added service. In July 2000, Toyota established a wholly-owned subsidiary, Toyota Financial Services Corporation (“TFSC”), to oversee the management of Toyota’s finance companies worldwide, through which Toyota aims to strengthen the overall competitiveness of its financial business, improve risk management and streamline decision-making processes. Toyota has expanded its network of financial services, in accordance with its strategy of developing auto-related financing businesses in significant markets. Accordingly, Toyota currently operates financial services companies in 35 countries and regions, which support its automotive operations globally.

Toyota’s revenues from its financial services operations were ¥1,661.1 billion in fiscal 2015, ¥1,421.0 billion in fiscal 2014 and ¥1,170.6 billion in fiscal 2013. In fiscal 2014, amid a gradual recovery in markets including the United States, Europe and Japan, Toyota collaborated with dealers in various countries and regions, and the balance of loan receivables increased steadily. In fiscal 2015, with recovery in markets particularly in the United States and as a result of the continued collaboration with dealers in various countries and regions and efforts to expand

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products and services that meet customer needs, Toyota’s share of financing provided for new car sales of Toyota and Lexus vehicles in regions where TFSC operates remained at a high level of 36% and the balance of loan receivables, mainly in the United States and Thailand, continued to increase steadily. Meanwhile, Toyota is making efforts to provide both its customers and dealers with stable financial services by diversifying its funding mechanisms with ABCP (Asset Backed Commercial Paper) and ABS (Asset Backed Securities), in addition to mid- to long-term financings, primarily in commercial paper issuances, corporate bonds and bank borrowings. Toyota continued to perform detailed credit appraisals and serve customers by monitoring bad debt and loan payment extensions, and the percentage of credit losses remained low, at 0.31% and 0.28% in fiscal years 2015 and 2014, respectively. Toyota continues to work towards improving its risk management measures in connection with credit and residual value risks.

Toyota Motor Credit Corporation is Toyota’s principal financial services subsidiary in the United States. Toyota also provides financial services in 34 other countries and regions through various financial services subsidiaries, including:

• Toyota Finance Corporation in Japan;

• Toyota Credit Canada Inc. in Canada;

• Toyota Finance Australia Ltd. in Australia;

• Toyota Kreditbank GmbH in Germany;

• Toyota Financial Services (UK) PLC in the United Kingdom;

• Toyota Leasing (Thailand) Co., Ltd. in Thailand; and

• Toyota Motor Finance (China) Co., Ltd. in China.

Toyota Motor Credit Corporation provides a wide range of financial services, including retail financing, retail leasing, wholesale financing and insurance. Toyota Finance Corporation also provides a range of financial services, including retail financing, retail leasing and credit cards. Toyota’s other finance subsidiaries provide services including retail financing, retail leasing and wholesale financing.

In May 2011, Toyota established Toyota Financial Services India Limited, a financial services company, in India. Toyota Financial Services India Limited began its operations in June 2012 and has since expanded its business to major cities such as Bangalore, Delhi and Mumbai. In January 2013, Toyota established a new leasing company, Toyota Motor Leasing (China) Co., Ltd., in China, which began its operations in April 2013. In addition, in April 2013, Toyota established Toyota Financial Services Kazakhstan MFO LLP, a financial services company, in Kazakhstan, which began its operations in January 2014.

Net finance receivables for all of Toyota’s dealer and customer financing operations were ¥15,472.3 billion as of March 31, 2015, representing an increase of approximately 12.7% as compared to the previous year. The majority of Toyota’s financial services are provided in North America. As of March 31, 2015, 59.3% of Toyota’s finance receivables were derived from financing operations in North America, 12.8% from Asia, 9.5% from Europe, 7.9% from Japan and 10.5% from other areas.

Approximately 50% of Toyota’s unit sales in the United States during fiscal 2015 included a finance or lease arrangement with Toyota. Because the majority of Toyota’s financial services operations are related to the sale of Toyota vehicles, a decrease in vehicle unit sales may lead to a contraction of Toyota’s financial services operations.

The worldwide financial services market is highly competitive. Toyota’s competitors in retail financing and retail leasing include commercial banks, credit unions and other finance companies. Commercial banks and other automobile finance subsidiary companies serving their parent automobile companies are competitors of Toyota’s wholesale financing activities. Competitors in Toyota’s insurance operations are primarily national and regional insurance companies.

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For information on Toyota’s finance receivables and operating leases, please see “Operating and Financial Review and Prospects — Operating Results — Financial Services Operations.”

Retail Financing

Toyota’s finance subsidiaries acquire new and used vehicle installment contracts primarily from Toyota dealers. Installment contracts acquired must first meet specified credit standards. Thereafter, the finance company retains responsibility for installment payment collections and administration. Toyota’s finance subsidiaries acquire security interests in the vehicles financed and can generally repossess vehicles if customers fail to meet their contractual obligations. Almost all retail financings are non-recourse, which relieves the dealers from financial responsibility in the event of repossession. In most cases, Toyota’s finance subsidiaries require their retail financing customers to carry automobile insurance on financed vehicles covering the interests of both the finance company and the customer.

Toyota has historically sponsored, and continues to sponsor, special lease and retail programs by subsidizing below market lease and retail contract rates.

Retail Leasing

In the area of retail leasing, Toyota’s finance subsidiaries acquire new vehicle lease contracts originated primarily through Toyota dealers. Lease contracts acquired must first meet specified credit standards after which the finance company assumes ownership of the leased vehicle. The finance company is generally permitted to take possession of the vehicle upon a default by the lessee. Toyota’s finance subsidiaries are responsible for contract collection and administration during the lease period. The residual value is normally estimated at the time the vehicle is first leased. Vehicles returned to the finance subsidiaries at the end of their leases are sold by auction. For example, in the United States, vehicles are sold through a network of auction sites as well as through the Internet. In most cases, Toyota’s finance subsidiaries require lessees to carry automobile insurance on leased vehicles covering the interests of both the finance company and the lessee.

Wholesale Financing

Toyota’s finance subsidiaries also provide wholesale financing primarily to qualified Toyota vehicle dealers to finance inventories of new Toyota vehicles and used vehicles of Toyota and others. The finance companies acquire security interests in vehicles financed at wholesale. In cases where additional security interests would be required, the finance companies take dealership assets or personal assets, or both, as additional security. If a dealer defaults, the finance companies have the right to liquidate any assets acquired and seek legal remedies.

Toyota’s finance subsidiaries also make term loans to dealers for business acquisitions, facilities refurbishment, real estate purchases and working capital requirements. These loans are typically secured with liens on real estate, other dealership assets and/or personal assets of the dealers.

Insurance

Toyota provides insurance services in the United States through Toyota Motor Credit Corporation’s wholly-owned subsidiary, Toyota Motor Insurance Services, Inc. (“TMIS”) and its wholly-owned insurance company subsidiaries. Their principal activities include marketing, underwriting and claims administration. TMIS also provides coverage related to vehicle service agreements and contractual liability agreements through Toyota dealers to customers. In addition, TMIS also provides coverage and related administrative services to affiliated companies of Toyota Motor Credit Corporation. Toyota dealers in Japan and in other countries and regions also engage in vehicle insurance sales.

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Other Financial Services

Toyota Finance Corporation launched its credit card business in April 2001 and began issuing Lexus credit cards in 2005 when the Lexus brand was introduced in Japan. As of March 31, 2015, Toyota Finance Corporation has 13.5 million card holders (including Lexus credit card holders).

All Other Operations

In addition to its automotive operations and financial services operations, Toyota is involved in a number of other non-automotive business activities. Net sales for these activities totaled ¥1,255.7 billion in fiscal 2015, ¥1,151.2 billion in fiscal 2014 and ¥1,066.4 billion in fiscal 2013. Sales to external customers of all other operations in fiscal 2015 represented 2.2% of Toyota’s net revenues for fiscal 2015. Substantially all of Toyota’s revenues from other operations were derived in Japan.

Housing

Toyota established its subsidiary Toyota Housing Corporation in April 2003 and has transferred to it product planning and sales operations related to the manufacture and sale of housing. Furthermore, in order to quickly and accurately grasp clients’ needs and to plan, develop and sell products on a timely basis, in April 2008, Toyota transferred the product development operation to Toyota Housing Corporation. In October 2010, Toyota spun-off its housing operations (project planning, technology development and manufacturing) through a statutory demerger and integrated them into Toyota Housing Corporation. Toyota believes that in the vastly changing housing market environment, the integration of the development, manufacture and sales functions will expedite decision making and lead to flexible business operations that will enable Toyota to better respond to the needs of even more customers. In March 2005, Toyota, together with institutional investors, agreed to jointly invest in Misawa Home Holdings, Inc. (“Misawa”; renamed Misawa Homes Co., Ltd.) pursuant to its request for assistance in its rehabilitation. In April 2010, determining that a stronger collaboration with Misawa would be desirable in order to achieve further growth in the difficult operating environment of the housing industry, Toyota Housing Corporation agreed to purchase Misawa shares from an institutional investor. In addition, Toyota transferred ownership of Misawa to Toyota Housing Corporation in October 2010. Through these activities, Toyota has strengthened the housing business of both companies.

Information Technology

See “— Enhancing Vehicle Functionality and Intelligent Transport Systems” for a description of Toyota’s information technology.

Governmental Regulation, Environmental and Safety Standards

Toyota is subject to laws in various jurisdictions regulating the levels of pollutants generated by its plants. In addition, Toyota is subject to regulations relating to the emission levels, fuel economy, noise and safety of its products. Toyota has incurred significant costs in complying with these laws and regulations and expects to incur significant compliance costs in the future. Toyota’s management views leadership in environmental protection as an important competitive factor in the marketplace.

Vehicle Emissions

Japanese Standards

The Air Pollution Control Law of Japan and the Road Vehicle Law and the Law Concerning Special Measures for Total Emission Reduction of Nitrogen Oxides from Automobiles in Specified Areas regulate vehicle emissions in Japan. In addition, both the Noise Regulation Law and the Road Vehicles Law provide for noise reduction standards on automobiles in Japan. Toyota’s vehicles manufactured for sale in Japan comply with all Japanese exhaust emission and noise level standards.

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U.S. Federal Standards

The federal Clean Air Act directs the Environmental Protection Agency (“EPA”) to establish and enforce air quality standards, including emission control standards on passenger cars, light trucks and heavy-duty vehicles. The EPA decided in February 2000 to adopt more stringent vehicle emission and fuel economy standards applicable to passenger cars and light trucks produced in model years 2004 and beyond. In the standards adopted for model years 2004 and beyond, manufacturers must guarantee that their vehicles meet the requirements for ten years or 120 thousand miles, whichever occurs first. Manufacturers are not permitted to sell vehicles in the United States that do not meet the standards. In April 2007, EPA regulations that further restrict emissions from passenger cars and light trucks operating at cold temperatures became effective. The new emission standards set by these regulations were phased in between 2010 and 2013. Similar standards that further restrict emissions from heavy-duty vehicles operating at cold temperatures have been phased in from 2012 to 2015. In March 2014, the EPA finalized new vehicle emission and fuel standards for passenger vehicles and light-duty trucks for model years 2017 and onwards. Under the new standards, emission standards for volatile organic compounds and nitrogen oxides are to be strengthened in phases from 2017 to 2025, bringing the emission standards in line with emission standards in California, resulting in the unification of the differing California and federal emission standards. In addition, the particulate matter standards and fuel vapor emission standards will also be strengthened to be brought in line with California’s emission standards. This is expected to lead to reductions in the burden on development, such as a reduction in the number of tests required for certification and standardization of emission reduction systems.

Furthermore, in April 2007 the U.S. Supreme Court ruled that the EPA has the authority to regulate automobile emissions of greenhouse gases. In response to this ruling, on April 1, 2010 the EPA and the federal National Highway Traffic Safety Administration (“NHTSA”) issued a joint final rule to reduce the emission of greenhouse gases from passenger cars, light-duty trucks and medium-duty passenger vehicles for model years 2012 through 2016. These vehicles are required to meet an estimated combined average emissions level of 250 grams of carbon dioxide per mile, equivalent to 35.5 miles per gallon if the requirements were met through fuel economy standards. The NHTSA also set Corporate Average Fuel Economy (“CAFE”) standards for passenger cars and light trucks that will require manufacturers of those vehicles to meet an estimated combined average fuel economy level of 34.1 miles per gallon in model year 2016. In addition, on August 28, 2012, the EPA and the NHTSA jointly issued the final rule to further reduce greenhouse gas emissions and improve fuel economy for passenger vehicles, light-duty trucks and medium-duty passenger vehicles for model years 2017 through 2025. In the final rule, these vehicles are required to meet an estimated combined average emission level of 163 grams of carbon dioxide per mile in model year 2025, equivalent to 54.5 miles per gallon if these requirements were met through improvements in fuel economy standards. The NHTSA also issued CAFE standards for passenger vehicles and light trucks that would require manufacturers to meet an estimated combined average fuel economy level of 49.6 miles per gallon in model year 2025. According to the final rule, these standards are to be reevaluated by 2018.

In addition, in August 2014, the EPA proposed to limit, due to related greenhouse gas emissions, the use of various hydroflourocarbons (HFCs) and HFC-containing refrigerant blends used in motor vehicle air conditioning systems for new vehicles, among other applications. Toyota purchases air conditioning systems from third parties for use in its vehicles. The proposed rule would list HFC-134a, the most dominant refrigerant used in light-duty vehicles worldwide, as unacceptable for use in motor vehicle air conditioning systems in new light-duty vehicles beginning in model year 2021. The proposed rule also lists additional refrigerant blends as unacceptable for use in new light-duty vehicles beginning in model year 2017. Feasible alternatives to these refrigerants that the proposed rule, if finalized, would prohibit may be costly or present other risks, such as flammability or other safety concerns. The potential impacts of this proposed rule to Toyota are unclear at this time.

As discussed above, the EPA has been granted the authority to set fuel standards in connection with the regulation of automobile emissions. In October 2010, the EPA approved the sale and use of fuel with a 15% ethanol blend (“E15”) for model years 2007 and later passenger vehicles and light-duty trucks. The use of E15 is

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not permitted for engines used in lawnmowers, small generators, motorbikes, boats and other vehicles and equipment. Subsequently, in February 2011, the EPA approved the use of E15 for model years 2001 and later vehicles. The Alliance of Automobile Manufacturers (“The Alliance”), of which Toyota Motor North America is a member, has stated that current vehicles are only guaranteed to function on fuel up to 10% ethanol and the EPA’s permission is invalid. The Alliance created the Engine Products Group together with the Global Automakers, the National Marine Manufacturers Association and the Outdoor Power Equipment Institute, and in December 2010 the Engine Products Group brought suit against the EPA. The lawsuit was dismissed in January 2013 on the grounds that the Engine Products Group lacked standing and in March 2013, the Engine Products Group appealed the decision to the Supreme Court of the United States. The appeal was dismissed on the same grounds in July 2013, and the EPA approval became effective. The use of E15 is only permitted for certain 2001 model year or newer vehicles, such as light-duty passenger vehicles and small trucks, and E15 is prohibited for use in other 2000 model year or older vehicles and general purpose engines. As a result, the EPA promulgated regulations in July 2011, effective August 2011, requiring businesses that sell E15 to put a warning label regarding E15 on gasoline fuel dispensers. The Engine Products Group brought suit against the EPA in federal appeals court in 2013 challenging such regulations, but the lawsuit was dismissed in October 2014 on the ground that the Engine Products Group lacked standing.

California Standards

Under the federal Clean Air Act, the State of California is permitted to establish its own vehicle emission control standards if it receives a waiver from the EPA. As a result, the California Air Resources Board (“CARB”) established the Low Emission Vehicle Program and set emission standards for certain regulated pollutants that were phased in beginning in the 2004 model year. Under these standards, most light trucks and passenger cars are required to meet the same emission standards, which were stricter than the federal standards. As part of the original Low Emission Vehicle Program, the CARB also required that a specified percentage of a manufacturer’s passenger cars and light trucks sold in California for all model years 1998 and after be “zero-emission vehicles” (vehicles producing no emissions of regulated pollutants). The CARB subsequently eliminated the zero-emission vehicles mandate for model years before 2005, and decided to adopt a zero-emission vehicles requirement for model years 2005 and beyond. This zero-emission vehicles requirement also permitted certain advanced technology vehicles such as PHV (Plug-in Hybrid Vehicles), hybrid cars and alternative fuel vehicles that meet “partial zero-emission vehicles requirements” to be granted partial qualification as EV (Electronic Vehicles) or FCV (Fuel Cell Vehicle). Toyota’s battery-powered RAV4 EV compact sport-utility vehicle and the Toyota FCHV qualify as zero-emission vehicles. The current Prius plug-in hybrid, Prius and the Camry Hybrid qualify as partial zero-emission vehicles under the zero-emission vehicles requirement adopted by the CARB. Toyota intends to continue to develop additional advanced technologies and alternative fuel technologies that will allow other vehicles using such technologies to qualify as zero-emission vehicles or partial-zero-emission vehicles.

In July 2002, the California legislature passed legislation that required the CARB to develop and adopt, by the end of 2004, regulations that achieved the maximum feasible reduction in greenhouse gas emissions from vehicles. In September 2004, the CARB adopted regulations that required a 20 to 30 percent reduction of greenhouse gas emissions from passenger vehicles, light trucks and other noncommercial vehicles to be phased in between the 2009 and 2016 model years.

In December 2007, the EPA denied California’s request for a waiver under the Clean Air Act that would have allowed the state to enforce these regulations to control greenhouse gas emissions from motor vehicles. However, the EPA reconsidered its decision pursuant to a direction issued by the U.S. President in January 2009, and in July 2009 decided to allow the state to enforce such regulations.

In February 2010, the CARB enacted regulations that deem automobile manufacturers that produced vehicles in model years 2012 through 2016 that are in compliance with the greenhouse gas emissions regulations of the EPA to be in compliance with California’s greenhouse gas emissions regulations. Toyota is currently developing plans to comply with the EPA regulations.

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In January 2012, the CARB approved a new emission control program for model years 2017 to 2025 called Advanced Clean Cars. The program covers greenhouse gas standards for cars and light trucks, reductions of smog-forming emissions, zero-emission vehicles regulations and clean fuels outlet regulations. The CARB is in the process of developing and implementing specific rules for the program.

Other States’ Standards

The states of New York, Massachusetts, Connecticut, Maine, Maryland, New Jersey, New Mexico, Oregon, Rhode Island, Vermont and Colorado have either adopted, or plan to adopt, regulations substantially similar to California’s zero-emission vehicles requirement. With regard to greenhouse gas emissions regulations, in addition to these states, Pennsylvania and Washington have also adopted California’s regulations.

Canadian Standards

Canada has established vehicle emission standards equivalent to the federal standards in the United States, including the heightened requirements that became applicable to passenger cars and light trucks in model years 2004 and beyond. In addition, in response to the strengthening of the federal greenhouse gas emission standards in the United States applicable to model years 2017 to 2025, Canada finalized equivalent standards in October 2014. Furthermore, certain Canadian provinces are currently considering enacting their own regulations on vehicle emissions of greenhouse gases. Canada has also proposed more stringent fuel legislation, which is based on fuel legislation in the United States, that reduces refineries’ annual average sulfur concentration of gasoline to 10 ppm from 2017 with a new addition of credit system to secure compliance.

European Standards

The European Union adopted a directive that establishes increasingly stringent emission standards for passenger vehicles and light commercial vehicles in October 1998. Under this directive, the standards adopted beginning with year 2000 require manufacturers to recall any vehicles which fail to meet the standards for five years or 80 thousand kilometers, whichever occurs first. Toyota introduced vehicles complying with this directive in 1999. Under standards adopted in 2005, manufacturers are obligated to meet the more stringent standards for five years or total vehicle miles of 100 thousand kilometers, whichever occurs first. In 2007, the European Parliament adopted more stringent emission standards for passenger vehicles and light commercial vehicles. The effective dates for phasing in these stricter standards for passenger cars were September 2009 for Euro 5 and September 2014 for Euro 6. For light commercial vehicles, the effective dates are September 2010 for Euro 5 and September 2015 for Euro 6. Euro 5 provides for lower emission levels for gasoline and diesel powered vehicles and also extends the manufacturers’ responsibility for emission performance to total vehicle miles of 160 thousand kilometers. The primary focus of Euro 6 is to limit further emissions of diesel powered vehicles and bring them down to a level equivalent to gasoline powered vehicles. In addition, Euro 6 will be implemented in two stages, and beginning with the second stage (September 2017 for passenger vehicles and September 2018 for commercial vehicles), the EU is considering implementing the Real Driving Emission (RDE) regulations, which regulate emissions under real driving conditions, and the Worldwide harmonized Light vehicles Test Procedure (WLTP).

Chinese Standards

Emissions regulations are being implemented throughout China pursuant to the Chinese National Standards (GB) of the Ministry of Environmental Protection of the People’s Republic of China, and the manufacture and sale of models not meeting these regulations are prohibited.

For passenger vehicles, pursuant to GB18352.3-2005, Level 3 Emissions Regulations (corresponding to Euro 3 standards) apply to new models after July 2007 and Level 4 Emissions Regulations (corresponding to Euro 4 standards) apply to new models after July 2010. New models after July 2008 are also required to be

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equipped with on-board diagnostics. With respect to passenger vehicles, pursuant to GB18352.5-2013, Level 5 Emissions Regulations (corresponding to Euro 5 standards) are to be implemented throughout China for all models that are sold and registered after January 2018.

For diesel-powered commercial vehicles, pursuant to GB17691-2005, new Level 3 Emissions Regulations apply to models after January 2007. Although Level 4 Emissions Regulations were to apply to new models after January 2010, and Level 5 Emissions Regulations were to apply to new models after January 2012, because the infrastructure to supply sufficient diesel fuel meeting the Level 4 quality standards had yet to be put in place, the implementation of the Level 4 Emissions Regulations for all models was postponed to July 2013. In connection with such delay, the implementation of the Level 5 Emissions Regulations has been postponed. For gasoline-powered commercial vehicles, pursuant to GB14762-2008, Level 3 Emissions Regulations apply to new models after July 2009 and Level 4 Emissions Regulations apply to new models after July 2012. After the first day the regulation is implemented to a new model, all new models released during the following one-year period also become subject to the regulation. In addition, in some areas such as Beijing, Shanghai, Guangzhou and the Pearl River Delta region, the above mentioned regulations were implemented several years earlier by regional environmental preservation authorities with the authorization of the Chinese State Council. Cities with serious air pollution are increasingly exhibiting tendencies to similarly implement Level 5 Emissions Regulations in advance of the rest of China.

China will also start implementing stricter diesel and gasoline fuel standards a year earlier than scheduled to reduce vehicle emissions, pursuant to GB19147-2013 and GB17930-2013. The new Level 5 standards (equivalent to Euro 5 standards) will be implemented in 11 provinces in eastern China in January 2016, and are now planned to be implemented nationwide in January 2017, as opposed to the previously announced January 2018 implementation date.

Compliance with new and more stringent emissions and fuel standards will present significant technological challenges to automobile manufacturers and will likely require significant expenditures. Examples of these challenges include the development of advanced technologies, such as high performance batteries and catalytic converters, as well as the development of alternative fuel technologies. Manufacturers that are unable to develop commercially viable technologies within the time frames set by the new standards will lose their market share and will be forced to decrease the number of types of vehicles and engines in their principal markets.

Standards of Other Countries

Countries other than Japan, the United States, Europe and China are also proactively introducing emissions regulations. Countries in Eastern Europe and Asia, as well as Australia, Mexico, Taiwan and Hong Kong, have considered or implemented emissions regulations.

Vehicle Fuel Economy

Japanese Standards

The Law Concerning the Rational Use of Energy requires automobile manufacturers to improve their vehicles to meet specified fuel economy standards. Fuel economy standards are established according to the types of vehicles specified below, and are required to be met by either fiscal 2011 (April 2010-March 2011), fiscal 2016 (April 2015-March 2016), fiscal 2021 (April 2020-March 2021) or fiscal 2023 (April 2022-March 2023).

Among qualifying passenger vehicles are:

• Vehicles which are designated in Article 75, Paragraph 1 of the Road Vehicles Law as type-designated vehicles (“type-designated vehicles”) with 10 seats or less using gasoline, gas oil or LPG;

• Type-designated vehicles with 11 seats or more that are 3.5 tons or less in vehicle weight using gasoline or gas oil; and

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• Type-designated vehicles with 11 seats or more that are over 3.5 tons in vehicle weight using gas oil, or designated carbon monoxide emission control vehicles (“designated carbon monoxide emission control vehicles”) which are designated in Article 75-2 Paragraph 1 of the Road Vehicles Law.

Among qualifying cargo vehicles are:

• Type-designated vehicles that are 3.5 tons or less in vehicle weight using gasoline, gas oil or LPG; and

• Type-designated vehicles that are over 3.5 tons in vehicle weight using gas oil or LPG, or designated carbon monoxide emission control vehicles.

Toyota is in compliance with the fuel economy standards that currently apply and is promoting the improvement of its vehicles in order to achieve compliance with the standards that will apply beginning in fiscal 2016.

Japan is a signatory to the Framework Convention on Climate Change and has agreed to take measures to reduce its greenhouse gas emissions. Improved vehicle fuel economy is contributing to the reduction in carbon dioxide emissions.

U.S. Standards

The Federal Motor Vehicle Information and Cost Savings Act requires automobile manufacturers to comply with CAFE standards. Under this law, limits are imposed on the amount of regulated pollutants that may be emitted by new motor vehicles in the United States. A manufacturer is subject to substantial civil penalties if, in any model year, its vehicles do not meet the CAFE standards. Manufacturers that exceed the CAFE standards earn credits determined by the difference between the average fuel economy performance of their vehicles and the CAFE standards. Credits earned for the five model years preceding the current model year, and credits projected to be earned for the next three model years, can be used to meet CAFE standards in a current model year.

In April 2006, the NHTSA established CAFE standards applicable to light trucks for model year 2008 and beyond. These CAFE standards aimed at shifting the framework from one that used to be advantageous only to compact car manufacturers to one that is fair to full line manufacturers. The requirements were changed so that the CAFE standards are now determined by a sales rate based on vehicle size (measured by the area of the wheel and wheel base) for each manufacturer.

In addition to the CAFE standards, there are multiple standards in the United States, including the EPA’s emissions regulations and the California standard. Automobile manufacturers had called for uniform standards, as they would need to comply with standards that varied by state if all standards became effective. On April 1, 2010, the EPA and the NHTSA issued a joint final rule to reduce the emission of greenhouse gases from passenger cars, light-duty trucks and medium-duty passenger vehicles for model years 2012 through 2016. These vehicles are required to meet an estimated combined average emissions level of 250 grams of carbon dioxide per mile, equivalent to 35.5 miles per gallon if the requirements were met through fuel economy standards. The NHTSA also set CAFE standards for passenger cars and light trucks that will require manufacturers of those vehicles to meet an estimated combined average fuel economy level of 34.1 miles per gallon in model year 2016. Furthermore, the EPA and the NHTSA joint final rule allows the two agencies and California standards to act in a unified way, and creates a regulatory framework that makes compliance less burdensome for the manufacturers. In addition, in December 2011, the EPA and the NHTSA issued a joint proposed rule to further reduce greenhouse gas emissions and improve fuel economy for passenger vehicles, light-duty trucks and medium-duty passenger vehicles for model years 2017 through 2025. In the rule, which was finalized in August 2012, these vehicles are required to meet an estimated combined average emission level of 163 grams of carbon dioxide per mile in model year 2025, equivalent to 54.5 miles per gallon if these requirements are met through improvements in fuel economy standards. At the same time, the NHTSA also issued CAFE standards for

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passenger vehicles and light trucks that would require manufacturers to meet an estimated combined average fuel economy level of 49.6 miles per gallon in model year 2025. The standards of fuel economy are stringent, and Toyota strives to meet the fuel economy standards by further developing fuel-efficient technology, alternative fuel technology and other advanced technology.

In addition, the Energy Tax Act of 1978 imposes a “gas guzzler” tax on automobiles with a fuel economy rating below specified levels.

European Standards

The European Union has signed the Kyoto Protocol and agreed to reduce carbon dioxide emissions by 8% during the years 2008 to 2012, as measured from the 1990 base year. In early 1999, the European Commission and the European Automotive Manufacturers Association (“ACEA”) reached a voluntary agreement which establishes an average emissions target of 140 grams of carbon dioxide per kilometer for new cars sold in the EU in 2008 (the voluntary agreement applied to the 15 states who were members of the EU at that time). The Japan Automobile Manufacturers Association and the Korean Automobile Manufacturers Association have also reached a voluntary agreement, similar to that entered into by the European Commission, with the year 2009 as a target year.

In December 2008, the European Parliament approved a new regulation that establishes an average emission standard of 130 grams of carbon dioxide per kilometer by 2012 for passenger vehicles sold in member states, made effective in June 2009. The regulation has been phased in gradually, initially requiring 65% of new cars to comply with the new standards in 2012 and increasing to 100% of new cars in 2015. As a result of the new regulations, different targets will apply to each manufacturer, based on their respective fleets of vehicles and weight. Penalties will apply to those manufacturers who fail to meet their targets from 2012, in amounts corresponding to the degree of shortfall. Manufacturers failing to meet their targets between 2012 and 2018 will incur penalties of between €5 and €95 per each gram of carbon dioxide per kilometer shortfall for each non-compliant vehicle, and such penalties will rise to €95 in 2019 and beyond. Furthermore, in June 2011, a new carbon dioxide emission standard applicable to light commercial vehicles entered into force establishing an average emissions target of 175 grams of carbon dioxide per kilometer. This regulation has the same basic regulatory framework as passenger vehicles, raising the compliance rate from 70% in 2014 to 100% in 2017.

Furthermore, in February 2014, the European Parliament and Council adopted a regulation to reduce the average carbon dioxide emissions target for light commercial vehicles to 147 grams per kilometer beginning in 2020. In March 2014, the European Parliament and Council adopted a regulation to reduce the average carbon dioxide emissions target for passenger vehicles to 95 grams per kilometer beginning in 2021. The relevant legislation requests the European Commission to conduct a review by 2015 and, if appropriate, propose new targets for the period beyond 2020, including possibly setting a 2025 target.

An increasing number of EU member states are introducing vehicle tax laws based on carbon dioxide emission levels pursuant to the directive issued by the European Commission in 2005. This trend is expected to continue in accordance with the recent increases in environmental awareness.

Chinese Standards

Fuel consumption regulations are being implemented pursuant to the Chinese National Standards (“GB”), and the manufacture and sale of vehicle models not meeting these regulations are prohibited. For passenger vehicles, pursuant to GB19578-2004, Level 1 Fuel Consumption Regulations apply to new models after July 2005 and Level 2 Fuel Consumption Regulations apply to new models after January 2008. For small commercial vehicles, pursuant to GB20997-2007, Level 2 Fuel Consumption Regulations apply to new models after February 2008, Level 1 Fuel Consumption Regulations apply to all vehicles as of January 2009 and Level 2 Fuel Consumption Regulations apply to all models as of January 2011. These regulations determine the

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consumption standards that apply depending on the mass of the applicable vehicle and set forth a method for determining whether each model has met the regulation. With respect to passenger vehicles, GB27999-2011 has been issued to further strengthen fuel consumption regulations from 2012 and beyond. In these Level 3 Fuel Consumption Regulations for passenger vehicles, the regulation framework was substantially revised, such as a change from regulations requiring each model to meet consumption standards to regulations requiring automobile manufacturers to meet standards of average consumption across models. Furthermore, in order to achieve the national target for average fuel efficiency for 2020, the following more stringent fuel consumption regulations have been enacted for passenger cars. First, GB19578-2014, which has been enacted to strengthen regulations for each model, will be applied to new models after January 2016. Second, GB27999-2014, which has been enacted to strengthen corporate average regulations, will apply the Level 4 Fuel Consumption Regulations from 2016.

Standards of Other Countries

As momentum gathers to increase energy security and prevent global warming, other countries in addition to Japan, the United States, Europe and China are moving to introduce fuel consumption regulations, and Korea, Mexico, Brazil, Taiwan, India, Saudi Arabia and Canada have already decided to introduce fuel consumption regulations. Vietnam and some other countries are also actively considering the introduction of new fuel consumption regulations using the regulations of Japan, Europe and the United States as a base, and may implement them by approximately 2017. Toyota predicts that this trend will spread to other countries, and in the future many nations will consider new regulations related to fuel consumption and carbon dioxide.

Vehicle Safety

Japanese Standards

In Japan, efforts have been made since 1998 to bring Japanese standards in line with the regulations of the United Nations Economic Commission for Europe (“UN”).

With respect to standards that were previously brought in line with the UN regulations, the Japanese standards regarding Lane Departure Warning systems (“LDWS”) will additionally require that buses and medium or heavy trucks be equipped with such systems. LDWS will apply gradually to new models beginning in November 2017 and to existing models still in production beginning in November 2019.

With respect to standards that were newly brought in line with the UN regulations, standards for interior fittings (internal projections) will apply to new models beginning in January 2018 and to existing models still in production beginning in January 2020. Standards for glass windows will apply to new models beginning in July 2017 and to existing models still in production beginning in July 2019. Standards for temporary-use spare units and tire pressure monitoring systems will apply to vehicles to be manufactured on or after February 2018. Standards for steering systems will apply gradually to new models beginning in July 2016 and to existing models still in production beginning in July 2018.

With respect to standards that are scheduled to be newly brought in line with the UN regulations, standards for fire prevention will apply to new models beginning in September 2018. Standards for protection of passengers from pole side impact will apply to new models beginning in June 2020. Standards for illumination of rear registration plates will apply to vehicles to be manufactured on or after June 2020. Standards for filament light bulbs will apply to vehicles to be manufactured on or after June 2020. Standards for gas-discharge light sources will apply to vehicles to be manufactured on or after June 2020. Standards for LED will apply to vehicles to be manufactured on or after June 2020.

Furthermore, in Japan, considerations regarding the standardization of brake override systems, the strengthening of anti-spinal injury measures and anti-drunk driving measures are currently under consideration.

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U.S. Standards

The U.S. National Traffic and Motor Vehicle Safety Act of 1966, or Safety Act, requires vehicles and equipment sold in the United States to meet various safety standards issued by the NHTSA. The Safety Act also authorizes the NHTSA to investigate complaints relating to vehicle safety and to order manufacturers to recall and repair vehicles found to have safety-related defects. The cost of these recalls can be substantial depending on the nature of the repair and the number of vehicles affected.

The Transportation Recall Enhancement, Accountability and Documentation Act was enacted in the United States on November 1, 2000. This Act required the NHTSA to regulate the dynamic rollover standards and to upgrade federal motor vehicle safety standards relating to tires. It also required the NHTSA to enhance its authority to gather information potentially relating to motor vehicle defects. This Act substantially increases the maximum civil penalties for violation of regulatory requirements and specifies possible criminal penalties for violations of the federal Fraud and False Statements Act. In 2003, the NHTSA expanded its New Car Assessment Program (“NCAP”) to implement consumer information programs for vehicle rollover resistance and child restraints and, beginning in 2003, adopted extensive early warning defect reporting requirements. Regulations regarding tire-pressure monitoring systems were strengthened in 2005.

Legislation on a transportation budget plan promoting a safe and efficient vehicle safety program for drivers, the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users (SAFETEA-LU) was passed in August 2005. The legislation requires the NHTSA to propose and issue safety standards to reduce rollover accidents, to complete the creation of standards for the reduction of vehicle passengers released from cars at the time of rollover accidents, to upgrade door lock standards, to complete the upgrade of roof crash standards, to decide on the side impact protection standards for passengers in all seat locations, to review seat belt wearing technology and complete a study that includes a proposal for improving the rate of seat belt usage, to establish standards to display NCAP ratings on new car labels and to complete the upgrade of the standard for power windows that will require pulling up switches. Some actions have already been taken and completed in response to the above requirements.

In February 2008, legislation to prevent non-traffic related injuries to young children caused by vehicles, the “Cameron Gulbransen Kids Transportation Safety Act,” was passed. Pursuant to this legislation, the NHTSA finalized standards requiring vehicles to be equipped with rearview camera systems in order to ensure rearward visibility to prevent children from being struck by backing vehicles and mandating the use of brake shift interlock systems.

In January 2011, legislation to improve the safety of the visually impaired and other pedestrians, the “Pedestrian Safety Enhancement Act of 2010,” was passed. The legislation requires the NHTSA to draft and finalize standards for warning sounds of electric and hybrid vehicles. The NHTSA formally proposed minimum sound standards in January 2013, and the standards are currently in the regulatory review process.

In response to the unintended acceleration issue in 2010, the NHTSA has started to examine and implement measures to strengthen safety standards, such as mandating brake override systems, mandating Event Data Recorders, or EDR, and standardizing push-start switches.

In August 2014, the NHTSA initiated rulemaking that would propose to create a new safety standard to require new passenger and light truck vehicles to have dedicated short-range communication (DSRC) units that enable Vehicle-to-Vehicle (V2V) communication.

In January 2015, the NHTSA proposed to amend safety standards regarding child restraint anchorage systems to improve the ease of use, and in March 2015, the NHTSA proposed to amend a safety standard regarding seat belt assembly anchorages to specify an alternative test procedure.

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European Standards

In Europe, following the White Paper “European Transport Policy for 2010: Time to Decide” adopted in 2001, which targets halving the number of deaths caused by road accidents by 2010, various groups in different fields have conducted research and analyses.

The European Commission and the ACEA have established CARS 21, a High Level Group that aims to strengthen the competitiveness of the European automotive industry, and examined the recommendations with the legal framework of a decade later in mind. The CARS 21 final report issued at the end of 2005 contains recommendations relating to the simplification of legislation and road safety, among other issues, and indicates a Ten Year Roadmap, and in February 2007, the European Commission issued a communication regarding the CARS 21 final report, in which concrete action plans for future legislation were announced, and much legislation has already proceeded.

In 2009, based on the CARS 21 final report released in February 2007, the European Commission enacted a new regulation and established a simplified framework, repealing more than 50 existing European Commission directives regarding vehicle safety other than pedestrian protection, and replacing them with a single regulation aimed at incorporating the UN regulations. The new regulation also requires the adoption of advanced safety systems. The EU Regulation directly incorporating the UN Regulations commenced in 2012 and requires advanced safety systems, including requiring new type vehicles to have electronic stability control systems from 2011, to introduce regulations relating to low rolling resistance tires in 2013, to require tire pressure monitoring systems starting in 2012 and to require heavy vehicles to have advanced emergency braking systems and lane departure warning systems from 2013. All of the technical requirements for these advanced safety systems were discussed in the United Nations (the technical requirements for advanced emergency braking in medium-duty passenger vehicles are under consideration by the United Nations). Further, application of UN regulation came into force from November 2012 for new vehicle types and from 2014 for all new vehicles sold in the EU market. The new mandatory measures include electric car safety requirements and gear shift indicators.

In October 2010, CARS 21 was resumed in order to proceed with the realization of the “2020 Strategy” (CARS 2020) by the European Commission that aims for high-level, sustainable and comprehensive growth, and the CARS 21 final report was issued in June 2012. The final report addresses issues facing the widespread adoption of electric vehicles, including charging infrastructure in the EU, establishing battery requirements, adopting seat belt reminder devices for all seats, connection of alcohol interlock devices to vehicles, adopting speed management devices, establishing safety requirements for micro urban mobility, strengthening safety regulation to protect the vulnerable from collisions and the possibility of regulation in connection with preventative safety technology. In November 2012, “CARS 2020: Action Plan for a competitive and sustainable automotive industry in Europe” was issued based on the final report. The action plan is built on four core concepts, and within these concepts it discusses enhancement of road safety, improving the market conditions within the EU and the implementation of smart regulations. Each item is given a target date and is to be monitored going forward. A stakeholder hearing on the implementation of the CARS 2020 action plan took place in February 2014 in Brussels in preparation for the Commission’s final report, which the Commission published in October 2014. The report indicates the direction for future short and medium term actions.

On the widespread adoption of emergency call systems (“eCall”), the European Commission concluded that a legislative approach is effective as a result of the impact assessment by the Commission in 2011. Accordingly, eCall is expected to become mandatory from the end of March 2018 for light-duty passenger vehicles and light-duty commercial vehicles using the framework of “Whole Vehicle Type Approval.” Amended rules relating to WVTA are scheduled to take effect. Regulations setting forth the technical standards of eCall have been proposed, with further revisions possible. Rulemaking regarding eCall has also been proposed by the United Nations, and is also currently being considered. In addition, in the event the installation of eCall becomes mandatory in the EU, it will be necessary at the same time to build infrastructure such as communication bases in the different member states of the EU, and rulemaking regarding eCall is expected to also cover the creation of such infrastructure.

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The possibility of regulation in connection with ITS and other advanced driver assist systems for 2020 and beyond is also under consideration. In addition, the adoption of Advanced Emergency Breaking systems and lane departure warning systems on light vehicles, Advanced Emergency Breaking systems which detect pedestrians, and the adoption of blind spot monitors, reverse system which detect pedestrians, reverse cameras, Evert Data Recorders on trucks and alcohol interlock devices are also expected to be considered. In March 2015, the European Commission published a final report on the benefit and feasibility of a range of new safety technologies.

From April 2009, the applicable scope for Whole Vehicle Type Approval (“WVTA”) was extended to cover all vehicle categories. Furthermore, an amendment was issued in 2011 which clarifies the categories (especially those for passenger and light-duty commercial vehicles). Through this amendment, the criteria for light-duty commercial vehicles was clarified, and there is a possibility that vehicles currently classified as light-duty commercial vehicles become classified as passenger vehicles. In addition, revisions to EU regulations related to vehicle mass and dimensions were issued in 2012. These revisions clarified the mass, criteria and definitions which comprise the base specifications for vehicles. In 2015, WVTA is scheduled to be amended for further enhancement and improvement together with the revision of overall requirements based on a comprehensive review of the requirements for vehicle structures, including the strengthening of the market surveillance requirements and general product safety requirements, as well as revisions to the vehicle type definitions.

United Nations Regulations

The 1958 Agreement (“Agreement Concerning the Adoption of Uniform Technical Prescriptions for Wheeled Vehicles, Equipment and Parts which can be Fitted and/or be Used on Wheeled Vehicles and the Conditions for Reciprocal Recognition of Approvals Granted on the Basis of These Prescriptions”) was originally based on the European regulations, but the UN Regulations are developing as an established international law, and Japan, Thailand, Malaysia and Egypt as well as other countries outside the EU have become members after the amendment in 1995, and many other countries are expected to join in the future. The countries bound by the 1958 Agreement have incorporated the UN Regulations into their own domestic policies (The EU and Japan have directly included the UN Regulations into their domestic legislations). While automotive parts and vehicle systems are regulated by the UN regulations, there are currently no regulations with respect to International Whole Vehicle Type Approval (IWVTA) such as those in Europe. Japan proposed legislation establishing WVTA under the United Nations in 2016, and the matter is being deliberated by the United Nations. If IWVTA is established, integration of global approval administrative regulations of each country and simplification of vehicle construction regulations are expected but IWVTA, if finalized, would only be partially applicable at the time of its establishment in 2016 and deliberation toward the full application would continue after establishment.

An amendment to the 1958 Agreement is being considered with an aim towards implementation in March 2016. Such amendment will increase the flexibility of the regulations, enabling approvals to be granted for the old series of regulations according to the needs of the signatory countries to the 1958 Agreement. The percentage of required votes for voting in connection with proposed UN regulations will also be considered, and if the percentage of required votes is increased from the current two-thirds, the 1958 Agreement is expected to become fairer. Such amendment is expected to make the 1958 Agreement more attractive to countries that are not currently party to the 1958 Agreement, and aims to increase the number of signatory countries.

The 1998 Agreement (“Agreement Concerning the Establishing of Global Technical Regulations for Wheeled Vehicles, Equipment and Parts which can be Fitted and/or be Used on Wheeled Vehicles”) is a U.S.-led agreement that aims to harmonize technical regulations, and defines each regulation as a Global Technical Regulation (“GTR”). At present, there are 16 GTRs in total. Currently, numerous provisions are under discussion in order to include more regulations. The countries bound by the 1998 agreement are required to incorporate the GTRs into their domestic laws. The parties to the 1998 agreement include the United States, Canada, China and India, which are not parties to the 1958 agreement, so GTRs will also influence those countries.

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Chinese Standards

Vehicle safety regulations in China were drafted with reference to the UN regulations and cover almost the same matters as the UN regulations. However, these regulations also include unique provisions which take into account the distinctive characteristics of the Chinese market environment and the rules differ from the latest UN regulations. As for future safety regulations, standards related to airbag technologies and standards related to batteries, motors and the charging of electric vehicles are currently being planned.

Standards of Other Countries

Vehicle safety regulations in Canada are basically similar to those in the United States. In regions outside of North America, adoption and conformity with the UN regulations is widespread, including in those countries without automotive manufacturing industries. The list of signatories to the 1958 agreement of the United Nations continues to grow, and now includes Korea, Thailand and Malaysia in Asia, as well as Russia, South Africa, Egypt and Morocco. In addition, ASEAN, pursuant to its economic community mission, has decided to adopt the UN regulations as its regional agreement. Latin America, India and countries in the Middle East that are not signatories to the 1958 agreement of the United Nations are also moving forward to conform their respective regulations to the UN regulations or to adopt new regulations consistent with the UN regulations.

Environmental Matters

Japanese Standards

Toyota’s automotive operations in Japan are subject to substantial environmental regulation under laws such as the Air Pollution Law, the Water Pollution Control Law, the Noise Regulation Law and the Vibration Control Law. Under these laws, if a business entity establishes or alters any facility that is regulated by these laws, the business entity is required to give prior notice to regulators, and if a business entity discharges, uses or stores substances that are environmental burdens or causes noise or vibration from such facility, the business entity is also required to comply with the applicable standards. Toyota is also subject to local regulations, which in some cases impose more stringent obligations than the Japanese central government requirements. Toyota has complied with these regulations. Under the Waste Disposal and Public Cleaning Law, producers of industrial waste must dispose of industrial waste in the manner prescribed in the Waste Disposal and Public Cleaning Law. Toyota has also complied with the Waste Disposal and Public Cleaning Law.

The Soil Contamination Countermeasures Law of Japan requires that land owners conduct contamination testing and submit a report at the time they cease to use hazardous substances, such as in connection with the sale of a former factory, or if there is a possibility of health hazards due to land contamination. If it is found that land contamination exceeds a certain level, the relevant prefectural authority designates the area considered to be contaminated and orders the land owner to take necessary measures. Toyota is suitably managing its land in accordance with the same law. In addition, under the Law on Recycling of End-of-Life Vehicles, vehicle manufacturers are required to take back and recycle specified materials (automotive shredder residues, air bags and fluorocarbons) of end-of-life vehicles and the provisions concerning such obligations of vehicle manufacturers became effective in January 2005. Toyota has coordinated with relevant parties to establish a vehicle take-back and recycle system throughout Japan. As a result, in fiscal 2015, Toyota achieved a recycling/recovery rate of 97% for automobile shredder residue (the legal requirement being 50%) and 94% for air bags (the legal requirement being 85%) and reached the targets set forth in this law.

U.S. Standards

Toyota’s assembly, manufacturing and other operations in the United States are subject to a wide range of environmental regulation under the Clean Air Act, the Clean Water Act, the Resource Conservation and Recovery Act, the Pollution Prevention Act and the Toxic Substances Control Act. Toyota is also subject to a variety of state legislation that parallels, and in some cases imposes more stringent obligations than, federal

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requirements. These federal and state regulations impose severe restrictions on air- and water-borne discharges of pollution from Toyota facilities, the handling of hazardous materials at Toyota facilities and the disposal of wastes from Toyota operations. Toyota is subject to many similar requirements in its operations in Europe, Canada and other countries.

Pursuant to the Clean Air Act, the EPA has promulgated National Ambient Air Quality Standards (“NAAQS”) for six “criteria” pollutants, including for ozone and particulate matter. The Clean Air Act requires that the EPA review and possibly revise these NAAQS every five years. On December 14, 2012, the EPA made the annual health-based particulate matter NAAQS more stringent, and the EPA is scheduled to complete its review and possible revision of the ozone NAAQS in 2015. The revised annual health-based particulate matter NAAQS, as well as any future NAAQS revisions, could lead to additional pollution control requirements on the industry, including on Toyota’s manufacturing operations.

Toyota expects growing pressure in the next several years to further reduce emissions from motor vehicles and manufacturing facilities.

European Standards

In October 2000, the European Union brought into effect a directive that requires member states to promulgate regulations implementing the following:

• automotive manufacturers shall bear all or a significant part of the costs for taking back end-of-life vehicles sold after July 1, 2002 and dismantling and recycling those vehicles. Beginning January 1, 2007, this requirement became applicable to vehicles sold before July 1, 2002 as well;

• automotive manufacturers may not use certain hazardous materials in vehicles sold after July 1, 2003;

• certified vehicle models sold after December 15, 2008 shall be re-usable and/or recyclable to a minimum of 85% by weight per vehicle and shall be re-usable and/or re-use as material or energy to a minimum of 95% by weight per vehicle; and

• end-of-life vehicles must meet actual re-use and/or recycling of 80% and re-use and/or recovery of 85%, respectively, of vehicle weight by 2006, rising respectively to 85% and 95% by 2015.

Laws to implement this directive came into effect in each of the EU member states. Currently, there are uncertainties surrounding the implementation of the applicable regulations in different EU member states, particularly regarding automotive manufacturer responsibilities and resultant expenses that may be incurred.

In addition, under this directive, the member states must take measures to ensure that car manufacturers, distributors and other auto-related economic operators establish adequate used vehicle collection and treatment facilities and to ensure that hazardous materials and recyclable parts are removed from vehicles prior to shredding. This directive impacts Toyota’s vehicles sold in the EU. Toyota accommodated, in offering its products, any measures the EU member states chose to implement in order to comply with this directive.

The EU has also issued directives and made proposals relating to the following subjects on environmental matters:

• emission standards that include a framework permitting member states to introduce fiscal incentives to promote early compliance; and

• reform of rules governing automotive distribution and service. The block exemption on distribution has been amended so that dealers may engage in cross-border sales actively within the EU and open additional facilities for sales and services. Additionally, dealers may no longer be required by manufacturers to operate both sales and service facilities side by side.

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In December 2011, the European Commission proposed to reduce noise produced by cars, vans, buses, coaches and light and heavy trucks. As proposed, noise limit values would ultimately be lowered by four A-weighted decibels for vehicles other than trucks, and three A-weighted decibels for trucks. Compliance would be achieved in three steps over a 10 to 12 year period. In May 2014, a regulation adopting the proposal was published in final form in the EU Official Journal.

Toyota believes that its operations are materially in compliance with environmental regulatory requirements concerning its facilities and products in each of the markets in which it operates. Toyota continuously monitors these requirements and takes necessary operational measures to ensure that it remains in material compliance with all of these requirements.

Toyota believes that environmental regulatory requirements have not had a material adverse effect on its operations. However, compliance with environmental regulations and standards has increased costs and is expected to lead to higher costs in the future. Therefore, Toyota recognizes that effective environmental cost management will become increasingly important. Moreover, innovation and leadership in the area of environmental protection are becoming increasingly important to remain competitive in the market. As a result, Toyota has proceeded with the development and production of environmentally friendly technologies, such as hybrid vehicles, fuel cell vehicles and high fuel efficiency, low emission engines.

In addressing environmental issues, based on an assessment of the environmental impact of its products through their life cycles, Toyota, as a manufacturer, strives to take all possible measures in each life stage of a product, from development through production, sales, disposal and recycling, and continues to work toward technological innovations to make efficient use of resources and to reduce the burden on the environment.

Disclosure of Iranian Activities under Section 13(r) of the Securities Exchange Act of 1934

Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012 added Section 13(r) to the Securities Exchange Act of 1934, as amended. Section 13(r) requires an issuer to disclose in its annual or quarterly reports, as applicable, whether it or any of its affiliates knowingly engaged in certain activities, transactions or dealings relating to Iran or with designated natural persons or entities involved in terrorism or the proliferation of weapons of mass destruction. Pursuant to Section 13(r), Toyota is disclosing the following information.

During the fiscal year ended March 31, 2015:

• Toyota Tourist International, Inc., a majority-owned subsidiary of Toyota, obtained three visas from the Iranian embassy in Japan in connection with certain travel arrangements.

• Tokyo Toyota Motor Co., Ltd., a wholly-owned indirect subsidiary of Toyota, performed maintenance services for Toyota vehicles owned by the Iranian embassy in Japan.

Altogether, the above activities contributed an insignificant amount in gross revenues and net profit to Toyota. Toyota believes that none of the above transactions subject it or its affiliates to U.S. sanctions. Toyota Tourist International intends to cease conducting the activities described above. Tokyo Toyota Motor may, if requested by the Iranian embassy in Japan, continue to perform maintenance services relating to vehicles owned by such embassy, in accordance with applicable laws and regulations, in order to honor Toyota’s commitment to the safety and reliability of its vehicles.

Research and Development

The overriding goals of Toyota’s technology and product development activities are to minimize the negative aspects of cars, such as traffic accidents and impact on the environment, and maximize the positive aspects, such as driving pleasure, comfort and convenience. By achieving these sometimes conflicting goals to a

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high degree, Toyota seeks to open the door to the automobile society of the future. To ensure efficient progress in research and development activities, Toyota coordinates and integrates all research and development phases, from basic research and advanced research to forward-looking technology and product development. With respect to long-term basic research in areas such as energy, the environment, information technology, telecommunications and materials, projects are regularly reviewed and evaluated in consultation with outside experts to achieve research and development cost control. With respect to forward-looking, leading-edge technology and product development, Toyota establishes cost-performance benchmarks on a project-by-project basis to ensure efficient development investment.

The chart below provides an overview of Toyota’s R&D at each phase.

Phase	Description
Basic research	Phase to discover development theme Research on basic vehicle-related technology
Forward-looking and leading-edge technology development	Phase requiring technological breakthroughs such as components and systems Development of leading-edge components and systems that are more advanced than those of competitors
Product development	Phase mainly for development of new models Development of all-new models and existing-model upgrades

Toyota is promoting research and development into the early commercialization of next generation environmentally-friendly, energy-efficient and safe-vehicle technology and is making efforts to produce vehicles that are friendly to people and the environment by focusing on the following areas:

• further improvements in hybrid technologies, including in functions and cost, and contributions to the environment through advancements;

• improvement in gasoline engine fuel economy technology as well as improvement in technology in connection with more stringent emission standards;

• promoting improvements in functions and fuel economy of clean diesel engines;

• development of electric vehicles, fuel cell vehicles and other alternative fuel vehicles; and

• development of technology designed to promote driving and vehicle safety.

For a detailed discussion of the company’s research and development infrastructure, see “Operating and Financial Review and Prospects — Research and Development, Patents and Licenses”.

Components and Parts, Raw Materials and Sources of Supply

Toyota purchases parts, components, raw materials, equipment and other supplies from multiple competing suppliers located around the world. Toyota works closely with its suppliers to pursue the most optimal purchasing possible. Toyota believes that this policy encourages technological innovation, cost reduction and other measures to strengthen its vehicle competitiveness. No single supplier accounted for more than 5% of Toyota’s consolidated purchases of raw materials and parts during fiscal 2015, except for Denso Corporation, an affiliated company of Toyota, which supplied approximately 10% of Toyota’s purchases during fiscal 2015. Toyota plans to continue purchases based on the same principle and does not anticipate any difficulty in obtaining stable supplies in the foreseeable future.

Because Toyota had more than 50 overseas operations in 28 countries and regions as of December 31, 2014, procurement of parts and components is being carried out not only locally in the country of the production site but also from third countries, and the distribution network has become increasingly more complex. In order to

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realize timely and efficient distribution at the same time as keeping total costs at a minimum, Toyota is promoting efforts to optimize each stage of the supply-chain. To this end, Toyota has developed a standardized system of global distribution and is supporting the operation of the system at each production base. The use of the global distribution system aims at implementing parts procurement that meets changes in vehicle production in a timely manner. These varying efforts, combined together, have led to maximized customer satisfaction, as well as to building a good working relationship with Toyota’s suppliers.

Toyota aims to share information and collaborate among the procurement divisions in each of the regions throughout the world in order to procure parts and materials from the most competitive suppliers among Toyota factories located in various areas worldwide. At the same time, Toyota carries out streamlining efforts undertaken together with suppliers in each country in order to achieve sustainable growth. In particular, Toyota has been working on a cost reduction measure referred to as RR-CI activities. RR-CI activities aim to improve competitive power through thorough localization, sharing parts and components and manufacturing reforms together with producing products matching customers’ needs in each region and vehicle category. Toyota is advancing RR-CI activities in conjunction with the TNGA. Urgent VA (value analysis) Activities began in fiscal 2008 and developed into All-Toyota VA Activities at the beginning of fiscal 2010 as part of Toyota’s ongoing unified cost reduction effort with suppliers for the various types of vehicles already on sale. In addition, Toyota has been working on the TNGA to achieve sweeping advances in basic performance and product appeal of parts and units as well as seeking cost reductions by sharing more parts and implementing manufacturing reforms.

In fiscal 2015, market prices of raw materials such as steel generally remained at the same level or slightly decreased in comparison to the prior fiscal year due in part to the depreciation of the yen despite downward pressure due to decreased demand in China. The direction of prices is still unforeseeable. Toyota is continually promoting cost reduction efforts, such as reducing the amount of raw materials it uses.

Toyota’s ability to continue to obtain supplies in an efficient manner is subject to a number of factors, some of which are not in Toyota’s control. These factors include the ability of its suppliers to provide a continued source of supplies and the effect on Toyota of competition by other users in obtaining the supplies.

Intellectual Property

Toyota holds numerous Japanese and foreign patents, trademarks, design patents and some utility model registrations. It also has a number of applications pending for Japanese and foreign patents. While Toyota considers all of its intellectual property to be important, it does not consider any one or group of patents, trademarks, design patents or utility model registrations to be so important that their expiration or termination would materially affect Toyota’s business.

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Capital Expenditures and Divestitures

Set forth below is a chart of Toyota’s principal capital expenditures between April 1, 2012 and March 31, 2015, the approximate total costs of such activity, as well as the location and method of financing of such activity, presented on a “by subsidiary” basis and as reported in Toyota’s annual Japanese securities report filed with the director of the Kanto Local Finance Bureau.

Description of Activity	Total Cost (Yen in billions)		Location	Primary Method of Financing
Japan
Investment primarily in technology and products by Toyota Motor Corporation		692.9	Japan	Internal funds, financing from issuance of bonds, etc.
Investment primarily in technology and products by Hino Motors, Ltd.		93.4	Japan	Internal funds
Investment primarily in technology and products by Daihatsu Motor Co., Ltd.		88.7	Japan	Internal funds
Investment primarily in technology and products by Toyota Auto Body Co., Ltd.		70.3	Japan	Internal funds
Investment primarily in technology and products by Primeearth EV Energy Co., Ltd.		56.9	Japan	Borrowings
Outside of Japan
Investment primarily to promote localization by Toyota Motor Thailand Co., Ltd.		133.8	Thailand	Internal funds
Investment primarily to promote localization by Toyota Motor Manufacturing Canada Inc.		113.8	Canada	Internal funds
Investment primarily to promote localization by P.T. Toyota Motor Manufacturing Indonesia		94.5	Indonesia	Internal funds
Investment primarily to promote localization by Toyota Motor Manufacturing, Kentucky, Inc.		93.8	United States	Internal funds
Investment primarily to promote localization by Toyota Argentina S.A.		67.4	Argentina	Internal funds
Investment primarily to promote localization by Toyota do Brasil Ltda.		66.5	Brazil	Internal funds
Investment primarily to promote localization by Toyota Motor Europe NV/SA		65.1	Belgium	Internal funds
Investment primarily to promote localization by Toyota Motor Manufacturing, Indiana, Inc.		63.6	United States	Internal funds
Investment primarily to promote localization by Siam Toyota Manufacturing Co., Ltd.		54.8	Thailand	Internal funds
Investment primarily in leased automobiles by Toyota Motor Credit Corporation		4,415.7	United States	Internal funds, financing from issuance of bonds, etc.

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Set forth below is information with respect to Toyota’s material plans to construct, expand or improve its facilities between April 2015 and March 2016, presented on a “by subsidiary” basis and as reported in Toyota’s annual Japanese securities report filed with the director of the Kanto Local Finance Bureau.

Description of Activity	Total Cost (Yen in billions)		Location	Primary Method of Financing
Japan
Investment primarily in manufacturing facilities by Toyota Motor Corporation		300.0	Japan	Internal funds
Investment primarily in manufacturing facilities by Hino Motors, Ltd.		59.0	Japan	Internal funds and borrowings
Outside of Japan
Investment primarily in manufacturing facilities by Toyota Motor Thailand Co., Ltd.		61.6	Thailand	Internal funds
Investment primarily in manufacturing facilities by Toyota Motor Manufacturing, Kentucky, Inc.		52.5	United States	Internal funds
Investment primarily in manufacturing facilities by P.T. Toyota Motor Manufacturing Indonesia		51.9	Indonesia	Internal funds and borrowings
Investment primarily in manufacturing facilities by Toyota Motor Manufacturing Canada Inc.		42.9	Canada	Internal funds

Set forth below is additional information with respect to Toyota’s material plans to construct, expand or improve its facilities.

Toyota plans to increase production capacity at its Argentina factory from 90 thousand units to 140 thousand units annually during 2015 and 2016, and at its Sorocaba Plant in Brazil from 70 thousand units to 110 thousand units annually in 2016. Toyota also plans to build a new plant in Mexico in 2019, and to complete construction of a third plant in Guangzhou in China in 2017.

To enhance production capacity of auto parts, Toyota plans to construct a plant for hybrid vehicle battery production in China in October 2015 and a plant for passenger vehicle engine production in Indonesia and Brazil in 2016.

Toyota does not collect information on the amount of expenditures already paid for each plant under construction because Toyota believes that it is difficult and it would require unreasonable effort or expense to identify and categorize each expenditure item with reasonable accuracy as past and future expenditures. Toyota’s construction projects consist of numerous expenditures, each of which is continually being adjusted and incurred in variable and constantly changing amounts as part of the overall work-in-progress.

Seasonality

Toyota does not consider its seasonality material in the sense of significantly higher sales during any certain period of the year as compared to other periods of the year.

Legal Proceedings

From time-to-time, Toyota issues vehicle recalls and takes other safety measures including safety campaigns relating to its vehicles. In 2009 and 2010, Toyota issued safety campaigns related to the risk of floor mat

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entrapment of accelerator pedals and vehicle recalls related to slow-to-return or sticky accelerator pedals. Following some of these recalls and other safety measures, a large number of putative class actions and individual lawsuits were brought against Toyota, alleging that certain Toyota, Lexus and Scion vehicles contained defects that led to unintended acceleration. The class actions and individual lawsuits related to economic loss were resolved by a settlement which was approved by the United States District Court for the Central District of California in July 2013, and the settlement of those claims is final.

There were also several government investigations related to unintended acceleration. The last of these to be resolved was the investigation initiated by the U.S. Attorney for the Southern District of New York in February 2010. In March 2014, Toyota announced that it entered into a deferred prosecution agreement (“DPA”) with the U.S. Attorney’s Office to resolve its investigation. The DPA provided for a $1.2 billion payment to the U.S. government, and Toyota recorded a $1.2 billion charge against earnings in fiscal 2014. Pursuant to the DPA, an independent monitor was appointed to review and assess policies and procedures relating to Toyota’s safety communications process, its process for sharing vehicle accident information internally and its process for preparing and sharing certain technical reports.

In 2010, there was a recall related to the software program that controls the antilock braking system in certain models including the Prius, which led to putative class action lawsuits on behalf of owners of recalled vehicles and owners of vehicles which were not recalled. These cases were consolidated into two actions, one in the United States District Court for the Central District of California and one in the Los Angeles County Superior Court. In January 2013, the United States District Court for the Central District of California denied the plaintiff’s motion for class certification and granted summary judgment in Toyota’s favor resolving the claims related to the recalled vehicles, and in July 2013, the United States District Court for the Central District of California denied the plaintiff’s motion for class certification and granted summary judgment in Toyota’s favor regarding the claims related to the non-recalled vehicles. Proceedings involving the recalled vehicles in both courts have concluded. The ruling of the United States District Court for the Central District of California related to the non-recalled vehicles has been appealed.

Product liability personal injury claims related to the floor mat entrapment of accelerator pedals and slow-to-return or sticky accelerator pedal cases are pending in several consolidated cases in federal and state courts, as well as in individual cases in various other states. The judges in the consolidated federal action and the consolidated California state action have approved an Intensive Settlement Process (“ISP”) for such claims in those actions. Under the ISP, all individual claims within the consolidated actions are stayed pending completion of a process to assess whether they can be resolved on terms acceptable to the parties. Cases not resolved after completion of the ISP will then proceed to discovery and toward trial. Toyota has offered the ISP process to plaintiffs in other consolidated actions and in individual cases, as well.

Toyota has been named as a defendant in 27 economic loss class action lawsuits, which have been consolidated for pretrial purposes in the United States District Court for the Southern District of Florida, arising out of allegations that Takata airbags installed in Toyota vehicles are defective. These lawsuits are at a very early stage.

Toyota also has various other legal actions, other governmental proceedings and other claims pending against it, including other product liability claims in the United States.

Beyond the amounts accrued with respect to all aforementioned matters, Toyota is unable to estimate a range of reasonably possible loss, if any, for the pending legal matters because (i) many of the proceedings are in evidence gathering stages, (ii) significant factual issues need to be resolved, (iii) the legal theory or nature of the claims is unclear, (iv) the outcome of future motions or appeals is unknown and/or (v) the outcomes of other matters of these types vary widely and do not appear sufficiently similar to offer meaningful guidance. Based upon information currently available to Toyota, however, Toyota believes that its losses from these matters, if any, beyond the amounts accrued, would not have a material adverse effect on Toyota’s financial position, results of operations or its cash flows.

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4.C ORGANIZATIONAL STRUCTURE

As of March 31, 2015, Toyota Motor Corporation had 261 Japanese subsidiaries and 280 overseas subsidiaries. The following table sets forth for each of Toyota Motor Corporation’s principal subsidiaries, the country of incorporation and the percentage ownership interest and the voting interest held by Toyota Motor Corporation.

Name of Subsidiary	Country of Incorporation	Percentage Ownership Interest		Percentage Voting Interest
Toyota Financial Services Corporation	Japan		100.00		100.00
Hino Motors, Ltd.	Japan		50.21		50.36
Toyota Motor Kyushu, Inc.	Japan		100.00		100.00
Daihatsu Motor Co., Ltd.	Japan		51.33		51.50
Toyota Finance Corporation	Japan		100.00		100.00
Toyota Auto Body Co., Ltd.	Japan		100.00		100.00
Toyota Motor East Japan, Inc.	Japan		100.00		100.00
Toyota Motor Engineering & Manufacturing North America, Inc.	United States		100.00		100.00
Toyota Motor Manufacturing, Kentucky, Inc.	United States		100.00		100.00
Toyota Motor North America, Inc.	United States		100.00		100.00
Toyota Motor Credit Corporation	United States		100.00		100.00
Toyota Motor Manufacturing, Indiana, Inc.	United States		100.00		100.00
Toyota Motor Manufacturing, Texas, Inc.	United States		100.00		100.00
Toyota Motor Sales, U.S.A., Inc.	United States		100.00		100.00
Toyota Motor Manufacturing, Mississippi, Inc.	United states		100.00		100.00
Toyota Motor Manufacturing Canada Inc.	Canada		100.00		100.00
Toyota Credit Canada Inc.	Canada		100.00		100.00
Toyota Canada Inc.	Canada		51.00		51.00
Toyota Motor Europe NV/SA	Belgium		100.00		100.00
Toyota Motor Manufacturing France S.A.S.	France		100.00		100.00
Toyota Kreditbank GmbH	Germany		100.00		100.00
Toyota Motor Finance (Netherlands) B.V.	Netherlands		100.00		100.00
Toyota Motor Manufacturing (UK) Ltd.	United Kingdom		100.00		100.00
Toyota Financial Services (UK) PLC	United Kingdom		100.00		100.00
Toyota (GB) PLC	United Kingdom		100.00		100.00
OOO “TOYOTA MOTOR”	Russia		100.00		100.00
Toyota Motor (China) Investment Co., Ltd.	China		100.00		100.00
Toyota Motor Finance (China) Co., Ltd.	China		100.00		100.00
P.T. Toyota Motor Manufacturing Indonesia	Indonesia		95.00		95.00
Toyota Motor Asia Pacific Pte Ltd.	Singapore		100.00		100.00
Kuozui Motors, Ltd.	Taiwan		70.00		70.00
Toyota Leasing (Thailand) Co., Ltd.	Thailand		86.84		86.84
Toyota Motor Thailand Co., Ltd.	Thailand		86.43		86.43
Toyota Motor Asia Pacific Engineering and Manufacturing Co., Ltd.	Thailand		100.00		100.00
Toyota Motor Corporation Australia Ltd.	Australia		100.00		100.00
Toyota Finance Australia Ltd.	Australia		100.00		100.00
Toyota Argentina S.A.	Argentina		100.00		100.00
Toyota do Brasil Ltda.	Brazil		100.00		100.00
Toyota South Africa Motors (Pty) Ltd.	South Africa		100.00		100.00

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4.D PROPERTY, PLANTS AND EQUIPMENT

As of March 31, 2015, Toyota and its affiliated companies produced automobiles and related components through more than 50 overseas manufacturing organizations in 28 countries and regions besides Japan. The facilities are located principally in Japan, the United States, Canada, the United Kingdom, France, Turkey, Thailand, China, Taiwan, India, Indonesia, South Africa, Australia, Argentina and Brazil.

In addition to its manufacturing facilities, Toyota’s properties include sales offices and other sales facilities in major cities, repair service facilities and research and development facilities.

The following table sets forth information, as of March 31, 2015, with respect to Toyota’s principal facilities and organizations, all of which are owned by Toyota Motor Corporation or its subsidiaries. However, small portions, all under approximately 20%, of some facilities are on leased premises.

Facility or Subsidiary Name	Location	Land Area (thousand square meters)		Number of Employees		Principal Products or Functions
Japan (Toyota Motor Corporation)
Tahara Plant	Tahara City, Aichi Pref.		4,029		7,075	Automobiles
Higashi-Fuji Technical Center	Susono City, Shizuoka Pref.		2,041		3,026	Research and Development
Toyota Head Office and Technical Center	Toyota City, Aichi Pref.		1,930		23,023	Research and Development
Motomachi Plant	Toyota City, Aichi Pref.		1,594		7,249	Automobiles
Takaoka Plant	Toyota City, Aichi Pref.		1,312		3,551	Automobiles
Tsutsumi Plant	Toyota City, Aichi Pref.		937		4,615	Automobiles
Kamigo Plant	Toyota City, Aichi Pref.		868		2,955	Automobile parts
Kinu-ura Plant	Hekinan City, Aichi Pref.		836		3,042	Automobile parts
Honsha Plant	Toyota City, Aichi Pref.		551		1,804	Automobile parts
Nagoya Office	Nagoya City, Aichi Pref.		3		2,210	Office
Japan (Subsidiaries)
Daihatsu Motor Co., Ltd.	Ikeda City, Osaka, etc.		8,409		11,446	Automobiles
Hino Motors, Ltd.	Hino City, Tokyo, etc.		6,009		11,844	Automobiles
Toyota Auto Body Co., Ltd.	Kariya City, Aichi Pref., etc.		2,254		11,338	Automobiles
Toyota Motor East Japan, Inc.	Kurokawa-gun, Miyagi Pref., etc.		2,613		7,170	Automobiles
Toyota Motor Kyushu, Inc.	Miyawaka City, Fukuoka Pref., etc.		1,940		7,411	Automobiles
Outside Japan (Subsidiaries)
Toyota Motor Manufacturing Canada, Inc.	Ontario, Canada		4,756		6,683	Automobiles
Toyota Motor Thailand Co., Ltd.	Samutprakan, Thailand		4,414		9,933	Automobiles
Toyota Motor Sales, U.S.A., Inc.	California, U.S.A.		3,755		6,413	Sales facilities
Toyota Motor Manufacturing, Indiana, Inc.	Indiana, U.S.A.		4,348		4,745	Automobiles
Toyota Motor Manufacturing, Kentucky, Inc.	Kentucky, U.S.A.		5,161		7,442	Automobiles

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Toyota is constantly engaged in upgrading, modernizing and revamping the operations of its manufacturing facilities based on its assessment of market needs and prospects. To respond flexibly to fluctuations in demand in each of its production operations throughout the world, Toyota continually reviews and implements appropriate production measures such as revising takt time and adjusting days of operation. As a result, Toyota believes it would require unreasonable effort to track the exact productive capacity and the extent of utilization of each of its manufacturing facilities with a reasonable degree of accuracy.

As of March 31, 2015, property, plant and equipment having a net book value of approximately ¥192.3 billion was pledged as collateral securing indebtedness incurred by Toyota Motor Corporation’s consolidated subsidiaries. Toyota believes that there does not exist any material environmental issues that may affect the company’s utilization of its assets.

Toyota considers all its principal manufacturing facilities and other significant properties to be in good condition and adequate to meet the needs of its operations.

See “— Business Overview — Capital Expenditures and Divestitures” for a description of Toyota’s material plans to construct, expand or improve facilities.

ITEM 4A. UNRESOLVED STAFF COMMENTS

None.

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS

5.A OPERATING RESULTS

Financial information discussed in this section is derived from Toyota’s consolidated financial statements that appear elsewhere in this annual report. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America.

Overview

The business segments of Toyota include automotive operations, financial services operations and all other operations. Automotive operations are Toyota’s most significant business segment, accounting for 90% of Toyota’s total revenues before the elimination of intersegment revenues for fiscal 2015. Toyota’s primary markets based on vehicle unit sales for fiscal 2015 were: Japan (24%), North America (30%), Europe (10%) and Asia (17%).

Automotive Market Environment

The worldwide automotive market is highly competitive and volatile. The demand for automobiles is affected by a number of factors including social, political and general economic conditions; introduction of new vehicles and technologies; and costs incurred by customers to purchase or operate vehicles. These factors can cause consumer demand to vary substantially in different geographic markets and for different types of automobiles.

During fiscal 2015, although automotive markets have progressed in a steady manner, especially in the U.S., markets in some emerging countries have become stagnant and the Japanese market slowed down due to the consumption tax increase. Efforts toward building a low-carbon society through eco-cars and improvements in safety increased worldwide.

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The following table sets forth Toyota’s consolidated vehicle unit sales by geographic market based on location of customers for the past three fiscal years.

	Thousands of units
	Year Ended March 31,
	2013		2014		2015
Japan		2,279		2,365		2,154
North America		2,469		2,529		2,715
Europe		799		844		859
Asia		1,684		1,609		1,489
Other*		1,640		1,769		1,755
Overseas total		6,592		6,751		6,818
Total		8,871		9,116		8,972

* “Other” consists of Central and South America, Oceania, Africa and the Middle East, etc.

During fiscal 2014, Toyota’s consolidated vehicle unit sales in Japan increased as compared with prior fiscal year, primarily as a result of the active introduction of new products and the efforts of dealers nationwide. For fiscal 2014, Toyota and Lexus brands’ market share excluding mini-vehicles was 46.7% and market share (including Daihatsu and Hino brands) including mini-vehicles was 42.2%. During fiscal 2015, Toyota’s consolidated vehicle unit sales in Japan decreased as compared with the prior fiscal year under the market downturn in Japan. However, with the efforts of dealers nationwide, for fiscal 2015, Toyota and Lexus brands’ market share excluding mini-vehicles was 46.0%, and market share (including Daihatsu and Hino brands) including mini-vehicles was 41.8%, each remaining at a high level as was in the prior fiscal year. Overseas consolidated vehicle unit sales increased during fiscal 2014 and 2015. During fiscal 2014, total overseas vehicle unit sales increased as a whole, due to increased sales in North America, Europe and other regions. During fiscal 2015, total overseas vehicle unit sales increased as a whole, due to increased sales in North America and Europe.

Toyota’s share of total vehicle unit sales in each market is influenced by the quality, safety, reliability, price, design, performance, economy and utility of Toyota’s vehicles compared with those offered by other manufacturers. The timely introduction of new or redesigned vehicles is also an important factor in satisfying customer needs. Toyota’s ability to satisfy changing customer preferences can affect its revenues and earnings significantly.

The profitability of Toyota’s automotive operations is affected by many factors. These factors include:

• vehicle unit sales volumes,

• the mix of vehicle models and options sold,

• the level of parts and service sales,

• the levels of price discounts and other sales incentives and marketing costs,

• the cost of customer warranty claims and other customer satisfaction actions,

• the cost of research and development and other fixed costs,

• the prices of raw materials,

• the ability to control costs,

• the efficient use of production capacity,

• the adverse effect on production due to the reliance on various suppliers for the provision of supplies,

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• the adverse effect on market, sales and productions of natural calamities and interruptions of social infrastructure, and

• changes in the value of the Japanese yen and other currencies in which Toyota conducts business.

Changes in laws, regulations, policies and other governmental actions can also materially impact the profitability of Toyota’s automotive operations. These laws, regulations and policies include those attributed to environmental matters, vehicle safety, fuel economy and emissions that can add significantly to the cost of vehicles. The European Union has enforced a directive on end-of-life vehicles. See “Information on the Company — Business Overview — Governmental Regulation, Environmental and Safety Standards” for a more detailed discussion of these laws, regulations and policies.

Many governments also impose local content requirements, impose tariffs and other trade barriers, and enact price or exchange controls that can limit an automaker’s operations and can make the repatriation of profits unpredictable. Changes in these laws, regulations, policies and other governmental actions may affect the production, licensing, distribution or sale of Toyota’s products, cost of products or applicable tax rates. From time-to-time when potential safety problems arise, Toyota issues vehicle recalls and takes other safety measures including safety campaigns relating to its vehicles. In 2009 and 2010, Toyota issued safety campaigns related to the risk of floor mat entrapment of accelerator pedals and vehicle recalls related to slow-to-return or sticky accelerator pedals. In 2010, Toyota announced a recall related to the software program that controls the antilock braking system in certain models including the Prius. The recalls and other safety measures described above have led to a number of claims and lawsuits against Toyota. For a more detailed description of these claims and lawsuits, see “Information on the Company — Business Overview — Legal Proceedings” and note 23 to the consolidated financial statements.

The worldwide automotive industry is in a period of global competition which may continue for the foreseeable future, and in general the competitive environment in which Toyota operates is likely to intensify. Toyota believes it has the resources, strategies and technologies in place to compete effectively in the industry as an independent company for the foreseeable future.

Financial Services Operations

The competition in the worldwide automobile financial services industry is intensifying. As competition increases, margins on financing transactions may decrease and market share may also decline as customers obtain financing for Toyota vehicles from alternative sources.

Toyota’s financial services operations mainly include loans and leasing programs for customers and dealers. Toyota believes that its ability to provide financing to its customers is an important value added service. Therefore, Toyota has expanded its network of finance subsidiaries in order to offer financial services in many countries.

Toyota’s competitors for retail financing and retail leasing include commercial banks, credit unions and other finance companies. Meanwhile, commercial banks and other captive automobile finance companies also compete against Toyota’s wholesale financing activities.

Toyota’s total finance receivables increased during fiscal 2015 mainly due to the favorable impact of fluctuations in foreign currency translation rates and an increase in retail receivables. Also, vehicles and equipment on operating leases, net increased during fiscal 2015 mainly due to the favorable impact of fluctuations in foreign currency translation rates and an increase in vehicles on operating leases in financial services subsidiaries in North America.

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The following table provides information regarding Toyota’s finance receivables and operating leases in the past two fiscal years.

	Yen in millions
	March 31,
	2014			2015
Finance Receivables
Retail		10,523,364			12,015,844
Finance leases		1,071,179			1,158,361
Wholesale and other dealer loans		2,875,650			3,124,079
		14,470,193			16,298,284
Deferred origination costs		161,956			179,905
Unearned income		(754,539	)		(837,124	)
Allowance for credit losses
Retail		(89,439	)		(109,316	)
Finance leases		(30,585	)		(29,303	)
Wholesale and other dealer loans		(26,358	)		(30,053	)
		(146,382	)		(168,672	)
Total finance receivables, net		13,731,228			15,472,393
Less – Current portion		(5,628,934	)		(6,269,862	)
Noncurrent finance receivables, net		8,102,294			9,202,531
Operating Leases
Vehicles		3,674,969			5,169,524
Equipment		129,029			163,195
Less – Deferred income and other		(94,438	)		(132,733	)
		3,709,560			5,199,986
Less – Accumulated depreciation		(808,764	)		(1,080,936	)
Less – Allowance for credit losses		(7,220	)		(9,366	)
Vehicles and equipment on operating leases, net		2,893,576			4,109,684

Toyota’s finance receivables are subject to collectability risks. These risks include consumer and dealer insolvencies and insufficient collateral values (less costs to sell) to realize the full carrying values of these receivables. See discussion in “Critical Accounting Estimates — Allowance for Doubtful Accounts and Credit Losses” and note 10 to the consolidated financial statements.

Toyota continues to originate leases to finance new Toyota vehicles. These leasing activities are subject to residual value risk. Residual value losses could be incurred when the lessee of a vehicle does not exercise the option to purchase the vehicle at the end of the lease term. See discussion in “Critical Accounting Estimates — Investment in Operating Leases” and note 2 to the consolidated financial statements.

Toyota enters into interest rate swap agreements and cross currency interest rate swap agreements to convert its fixed-rate debt to variable-rate functional currency debt. A portion of the derivative instruments are entered into to hedge interest rate risk from an economic perspective and are not designated as a hedge of specific assets or liabilities on Toyota’s consolidated balance sheet and accordingly, unrealized gains or losses related to derivatives that are not designated as a hedge are recognized currently in operations. See discussion in “Critical Accounting Estimates — Derivatives and Other Contracts at Fair Value” and “Quantitative and Qualitative Disclosures about Market Risk” and notes 20 and 26 to the consolidated financial statements.

The fluctuations in funding costs can affect the profitability of Toyota’s financial services operations. Funding costs are affected by a number of factors, some of which are not in Toyota’s control. These factors

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include general economic conditions, prevailing interest rates and Toyota’s financial strength. Funding costs decreased during fiscal 2014 and 2015, mainly as a result of lower interest rates.

Toyota launched its credit card business in Japan in April 2001. As of March 31, 2014, Toyota had 12.7 million cardholders, an increase of 0.9 million cardholders compared with March 31, 2013. As of March 31, 2015, Toyota had 13.5 million cardholders, an increase of 0.8 million cardholders compared with March 31, 2014. Credit card receivables as of March 31, 2014 increased by ¥42.8 billion from March 31, 2013 to ¥380.9 billion. Credit card receivables as of March 31, 2015 was nearly equal to as of March 31, 2014 to ¥380.9 billion.

Other Business Operations

Toyota’s other business operations consist of housing (including the manufacture and sale of prefabricated homes), information technology related businesses (including information technology and telecommunications, intelligent transport systems and GAZOO) and other businesses.

Toyota does not expect its other business operations to materially contribute to Toyota’s consolidated results of operations.

Currency Fluctuations

Toyota is affected by fluctuations in foreign currency exchange rates. Toyota is exposed to fluctuations in the value of the Japanese yen against the U.S. dollar and the euro and, to a lesser extent, the Australian dollar, the Russian ruble, the Canadian dollar, the British pound, and others. Toyota’s consolidated financial statements, which are presented in Japanese yen, are affected by foreign currency exchange fluctuations through both translation risk and transaction risk.

Translation risk is the risk that Toyota’s consolidated financial statements for a particular period or for a particular date will be affected by changes in the prevailing exchange rates of the currencies in those countries in which Toyota does business compared with the Japanese yen. Even though the fluctuations of currency exchange rates to the Japanese yen can be substantial, and, therefore, significantly impact comparisons with prior periods and among the various geographic markets, the translation risk is a reporting consideration and does not reflect Toyota’s underlying results of operations. Toyota does not hedge against translation risk.

Transaction risk is the risk that the currency structure of Toyota’s costs and liabilities will deviate from the currency structure of sales proceeds and assets. Transaction risk relates primarily to sales proceeds from Toyota’s non-domestic operations from vehicles produced in Japan.

Toyota believes that the location of its production facilities in different parts of the world has significantly reduced the level of transaction risk. As part of its globalization strategy, Toyota has continued to localize production by constructing production facilities in the major markets in which it sells its vehicles. In calendar 2013 and 2014, Toyota produced 76.3% and 76.5%, respectively, of its non-domestic sales outside Japan. In North America, 73.7% and 74.4% of vehicles sold in calendar 2013 and 2014, respectively, were produced locally. In Europe, 69.4% and 73.7% of vehicles sold in calendar 2013 and 2014, respectively, were produced locally. Localizing production enables Toyota to locally purchase many of the supplies and resources used in the production process, which allows for a better match of local currency revenues with local currency expenses.

Toyota also enters into foreign currency transactions and other hedging instruments to address a portion of its transaction risk. This has reduced, but not eliminated, the effects of foreign currency exchange rate fluctuations, which in some years can be significant. See notes 20 and 26 to the consolidated financial statements for additional information.

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Generally, a weakening of the Japanese yen against other currencies has a positive effect on Toyota’s revenues, operating income and net income attributable to Toyota Motor Corporation. A strengthening of the Japanese yen against other currencies has the opposite effect. In fiscal 2014 and 2015, the Japanese yen was on average and at the end of the fiscal year weaker against the U.S. dollar in comparison to fiscal 2013 and 2014, respectively. In fiscal 2014 and 2015, the Japanese yen was on average weaker against the euro in comparison to fiscal 2013 and 2014, respectively. The Japanese yen was at the end of fiscal 2014 weaker against the euro in comparison to fiscal 2013, but was at the end of fiscal 2015 stronger against the euro in comparison to fiscal 2014. See further discussion in “Quantitative and Qualitative Disclosures about Market Risk — Market Risk Disclosures — Foreign Currency Exchange Rate Risk”.

During fiscal 2014 and 2015, the average exchange rate of the Japanese yen against the U.S. dollar and the euro compared to the prior fiscal year fluctuated as described above. The operating results excluding the impact of currency fluctuations described in “Results of Operations — Fiscal 2015 Compared with Fiscal 2014” and “Results of Operations — Fiscal 2014 Compared with Fiscal 2013” show results of net revenues obtained by applying the Japanese yen’s average exchange rate in the previous fiscal year to the local currency-denominated net revenues for fiscal 2014 and 2015, respectively, as if the value of the Japanese yen had remained constant for the comparable periods. Results excluding the impact of currency fluctuations year-on-year are not on the same basis as Toyota’s consolidated financial statements and do not conform with U.S. GAAP. Furthermore, Toyota does not believe that these measures are a substitute for U.S. GAAP measures. However, Toyota believes that such results excluding the impact of currency fluctuations year-on-year provide additional useful information to investors regarding the operating performance on a local currency basis.

Segmentation

Toyota’s most significant business segment is its automotive operations. Toyota carries out its automotive operations as a global competitor in the worldwide automotive market. Management allocates resources to, and assesses the performance of, its automotive operations as a single business segment on a worldwide basis. Toyota does not manage any subset of its automotive operations, such as domestic or overseas operations or parts, as separate management units.

The management of the automotive operations is organized by function, with a manager having oversight responsibility for each function within the segment. Management assesses financial and non-financial data such as vehicle unit sales, production volume, market share information, vehicle model plans and plant location costs to allocate resources within the automotive operations.

Geographic Breakdown

The following table sets forth Toyota’s net revenues in each geographic market based on the country of location of the parent company or the subsidiaries that transacted the sale with the external customer for the past three fiscal years.

	Yen in millions
	Year ended March 31,
	2013		2014		2015
Japan		7,910,456		8,532,875		8,338,881
North America		6,167,821		7,938,615		9,430,450
Europe		2,003,113		2,614,070		2,690,803
Asia		4,058,629		4,475,382		4,531,178
Other*		1,924,173		2,130,969		2,243,209

* “Other” consists of Central and South America, Oceania, Africa and the Middle East.

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Results of Operations — Fiscal 2015 Compared with Fiscal 2014

	Yen in millions
	Year ended March 31,						2015 v. 2014 Change
	2014			2015			Amount			Percentage
Net revenues:
Japan		14,297,470			14,403,867			106,397			0.7	%
North America		8,117,099			9,677,596			1,560,497			19.2
Europe		2,724,959			2,848,294			123,335			4.5
Asia		4,877,672			4,981,240			103,568			2.1
Other*		2,336,641			2,449,238			112,597			4.8
Intersegment elimination/unallocated amount		(6,661,930	)		(7,125,714	)		(463,784	)		—
Total		25,691,911			27,234,521			1,542,610			6.0
Operating income:
Japan		1,510,165			1,571,476			61,311			4.1
North America		326,052			584,519			258,467			79.3
Europe		58,228			81,118			22,890			39.3
Asia		395,737			421,782			26,045			6.6
Other*		42,568			111,509			68,941			162.0
Intersegment elimination/unallocated amount		(40,638	)		(19,840	)		20,798			—
Total		2,292,112			2,750,564			458,452			20.0
Operating margin		8.9	%		10.1	%		1.2	%
Income before income taxes and equity in earnings of affiliated companies		2,441,080			2,892,828			451,748			18.5
Net margin from income before income taxes and equity in earnings of affiliated companies		9.5	%		10.6	%		1.1	%
Equity in earnings of affiliated companies		318,376			308,545			(9,831	)		(3.1	)
Net income attributable to Toyota Motor Corporation		1,823,119			2,173,338			350,219			19.2
Net margin attributable to Toyota Motor Corporation		7.1	%		8.0	%		0.9	%

* “Other” consists of Central and South America, Oceania, Africa and the Middle East.

Net Revenues

Toyota had net revenues for fiscal 2015 of ¥27,234.5 billion, an increase of ¥1,542.6 billion, or 6.0%, compared with the prior fiscal year. This increase mainly reflected the favorable impact of fluctuations in foreign currency translation rates of ¥962.2 billion and changes in vehicle unit sales and sales mix of ¥360.0 billion. Excluding the impact of changes in the Japanese yen values used for translation purposes of ¥962.2 billion, net revenues would have been ¥26,272.2 billion during fiscal 2015, a 2.3% increase compared with the prior fiscal year. The North America automotive market in calendar year 2014 increased by 5.8% compared with the prior calendar year due to the market in the U.S progressing in a steady manner. However the Japanese automotive market in fiscal 2015 decreased by 8.9% compared with the prior fiscal year due to the market downturn resulting from the consumption tax increase. Under these automotive market conditions, Toyota’s consolidated vehicle unit sales decreased by 1.6% compared with the prior fiscal year to 8,972 thousand vehicles.

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The table below shows Toyota’s net revenues from external customers by product category and by business.

	Yen in millions
	Year ended March 31,				2015 v. 2014 Change
	2014		2015		Amount			Percentage
Vehicles		20,353,340		21,557,684		1,204,344			5.9	%
Parts and components for overseas production		431,760		402,864		(28,896	)		(6.7	)
Parts and components for after service		1,843,478		1,921,764		78,286			4.2
Other		1,105,277		1,123,912		18,635			1.7
Total Automotive		23,733,855		25,006,224		1,272,369			5.4
All Other		578,789		606,612		27,823			4.8
Total sales of products		24,312,644		25,612,836		1,300,192			5.3
Financial services		1,379,267		1,621,685		242,418			17.6
Total		25,691,911		27,234,521		1,542,610			6.0	%

Toyota’s net revenues include net revenues from sales of products, consisting of net revenues from automotive operations and all other operations, which increased by 5.3% during fiscal 2015 compared with the prior fiscal year to ¥25,612.8 billion, and net revenues from financial services operations which increased by 17.6% during fiscal 2015 compared with the prior fiscal year to ¥1,621.6 billion. Excluding the impact of changes in the Japanese yen values used for translation purposes of ¥864.5 billion, net revenues from sales of products would have been ¥24,748.2 billion during fiscal 2015, a 1.8% increase compared with the prior fiscal year. The increase in net revenues from sales of products is mainly due to changes in vehicle unit sales and sales mix. Excluding the impact of changes in the Japanese yen values used for translation purposes of ¥97.7 billion, net revenues from financial services operations would have been ¥1,523.9 billion during fiscal 2015, a 10.5% increase compared with the prior fiscal year.

The following table shows the number of financing contracts by geographic region at the end of fiscal 2015 and 2014, respectively.

	Number of financing contracts in thousands
	Year ended March 31,				2015 v. 2014 Change
	2014		2015		Amount		Percentage
Japan		1,813		1,873		60		3.3	%
North America		4,791		5,046		255		5.3
Europe		879		910		31		3.6
Asia		1,167		1,382		215		18.4
Other*		688		741		53		7.7
Total		9,338		9,952		614		6.6	%

* “Other” consists of Central and South America, Oceania and Africa.

Geographically, net revenues (before the elimination of intersegment revenues) for fiscal 2015 increased by 0.7% in Japan, 19.2% in North America, 4.5% in Europe, 2.1% in Asia, and 4.8% in Other compared with the prior fiscal year. Excluding the impact of changes in the Japanese yen values used for translation purposes of ¥962.2 billion, net revenues in fiscal 2015 would have increased by 0.7% in Japan, 9.5% in North America, 4.4% in Europe and 7.2% in Other compared with the prior fiscal year, and would have decreased by 3.7% in Asia compared with the prior fiscal year.

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The following is a discussion of net revenues in each geographic market (before the elimination of intersegment revenues).

Japan

	Thousands of units
	Year ended March 31,				2015 v. 2014 Change
	2014		2015		Amount			Percentage
Toyota’s consolidated vehicle unit sales*		4,220		3,938		(282	)		(6.7	)%
*  including number of exported vehicle unit sales
	Yen in millions
	Year ended March 31,				2015 v. 2014 Change
	2014		2015		Amount			Percentage
Net revenues:
Sales of products		14,179,710		14,283,195		103,485			0.7	%
Financial services		117,760		120,672		2,912			2.5
Total		14,297,470		14,403,867		106,397			0.7	%

Net revenues in Japan increased due primarily to the effect of changes in exchange rates related to export transactions, despite Toyota’s domestic and exported vehicle unit sales decreasing by 282 thousand vehicles compared with the prior fiscal year. For fiscal 2014 and 2015, exported vehicle unit sales were 1,854 thousand units and 1,784 thousand units, respectively.

North America

	Thousands of units
	Year ended March 31,				2015 v. 2014 Change
	2014		2015		Amount		Percentage
Toyota’s consolidated vehicle unit sales		2,529		2,715		186		7.3	%
	Yen in millions
	Year ended March 31,				2015 v. 2014 Change
	2014		2015		Amount		Percentage
Net revenues:
Sales of products		7,234,376		8,601,879		1,367,503		18.9	%
Financial services		882,723		1,075,717		192,994		21.9
Total		8,117,099		9,677,596		1,560,497		19.2	%

Net revenues in North America increased due primarily to the favorable effect of fluctuations of currency translation rates to the Japanese yen, and the 186 thousand vehicles increase in vehicle unit sales compared with the prior fiscal year. The vehicle unit sales increased due mainly to the market progressing in a steady manner and strong sales of the Corolla, RAV4 and other car models.

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Europe

	Thousands of units
	Year ended March 31,				2015 v. 2014 Change
	2014		2015		Amount		Percentage
Toyota’s consolidated vehicle unit sales		844		859		15		1.8	%
	Yen in millions
	Year ended March 31,				2015 v. 2014 Change
	2014		2015		Amount		Percentage
Net revenues:
Sales of products		2,630,408		2,750,164		119,756		4.6	%
Financial services		94,551		98,130		3,579		3.8
Total		2,724,959		2,848,294		123,335		4.5	%

Net revenues in Europe increased due primarily to the 15 thousand vehicles increase in vehicle unit sales compared with the prior fiscal year. The vehicle unit sales increased due mainly to the strong sales in Western Europe, especially in Italy and the United Kingdom.

Asia

	Thousands of units
	Year ended March 31,				2015 v. 2014 Change
	2014		2015		Amount			Percentage
Toyota’s consolidated vehicle unit sales		1,609		1,489		(120	)		(7.4	)%
	Yen in millions
	Year ended March 31,				2015 v. 2014 Change
	2014		2015		Amount			Percentage
Net revenues:
Sales of products		4,755,114		4,833,952		78,838			1.7	%
Financial services		122,558		147,288		24,730			20.2
Total		4,877,672		4,981,240		103,568			2.1	%

Net revenues in Asia increased due primarily to the favorable impact of fluctuations in foreign currency translation rates despite the vehicle unit sales decreasing by 120 thousand compared with the prior fiscal year. The decrease in vehicle unit sales was due mainly to decreased sales in Thailand and Indonesia, which in turn was attributable mainly to the shrinking of the market and competitive market conditions.

Other

	Thousands of units
	Year ended March 31,				2015 v. 2014 Change
	2014		2015		Amount			Percentage
Toyota’s consolidated vehicle unit sales		1,769		1,755		(14	)		(0.8	)%
	Yen in millions
	Year ended March 31,				2015 v. 2014 Change
	2014		2015		Amount			Percentage
Net revenues:
Sales of products		2,162,505		2,255,122		92,617			4.3	%
Financial services		174,136		194,115		19,979			11.5
Total		2,336,641		2,449,238		112,597			4.8	%

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Net revenues in Other increased due primarily to the changes in vehicle sales mix despite vehicle unit sales decreasing by 14 thousand vehicles compared with the prior fiscal year.

Operating Costs and Expenses

	Yen in millions
	Year ended March 31,				2015 v. 2014 Change
	2014		2015		Amount		Percentage
Operating costs and expenses
Cost of products sold		19,988,245		20,916,362		928,117		4.6	%
Cost of financing operations		812,894		925,314		112,420		13.8
Selling, general and administrative		2,598,660		2,642,281		43,621		1.7
Total		23,399,799		24,483,957		1,084,158		4.6	%

	Yen in millions
	2015 v. 2014 Change
Changes in operating costs and expenses:
Effect of changes in vehicle unit sales and sales mix		470,000
Effect of fluctuation in foreign currency translation rates		895,500
Effect of cost reduction efforts		(280,000	)
Other		(1,342	)
Total		1,084,158

Operating costs and expenses increased by ¥1,084.1 billion, or 4.6%, to ¥24,483.9 billion during fiscal 2015 compared with the prior fiscal year. This increase resulted mainly from the ¥895.5 billion unfavorable impact of fluctuations in foreign currency translation rates and the ¥470.0 billion impact of changes in vehicle unit sales and sales mix, partially offset by the ¥280.0 billion impact of cost reduction efforts and the ¥1.3 billion decrease in other.

The decrease in other was due mainly to the ¥125.0 billion payment to the U.S government based on the agreement with the U.S. Attorney’s Office for the Southern District of New York to resolve its investigation and the ¥83.0 billion costs related to ending the vehicle and engine production in Australia, both being recorded in the prior fiscal year, partially offset by the ¥140.0 billion increase in product quality related expenses and the ¥100.0 billion increase in research and development expenses as compared to the prior fiscal year. See note 23 to the consolidated financial statements for further discussion on the payment to the U.S government based on the agreement with the U.S. Attorney’s Office for the Southern District of New York to resolve its investigation, and see note 27 to the consolidated financial statements for further discussion on the costs related to ending the vehicle and engine production in Australia.

The increase in product quality related expenses was due mainly to the increase in provisions for recalls and other safety measures resulting from increase in actual payments during fiscal 2015 and the weakening of the Japanese yen against other currencies at the end of fiscal 2015 in comparison to the prior fiscal year. See note 13 to the consolidated financial statements for further discussion.

During fiscal 2015 and beyond, Toyota announced recalls and other safety measures including the following:

In April 2014, Toyota announced in Japan and other regions the voluntary safety recall on certain Toyota vehicles in relation to the electrical wiring (spiral cable) assembled in the steering column. In April 2014, Toyota announced in Japan and other regions the voluntary safety recall on certain Toyota vehicles in relation to the slide and lock mechanism of the driver’s seat, the windshield wiper motor and the steering column mounting

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bracket beneath the instrument panel. In June, October, November and December 2014 and in May and June 2015, Toyota announced in Japan and other regions the voluntary safety recall on certain Toyota and Lexus vehicles in relation to the driver/front passenger airbag inflator.

The increase in research and development expenses was due mainly to active investments in advanced technology development to support Toyota’s future growth.

Cost Reduction Efforts

During fiscal 2015, continued cost reduction efforts together with suppliers contributed to a reduction of operating costs and expenses by ¥280.0 billion. This was due to ¥220.0 billion in cost reduction efforts concerning design related costs due mainly to ongoing value engineering activities, and ¥60.0 billion in cost reduction efforts at plants and logistics department.

These cost reduction efforts related to ongoing value engineering and value analysis activities, the use of common parts resulting in a reduction of part types and other manufacturing initiatives designed to reduce the costs of vehicle production. The amount of the effect of cost reduction efforts includes the impact of fluctuation in the price of steel, precious metals, non-ferrous alloys including aluminum, plastic parts and other production materials and parts.

Cost of Products Sold

Cost of products sold increased by ¥928.1 billion, or 4.6%, to ¥20,916.3 billion during fiscal 2015 compared with the prior fiscal year. The increase resulted mainly from the ¥691.0 billion unfavorable impact of fluctuations in foreign currency translation rates, the ¥420.0 billion impact of changes in vehicle unit sales and sales mix, and the ¥140.0 billion increase in product quality related expenses, partially offset by the ¥280.0 billion impact of cost reduction efforts and the ¥80.0 billion costs related to ending the vehicle and engine production in Australia recorded in the prior fiscal year.

Cost of Financing Operations

Cost of financing operations increased by ¥112.4 billion, or 13.8%, to ¥925.3 billion during fiscal 2015 compared with the prior fiscal year. The increase resulted mainly from the ¥90.7 billion unfavorable impact of fluctuations in foreign currency translation rates.

Selling, General and Administrative Expenses

Selling, general and administrative expenses increased by ¥43.6 billion, or 1.7%, to ¥2,642.2 billion during fiscal 2015 compared with the prior fiscal year. This increase mainly reflected the ¥113.6 billion unfavorable impact of fluctuations in foreign currency translation rates, partially offset by the ¥125.0 billion payment to the U.S government based on the agreement with the U.S. Attorney’s Office for the Southern District of New York to resolve its investigation recorded in the prior fiscal year.

Operating Income

	Yen in millions
	2015 v. 2014 Change
Changes in operating income and loss:
Effect of changes in exchange rates		280,000
Effect of cost reduction efforts		280,000
Effect of marketing activities		(70,000	)
Effect of increase of miscellaneous costs and others		(160,000	)
Other		128,452
Total		458,452

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Toyota’s operating income increased by ¥458.4 billion, or 20.0%, to ¥2,750.5 billion during fiscal 2015 compared with the prior fiscal year. This increase was due mainly to the ¥280.0 billion favorable impact of changes in foreign currency exchange rates, and ¥280.0 billion impact of cost reduction efforts, partially offset by the ¥70.0 billion impact of marketing activities, and ¥160.0 billion increase in miscellaneous costs and others. The increase in miscellaneous costs and others was due mainly to the ¥140.0 billion increase in product quality related expenses, the ¥100.0 billion increase in research and development expenses, and ¥80.0 billion increase in labor costs, partially offset by the ¥125.0 billion payment to the U.S government based on the agreement with the U.S. Attorney’s Office for the Southern District of New York to resolve its investigation and the ¥83.0 billion costs related to ending the vehicle and engine production in Australia, both being recorded in the prior fiscal year.

Marketing efforts and marketing activities include changes in vehicle unit sales and sales mix, sales expenses and other.

During fiscal 2015, operating income (before elimination of intersegment profits), compared with the prior fiscal year increased by ¥61.3 billion, or 4.1%, in Japan, ¥258.4 billion, or 79.3%, in North America, ¥22.8 billion, or 39.3%, in Europe, ¥26.0 billion, or 6.6%, in Asia, and ¥68.9 billion, or 162.0%, in Other.

The following is a description of operating income in each geographic market.

Japan

	Yen in millions
	2015 v. 2014 Change
Changes in operating income and loss:
Effect of changes in exchange rates		360,000
Effect of cost reduction efforts		195,000
Effect of marketing activities		(270,000	)
Effect of increase of miscellaneous costs and others		(225,000	)
Other		1,311
Total		61,311

North America

	Yen in millions
	2015 v. 2014 Change
Changes in operating income and loss:
Effect of changes in exchange rates		(40,000	)
Effect of cost reduction efforts		70,000
Effect of marketing efforts		105,000
Other		123,467
Total		258,467

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Europe

	Yen in millions
	2015 v. 2014 Change
Changes in operating income and loss:
Effect of changes in exchange rates		(10,000	)
Effect of cost reduction efforts		20,000
Effect of marketing efforts		10,000
Other		2,890
Total		22,890

Asia

	Yen in millions
	2015 v. 2014 Change
Changes in operating income and loss:
Effect of changes in exchange rates		10,000
Effect of cost reduction efforts		25,000
Effect of marketing activities		(15,000	)
Other		6,045
Total		26,045

Other

	Yen in millions
	2015 v. 2014 Change
Changes in operating income and loss:
Effect of changes in exchange rates		(40,000	)
Effect of marketing efforts		100,000
Effect of decrease of miscellaneous costs and others		35,000
Other		(26,059	)
Total		68,941

Other Income and Expenses

Interest and dividend income increased by ¥31.7 billion, or 27.5%, to ¥147.1 billion during fiscal 2015 compared with the prior fiscal year.

Interest expense increased by ¥3.2 billion, or 16.5%, to ¥22.8 billion during fiscal 2015 compared with the prior fiscal year.

Foreign exchange gain, net increased by ¥37.8 billion, or 75.4%, to ¥88.1 billion during fiscal 2015 compared with the prior fiscal year. Foreign exchange gains and losses include the differences between the value of foreign currency denominated assets and liabilities recognized through transactions in foreign currencies translated at prevailing exchange rates and the value at the date the transaction settled during the fiscal year, including those settled using forward foreign currency exchange contracts, or the value translated by appropriate year-end exchange rates. The ¥37.8 billion increase in foreign exchange gain, net was due mainly to the gains recorded in fiscal 2015 resulting from the Japanese yen being weaker against foreign currencies at the dates of settlement of the foreign currency trade accounts receivable than at the dates of the transactions.

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Other income (loss), net decreased by ¥73.0 billion to a loss of ¥70.1 billion during fiscal 2015 compared with the prior fiscal year. The decrease was due mainly to the effect of the reissuance of treasury stock for Toyota Mobility Foundation, a General Incorporated Foundation. See note 16 to the consolidated financial statements for further discussion.

Income Taxes

The provision for income taxes increased by ¥125.6 billion, or 16.4%, to ¥893.4 billion during fiscal 2015 compared with the prior fiscal year due mainly to the increase in income before income taxes and equity in earnings of affiliated companies. The effective tax rate for fiscal 2015 was 30.9%, which was lower than the statutory tax rate in Japan. This was due mainly to the increase in tax credits and the effect of foreign subsidiaries where statutory tax rates are lower than that of Japan.

Net Income Attributable to Noncontrolling Interests and Equity in Earnings of Affiliated Companies

Net income attributable to noncontrolling interests decreased by ¥33.9 billion, or 20.2%, to ¥134.5 billion during fiscal 2015 compared with the prior fiscal year. This was due mainly to a decrease during fiscal 2015 in net income attributable to the shareholders of consolidated subsidiaries.

Equity in earnings of affiliated companies during fiscal 2015 decreased by ¥9.8 billion, or 3.1%, to ¥308.5 billion compared with the prior fiscal year. This decrease was due mainly to a decrease during fiscal 2015 in net income attributable to the shareholders of affiliated companies accounted for by the equity method.

Net Income Attributable to Toyota Motor Corporation

Net income attributable to the shareholders of Toyota Motor Corporation increased by ¥350.2 billion, or 19.2%, to ¥2,173.3 billion during fiscal 2015 compared with the prior fiscal year.

Other Comprehensive Income and Loss

Other comprehensive income increased by ¥65.1 billion, or 7.4%, to ¥949.3 billion for fiscal 2015 compared with the prior fiscal year. This increase resulted from unrealized holding gains on securities in fiscal 2015 of ¥567.0 billion compared with gains of ¥493.7 billion in the prior fiscal year due mainly to an increase in prices of marketable securities in stock exchange markets in Japan, and from favorable foreign currency translation adjustments gains of ¥380.4 billion in fiscal 2015 compared with gains of ¥296.9 billion in the prior fiscal year due mainly to depreciation of the yen against the U.S. dollar, partially offset by pension liability adjustments in fiscal 2015 of ¥1.9 billion compared with gains of ¥93.5 billion in the prior fiscal year.

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Segment Information

The following is a discussion of the results of operations for each of Toyota’s operating segments. The amounts presented are prior to intersegment elimination.

	Yen in millions
	Year ended March 31,						2015 v. 2014 Change
	2014			2015			Amount			Percentage
Automotive:
Net revenues		23,781,404			25,062,129			1,280,725			5.4	%
Operating income		1,938,778			2,325,310			386,532			19.9
Financial Services:
Net revenues		1,421,047			1,661,149			240,102			16.9
Operating income		294,891			361,833			66,942			22.7
All Other:
Net revenues		1,151,280			1,255,791			104,511			9.1
Operating income		64,270			65,650			1,380			2.1
Intersegment elimination/unallocated amount:
Net revenues		(661,820	)		(744,548	)		(82,728	)		—
Operating income		(5,827	)		(2,229	)		3,598			—

Automotive Operations Segment

The automotive operations segment is Toyota’s largest operating segment by net revenues. Net revenues for the automotive segment increased during fiscal 2015 by ¥1,280.7 billion, or 5.4%, to ¥25,062.1 billion compared with the prior fiscal year. The increase mainly reflects the ¥860.1 billion favorable impact of fluctuations in foreign currency translation rates and the ¥360.0 billion favorable impact of changes in vehicle unit sales and sales mix.

Operating income from the automotive operations increased by ¥386.5 billion, or 19.9%, to ¥2,325.3 billion during fiscal 2015 compared with the prior fiscal year. This increase in operating income was due mainly to the ¥280.0 billion favorable impact of changes in foreign currency exchange rates and the ¥280.0 billion impact of cost reduction efforts, partially offset by the ¥70.0 billion impact of marketing activities and the ¥160.0 billion increase in miscellaneous costs and others.

The impact of marketing activities was due primarily to the decrease in Toyota’s vehicle unit sales by 144 thousand vehicles compared with the prior fiscal year. Although the vehicle unit sales in North America increased due mainly to the market progressing in a steady manner, the vehicle unit sales overall decreased due mainly to the market downturn in Japan resulting from the consumption tax increase and the market downturn in major Asian countries. The increase in miscellaneous costs and others was due mainly to the ¥140.0 billion increase in product quality related expenses, the ¥100.0 billion increase in research and development expenses and the ¥80.0 billion increase in labor costs, partially offset by the ¥125.0 billion payment to the U.S government based on the agreement with the U.S. Attorney’s Office for the Southern District of New York to resolve its investigation recorded in the prior fiscal year.

Financial Services Operations Segment

Net revenues for the financial services operations increased during fiscal 2015 by ¥240.1 billion, or 16.9%, to ¥1,661.1 billion compared with the prior fiscal year. This increase was primarily due to the ¥98.2 billion favorable impact of fluctuations in foreign currency translation rates.

Operating income from financial services operations increased by ¥66.9 billion, or 22.7%, to ¥361.8 billion during fiscal 2015 compared with the prior fiscal year. This increase was due primarily to the recording of ¥61.9 billion of valuation gains on interest rate swaps stated at fair value, mainly in North America.

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All Other Operations Segment

Net revenues for Toyota’s other operations segments increased by ¥104.5 billion, or 9.1%, to ¥1,255.7 billion during fiscal 2015 compared with the prior fiscal year.

Operating income from Toyota’s other operations segments increased by ¥1.3 billion, or 2.1%, to ¥65.6 billion during fiscal 2015 compared with the prior fiscal year.

Results of Operations — Fiscal 2014 Compared with Fiscal 2013

	Yen in millions
	Year ended March 31,						2014 v. 2013 Change
	2013			2014			Amount			Percentage
Net revenues:
Japan		12,821,018			14,297,470			1,476,452			11.5	%
North America		6,284,425			8,117,099			1,832,674			29.2
Europe		2,083,113			2,724,959			641,846			30.8
Asia		4,385,476			4,877,672			492,196			11.2
Other*		2,094,265			2,336,641			242,376			11.6
Intersegment elimination/unallocated amount		(5,604,105	)		(6,661,930	)		(1,057,825	)		—
Total		22,064,192			25,691,911			3,627,719			16.4
Operating income:
Japan		576,335			1,510,165			933,830			162.0
North America		221,925			326,052			104,127			46.9
Europe		26,462			58,228			31,766			120.0
Asia		376,055			395,737			19,682			5.2
Other*		133,744			42,568			(91,176	)		(68.2	)
Intersegment elimination/unallocated amount		(13,633	)		(40,638	)		(27,005	)		—
Total		1,320,888			2,292,112			971,224			73.5
Operating margin		6.0	%		8.9	%		2.9	%
Income before income taxes and equity in earnings of affiliated companies		1,403,649			2,441,080			1,037,431			73.9
Net margin from income before income taxes and equity in earnings of affiliated companies		6.4	%		9.5	%		3.1	%
Equity in earnings of affiliated companies		231,519			318,376			86,857			37.5
Net income attributable to Toyota Motor Corporation		962,163			1,823,119			860,956			89.5
Net margin attributable to Toyota Motor Corporation		4.4	%		7.1	%		2.7	%

* “Other” consists of Central and South America, Oceania, Africa and the Middle East.

Net Revenues

Toyota had net revenues for fiscal 2014 of ¥25,691.9 billion, an increase of ¥3,627.7 billion, or 16.4%, compared with the prior fiscal year. This increase mainly reflected the favorable impact of fluctuations in foreign currency translation rates of ¥2,510.4 billion and changes in vehicle unit sales and sales mix of ¥300.0 billion. Excluding the impact of changes in the Japanese yen values used for translation purposes of ¥2,510.4 billion, net revenues would have been ¥23,181.4 billion during fiscal 2014, a 5.1% increase compared with the prior fiscal year. The automotive market in calendar year 2013 increased by 7.9% in North America and in fiscal 2014 increased by 5.9% in Japan compared with the prior year due to the market in the U.S. and Japan progressing in a steady manner. Under these automotive market conditions, Toyota’s consolidated vehicle unit sales increased by 2.8% compared with the prior fiscal year to 9,116 thousand vehicles.

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The table below shows Toyota’s net revenues from external customers by product category and by business.

	Yen in millions
	Year ended March 31,				2014 v. 2013 Change
	2013		2014		Amount		Percentage
Vehicles		17,446,473		20,353,340		2,906,867		16.7	%
Parts and components for overseas production		356,756		431,760		75,004		21.0
Parts and components for after service		1,577,690		1,843,478		265,788		16.8
Other		997,843		1,105,277		107,434		10.8
Total Automotive		20,378,762		23,733,855		3,355,093		16.5
All Other		535,388		578,789		43,401		8.1
Total sales of products		20,914,150		24,312,644		3,398,494		16.2
Financial services		1,150,042		1,379,267		229,225		19.9
Total		22,064,192		25,691,911		3,627,719		16.4	%

Toyota’s net revenues include net revenues from sales of products, consisting of net revenues from automotive operations and all other operations, which increased by 16.2% during fiscal 2014 compared with the prior fiscal year to ¥24,312.6 billion, and net revenues from financial services operations which increased by 19.9% during fiscal 2014 compared with the prior fiscal year to ¥1,379.2 billion. Excluding the impact of changes in the Japanese yen values used for translation purposes of ¥2,311.9 billion, net revenues from sales of products would have been ¥22,000.6 billion during fiscal 2014, a 5.2% increase compared with the prior fiscal year. The increase in net revenues from sales of products is mainly due to an increase in Toyota vehicle unit sales of 245 thousand vehicles. Excluding the impact of changes in the Japanese yen values used for translation purposes of ¥198.5 billion, net revenues from financial services operations would have been ¥1,180.7 billion during fiscal 2014, a 2.7% increase compared with the prior fiscal year.

The following table shows the number of financing contracts by geographic region at the end of fiscal 2014 and 2013, respectively.

	Number of financing contracts in thousands
	Year ended March 31,				2014 v. 2013 Change
	2013		2014		Amount		Percentage
Japan		1,765		1,813		48		2.7	%
North America		4,596		4,791		195		4.3
Europe		825		879		54		6.5
Asia		868		1,167		299		34.5
Other*		618		688		70		11.3
Total		8,672		9,338		666		7.7	%

* “Other” consists of Central and South America, Oceania and Africa.

Geographically, net revenues (before the elimination of intersegment revenues) for fiscal 2014 increased by 11.5% in Japan, 29.2% in North America, 30.8% in Europe, 11.2% in Asia, and 11.6% in Other compared with the prior fiscal year. Excluding the impact of changes in the Japanese yen values used for translation purposes of ¥2,510.4 billion, net revenues in fiscal 2014 would have increased by 11.5% in Japan, 8.4% in North America, 6.5% in Europe and 5.9% in Other compared with the prior fiscal year, and would have decreased by 4.9% in Asia compared with the prior fiscal year.

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The following is a discussion of net revenues in each geographic market (before the elimination of intersegment revenues).

Japan

	Thousands of units
	Year ended March 31,				2014 v. 2013 Change
	2013		2014		Amount			Percentage
Toyota’s consolidated vehicle unit sales*		4,202		4,220		18			0.4	%
* including number of exported vehicle unit sales
	Yen in millions
	Year ended March 31,				2014 v. 2013 Change
	2013		2014		Amount			Percentage
Net revenues:
Sales of products		12,687,092		14,179,710		1,492,618			11.8	%
Financial services		133,926		117,760		(16,166	)		(12.1	)
Total		12,821,018		14,297,470		1,476,452			11.5	%

Toyota’s domestic and exported vehicle unit sales increased by 18 thousand vehicles compared with the prior fiscal year due primarily to favorable market conditions.

North America

	Thousands of units
	Year ended March 31,				2014 v. 2013 Change
	2013		2014		Amount		Percentage
Toyota’s consolidated vehicle unit sales		2,469		2,529		60		2.5	%
	Yen in millions
	Year ended March 31,				2014 v. 2013 Change
	2013		2014		Amount		Percentage
Net revenues:
Sales of products		5,564,183		7,234,376		1,670,193		30.0	%
Financial services		720,242		882,723		162,481		22.6
Total		6,284,425		8,117,099		1,832,674		29.2	%

Net revenues in North America increased due primarily to the 60 thousand vehicles increase in vehicle unit sales compared with the prior fiscal year. The vehicle unit sales increased due mainly to the market progressing in a steady manner and strong sales of the RAV4, IS and other new car models.

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Europe

	Thousands of units
	Year ended March 31,				2014 v. 2013 Change
	2013		2014		Amount		Percentage
Toyota’s consolidated vehicle unit sales		799		844		45		5.6	%
	Yen in millions
	Year ended March 31,				2014 v. 2013 Change
	2013		2014		Amount		Percentage
Net revenues:
Sales of products		2,007,207		2,630,408		623,201		31.0	%
Financial services		75,906		94,551		18,645		24.6
Total		2,083,113		2,724,959		641,846		30.8	%

Net revenues in Europe increased due primarily to the 45 thousand vehicles increase in vehicle unit sales compared with the prior fiscal year. The vehicle unit sales increased due mainly to the strong sales of the RAV4, Corolla and other car models.

Asia

	Thousands of units
	Year ended March 31,				2014 v. 2013 Change
	2013		2014		Amount			Percentage
Toyota’s consolidated vehicle unit sales		1,684		1,609		(75	)		(4.5	)%
	Yen in millions
	Year ended March 31,				2014 v. 2013 Change
	2013		2014		Amount			Percentage
Net revenues:
Sales of products		4,307,943		4,755,114		447,171			10.4	%
Financial services		77,533		122,558		45,025			58.1
Total		4,385,476		4,877,672		492,196			11.2	%

Excluding the favorable impact of fluctuations in foreign currency translation rates, net revenues in Asia would have decreased due primarily to the 75 thousand vehicles decrease in vehicle unit sales compared with the prior fiscal year. The decrease in vehicle unit sales was due mainly to decreased sales in Thailand and India, which in turn was due mainly to the shrinking of the market and competitive market conditions.

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Other

	Thousands of units
	Year ended March 31,				2014 v. 2013 Change
	2013		2014		Amount		Percentage
Toyota’s consolidated vehicle unit sales		1,640		1,769		129		7.8	%
	Yen in millions
	Year ended March 31,				2014 v. 2013 Change
	2013		2014		Amount		Percentage
Net revenues:
Sales of products		1,942,215		2,162,505		220,290		11.3	%
Financial services		152,050		174,136		22,086		14.5
Total		2,094,265		2,336,641		242,376		11.6	%

Net revenues in Other increased due primarily to the 129 thousand vehicles increase in vehicle unit sales compared with the prior fiscal year. The vehicle unit sales increased due mainly to the strong sales of the Etios in Central and South America.

Operating Costs and Expenses

	Yen in millions
	Year ended March 31,				2014 v. 2013 Change
	2013		2014		Amount		Percentage
Operating costs and expenses
Cost of products sold		18,010,569		19,988,245		1,977,676		11.0	%
Cost of financing operations		630,426		812,894		182,468		28.9
Selling, general and administrative		2,102,309		2,598,660		496,351		23.6
Total		20,743,304		23,399,799		2,656,495		12.8	%

	Yen in millions
	2014 v. 2013 Change
Changes in operating costs and expenses:
Effect of changes in vehicle unit sales and sales mix		120,000
Effect of fluctuation in foreign currency translation rates		2,378,900
Effect of cost reduction efforts		(290,000	)
Effect of increase in miscellaneous costs and others		447,595
Total		2,656,495

Operating costs and expenses increased by ¥2,656.4 billion, or 12.8%, to ¥23,399.7 billion during fiscal 2014 compared with the prior fiscal year. This increase resulted mainly from the ¥2,378.9 billion unfavorable impact of fluctuations in foreign currency translation rates, the ¥447.5 billion increase in miscellaneous costs and others, and the ¥120.0 billion impact of changes in vehicle unit sales and sales mix, partially offset by the ¥290.0 billion impact of cost reduction efforts.

The increase in miscellaneous costs and others was due mainly to the ¥125.0 billion payment to the U.S government based on the agreement with the U.S. Attorney’s Office for the Southern District of New York to resolve its investigation, the ¥100.0 billion increase in labor costs, the ¥100.0 billion increase in research and development expenses, and the ¥83.0 billion increase in costs related to ending the vehicle and engine production

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in Australia, partially offset by the ¥90.0 billion charge for costs related to the settlement of the economic loss claims in the consolidated federal action in the U.S. recorded in the prior fiscal year.

Cost Reduction Efforts

During fiscal 2014, Toyota’s continued cost reduction efforts reduced operating costs and expenses by ¥290.0 billion. The amount of the effect of cost reduction efforts includes the impact of fluctuation in the price of steel, precious metals, non-ferrous alloys including aluminum, plastic parts and other production materials and parts. In fiscal 2014, continued cost reduction efforts together with suppliers contributed to the improvement in earnings. These cost reduction efforts related to ongoing value engineering and value analysis activities, the use of common parts resulting in a reduction of part types and other manufacturing initiatives designed to reduce the costs of vehicle production.

Cost of Products Sold

Cost of products sold increased by ¥1,977.6 billion, or 11.0%, to ¥19,988.2 billion during fiscal 2014 compared with the prior fiscal year. The increase resulted mainly from the ¥1,866.5 billion unfavorable impact of fluctuations in foreign currency translation rates, the ¥105.0 billion impact of changes in vehicle unit sales and sales mix, the ¥100.0 billion increase in research and development expenses, and the ¥80.0 billion increase in costs related to ending the vehicle and engine production in Australia, partially offset by the ¥290.0 billion impact of cost reduction efforts.

Cost of Financing Operations

Cost of financing operations increased by ¥182.4 billion, or 28.9%, to ¥812.8 billion during fiscal 2014 compared with the prior fiscal year. The increase resulted mainly from the ¥183.0 billion unfavorable impact of fluctuations in foreign currency translation rates.

Selling, General and Administrative Expenses

Selling, general and administrative expenses increased by ¥496.3 billion, or 23.6%, to ¥2,598.6 billion during fiscal 2014 compared with the prior fiscal year. This increase mainly reflected the ¥329.3 billion unfavorable impact of fluctuations in foreign currency translation rates, and the ¥125.0 billion payment to the U.S government based on the agreement with the U.S. Attorney’s Office for the Southern District of New York to resolve its investigation, partially offset by the ¥90.0 billion charge for costs related to the settlement of the economic loss claims in the consolidated federal action in the U.S. recorded in the prior fiscal year.

Operating Income

	Yen in millions
	2014 v. 2013 Change
Changes in operating income and loss:
Effect of changes in exchange rates		900,000
Effect of cost reduction efforts		290,000
Effect of marketing efforts		180,000
Effect of increase of miscellaneous costs and others		(480,000	)
Other		81,224
Total		971,224

Toyota’s operating income increased by ¥971.2 billion, or 73.5%, to ¥2,292.1 billion during fiscal 2014 compared with the prior fiscal year. This increase was due mainly to the ¥900.0 billion favorable impact of

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changes in exchange rates, ¥290.0 billion impact of cost reduction efforts, and ¥180.0 billion impact of marketing efforts, partially offset by the ¥480.0 billion increase in miscellaneous costs and others. The increase in miscellaneous costs and others was due mainly to the ¥125.0 billion payment to the U.S government based on the agreement with the U.S. Attorney’s Office for the Southern District of New York to resolve its investigation, the ¥100.0 billion increase in labor costs, the ¥100.0 billion increase in research and development expenses, and the ¥83.0 billion increase in costs related to ending the vehicle and engine production in Australia, partially offset by the ¥90.0 billion charge for costs related to the settlement of the economic loss claims in the consolidated federal action in the U.S. recorded in the prior fiscal year.

During fiscal 2014, operating income (before elimination of intersegment profits), compared with the prior fiscal year increased by ¥933.8 billion, or 162.0%, in Japan, ¥104.1 billion, or 46.9%, in North America, ¥31.7 billion, or 120.0%, in Europe, ¥19.6 billion, or 5.2%, in Asia, and decreased by ¥91.1 billion, or 68.2%, in Other.

The following is a description of operating income in each geographic market.

Japan

	Yen in millions
	2014 v. 2013 Change
Changes in operating income and loss:
Effect of changes in exchange rates		940,000
Effect of cost reduction efforts		175,000
Effect of marketing efforts		180,000
Effect of increase of miscellaneous costs and others		(370,000	)
Other		8,830
Total		933,830

North America

	Yen in millions
	2014 v. 2013 Change
Changes in operating income and loss:
Effect of cost reduction efforts		75,000
Effect of marketing activities		(25,000	)
Effect of decrease of miscellaneous costs and others		50,000
Other		4,127
Total		104,127

Europe

	Yen in millions
	2014 v. 2013 Change
Changes in operating income and loss:
Effect of cost reduction efforts		15,000
Effect of marketing efforts		25,000
Effect of increase of miscellaneous costs and others		(10,000	)
Other		1,766
Total		31,766

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Asia

	Yen in millions
	2014 v. 2013 Change
Changes in operating income and loss:
Effect of changes in exchange rates		25,000
Effect of cost reduction efforts		35,000
Effect of marketing activities		(40,000	)
Effect of increase of miscellaneous costs and others		(50,000	)
Other		49,682
Total		19,682

Other

	Yen in millions
	2014 v. 2013 Change
Changes in operating income and loss:
Effect of cost reduction efforts		(10,000	)
Effect of marketing efforts		40,000
Effect of increase of miscellaneous costs and others		(100,000	)
Other		(21,176	)
Total		(91,176	)

Other Income and Expenses

Interest and dividend income increased by ¥16.7 billion, or 17.0%, to ¥115.4 billion during fiscal 2014 compared with the prior fiscal year.

Interest expense decreased by ¥3.3 billion, or 14.5%, to ¥19.6 billion during fiscal 2014 compared with the prior fiscal year.

Foreign exchange gain, net increased by ¥44.7 billion, or 805.4%, to ¥50.2 billion during fiscal 2014 compared with the prior fiscal year. Foreign exchange gains and losses include the differences between the value of foreign currency denominated assets and liabilities recognized through transactions in foreign currencies translated at prevailing exchange rates and the value at the date the transaction settled during the fiscal year, including those settled using forward foreign currency exchange contracts, or the value translated by appropriate year-end exchange rates. The ¥44.7 billion increase in foreign exchange gain, net was due mainly to the losses recorded in fiscal 2013 resulting from the Japanese yen being stronger against foreign currencies at the time foreign currency bonds were redeemed during that fiscal year than the Japanese yen at the time of purchase.

Other loss, net increased by ¥1.4 billion, or 94.7%, to ¥2.9 billion during fiscal 2014 compared with the prior fiscal year.

Income Taxes

The provision for income taxes increased by ¥216.1 billion, or 39.2%, to ¥767.8 billion during fiscal 2014 compared with the prior fiscal year due mainly to the increase in income before income taxes and equity in earnings of affiliated companies. The effective tax rate for fiscal 2014 was 31.5%, which was lower than the statutory tax rate in Japan. This was due mainly to the increase in tax credits and income before income taxes and equity in earnings of affiliated companies from foreign subsidiaries where statutory tax rates are lower than that of Japan.

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Net Income Attributable to Noncontrolling Interests and Equity in Earnings of Affiliated Companies

Net income attributable to noncontrolling interests increased by ¥47.2 billion, or 38.9%, to ¥168.5 billion during fiscal 2014 compared with the prior fiscal year. This was due mainly to an increase during fiscal 2014 in net income attributable to the shareholders of consolidated subsidiaries.

Equity in earnings of affiliated companies during fiscal 2014 increased by ¥86.8 billion, or 37.5%, to ¥318.3 billion compared with the prior fiscal year. This increase was due mainly to an increase during fiscal 2014 in net income attributable to the shareholders of affiliated companies accounted for by the equity method.

Net Income Attributable to Toyota Motor Corporation

Net income attributable to the shareholders of Toyota Motor Corporation increased by ¥860.9 billion, or 89.5%, to ¥1,823.1 billion during fiscal 2014 compared with the prior fiscal year.

Other Comprehensive Income and Loss

Other comprehensive income increased by ¥61.5 billion to ¥884.2 billion for fiscal 2014 compared with the prior fiscal year. This increase resulted from unrealized holding gains on securities in fiscal 2014 of ¥493.7 billion compared with gains of ¥368.5 billion in the prior fiscal year, and from pension liability adjustments in fiscal 2014 of ¥93.5 billion compared with gains of ¥19.5 billion in the prior fiscal year, partially offset by unfavorable foreign currency translation adjustments gains of ¥296.9 billion in fiscal 2014 compared with gains of ¥434.6 billion in the prior fiscal year.

Segment Information

The following is a discussion of the results of operations for each of Toyota’s operating segments. The amounts presented are prior to intersegment elimination.

	Yen in millions
	Year ended March 31,						2014 v. 2013 Change
	2013			2014			Amount			Percentage
Automotive:
Net revenues		20,419,100			23,781,404			3,362,304			16.5	%
Operating income		944,704			1,938,778			994,074			105.2
Financial Services:
Net revenues		1,170,670			1,421,047			250,377			21.4
Operating income		315,820			294,891			(20,929	)		(6.6	)
All Other:
Net revenues		1,066,461			1,151,280			84,819			8.0
Operating income		53,616			64,270			10,654			19.9
Intersegment elimination/unallocated amount:
Net revenues		(592,039	)		(661,820	)		(69,781	)		—
Operating income		6,748			(5,827	)		(12,575	)		—

Automotive Operations Segment

The automotive operations segment is Toyota’s largest operating segment by net revenues. Net revenues for the automotive segment increased during fiscal 2014 by ¥3,362.3 billion, or 16.5%, to ¥23,781.4 billion compared with the prior fiscal year. The increase mainly reflects the ¥2,304.9 billion favorable impact of fluctuations in foreign currency translation rates and the ¥300.0 billion favorable impact of changes in vehicle unit sales and sales mix.

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Operating income from the automotive operations increased by ¥994.0 billion, or 105.2%, to ¥1,938.7 billion during fiscal 2014 compared with the prior fiscal year. This increase in operating income was due mainly to the ¥900.0 billion favorable impact of changes in exchange rates, the ¥290.0 billion impact of cost reduction efforts, and the ¥190.0 billion of favorable impact of changes in vehicle unit sales and sales mix, partially offset by the ¥480.0 billion increase in miscellaneous costs and others.

The changes in vehicle unit sales and changes in sales mix were due primarily to the increase in Toyota’s vehicle unit sales by 245 thousand vehicles compared with the prior fiscal year resulting from the increase in vehicle unit sales in North America, Europe and Other. The increase in miscellaneous costs and others was due mainly to the ¥125.0 billion payment to the U.S government based on the agreement with the U.S. Attorney’s Office for the Southern District of New York to resolve its investigation, the ¥100.0 billion increase in labor costs, the ¥100.0 billion increase in research and development expenses, and the ¥83.0 billion increase in costs related to ending the vehicle and engine production in Australia, partially offset by the ¥90.0 billion charge for costs related to the settlement of the economic loss claims in the consolidated federal action in the U.S. recorded in the prior fiscal year.

Financial Services Operations Segment

Net revenues for the financial services operations increased during fiscal 2014 by ¥250.3 billion, or 21.4%, to ¥1,421.0 billion compared with the prior fiscal year. This increase was primarily due to the ¥199.8 billion favorable impact of fluctuations in foreign currency translation rates.

Operating income from financial services operations decreased by ¥20.9 billion, or 6.6%, to ¥294.8 billion during fiscal 2014 compared with the prior fiscal year. This decrease was due primarily to the recording of ¥22.0 billion of valuation losses on interest rate swaps stated at fair value.

All Other Operations Segment

Net revenues for Toyota’s other operations segments increased by ¥84.8 billion, or 8.0%, to ¥1,151.2 billion during fiscal 2014 compared with the prior fiscal year.

Operating income from Toyota’s other operations segments increased by ¥10.6 billion, or 19.9%, to ¥64.2 billion during fiscal 2014 compared with the prior fiscal year.

Related Party Transactions

Toyota does not have any significant related party transactions other than transactions with affiliated companies in the ordinary course of business. See note 11 to the consolidated financial statements for further discussion.

Recent Accounting Pronouncements in the United States

In May 2014, the Financial Accounting Standards Board (“FASB”) issued updated guidance on the recognition of revenue from contracts with customers. This guidance will supersede the current revenue recognition guidance. This guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Management is evaluating the impact of adopting this guidance on Toyota’s consolidated financial statements.

In February 2015, the FASB issued updated guidance that amends the analysis a reporting entity must perform to determine whether it should consolidate certain legal entities. This guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Management is evaluating the impact of adopting this guidance on Toyota’s consolidated financial statements.

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In April 2015, the FASB issued updated guidance that requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. This guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Management is evaluating the impact of adopting this guidance on Toyota’s consolidated financial statements.

In April 2015, the FASB issued updated guidance to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement. This guidance is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. Management is evaluating the impact of adopting this guidance on Toyota’s consolidated financial statements.

Critical Accounting Estimates

The consolidated financial statements of Toyota are prepared in conformity with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires the use of estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. Toyota believes that of its significant accounting policies, the following may involve a higher degree of judgments, estimates and assumptions:

Product Warranties and Recalls and Other Safety Measures

Toyota generally warrants its products against certain manufacturing and other defects. Provisions for product warranties are provided for specific periods of time and/or usage of the product and vary depending upon the nature of the product, the geographic location of the sale and other factors. All product warranties are consistent with commercial practices. Toyota includes a provision for estimated product warranty costs as a component of cost of sales at the time the related sale is recognized. The accrued warranty costs represent management’s best estimate at the time of sale of the total costs that Toyota will incur to repair or replace product parts that fail while still under warranty. The amount of accrued estimated warranty costs is primarily based on historical experience of product failures as well as current information on repair costs. The amount of warranty costs accrued also contains an estimate of warranty claim recoveries to be received from suppliers. The foregoing evaluations are inherently uncertain, as they require material estimates and some products’ warranties extend for several years. Consequently, actual warranty costs may differ from the estimated amounts and could require additional warranty provisions. If these factors require a significant increase in Toyota’s accrued estimated warranty costs, it would negatively affect future operating results of the automotive operations.

An estimate of warranty claim accrued for each fiscal year is calculated based on the estimate of warranty claim per unit. The estimate of warranty claim per unit is calculated by dividing the actual amounts of warranty claim, net of claim recovery cost received from suppliers, by the number of sales units for the fiscal year.

As the historical recovery amounts received from suppliers is used as a factor in Toyota’s calculation of estimated accrued warranty cost, the estimated accrued warranty cost may change depending on the average recovery amounts received from suppliers in the past. However, Toyota believes that there is not a significant uncertainty of estimated amounts based on historical experience regarding recoveries received from suppliers. Toyota may seek recovery to suppliers over the life of the warranty, and there are no other significant special terms and conditions including cap on amounts that can be recovered.

Toyota accrues for costs of recalls and other safety measures, as well as product warranty cost described above, included as a component of cost of sales at the time of vehicle sale. Toyota provides for such “liabilities for recalls and other safety measures” at the time of vehicle sales comprehensively by aggregate sales of various models in a certain period by geographical regions instead of by individual models. While there is no difference in the calculation method among geographical regions, Toyota believes it is reasonable to calculate the liabilities by geographical regions because of factors such as varying labor costs among geographical regions.

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The “liabilities for the costs of recalls and other safety measures” recorded in the balance sheet is calculated by deducting the “accumulated amount of repair cost paid” from the “expected liability for the cost of recalls and other safety measures”. As such, this liability is evaluated every period based on new data and are adjusted as appropriate. Toyota calculates these liabilities for units sold in the current period and each of the past 10 fiscal years, and aggregates such liabilities in determining the final liability amount.

The “expected liability for the cost of recalls and other safety measures” are calculated by multiplying the “sales unit” by the “expected average repair cost per unit”. The “expected average repair cost per unit” is calculated based on dividing the “accumulated amount of repair cost paid per unit” by the “pattern of payment occurrences”. The “pattern of payment occurrence” represents a ratio that shows the measure of payment occurrence over 10 years based on actual payments with regard to units sold within 10 years.

Factors that may cause a difference between the amount accrued at the time of vehicle sale and actual payment on individual recalls and other safety measures mainly include actual cost of recalls and safety measures during the period being significantly different from the accumulated amount of repair cost paid per unit (generally comprised of parts and labor) and the actual pattern of payment occurrence during the period being significantly different from the pattern of the payment occurrence in the past, which is considered as part of our estimation process for future recalls and other safety measures.

As described above, in estimating the comprehensive provision, the actual cost of individual recalls and other safety measures is included as a component of the calculation such as the accumulated amount of repair cost paid per unit. Thus, an individual recall announcement generally does not directly impact the financial statements when it occurs.

Allowance for Doubtful Accounts and Credit Losses

Natures of estimates and assumptions

Retail receivables and finance lease receivables consist of retail installment sales contracts secured by passenger cars and commercial vehicles. Collectability risks include consumer and dealer insolvencies and insufficient collateral values (less costs to sell) to realize the full carrying values of these receivables. As a matter of policy, Toyota maintains an allowance for doubtful accounts and credit losses representing management’s estimate of the amount of asset impairment in the portfolios of finance, trade and other receivables. Toyota determines the allowance for doubtful accounts and credit losses based on a systematic, ongoing review and evaluation performed as part of the credit-risk evaluation process, historical loss experience, the size and composition of the portfolios, current economic events and conditions, the estimated fair value and adequacy of collateral, and other pertinent factors. This evaluation is inherently judgmental and requires material estimates, including the amounts and timing of future cash flows expected to be received, which may be susceptible to significant change. Although management considers the allowance for doubtful accounts and credit losses to be adequate based on information currently available, additional provisions may be necessary due to (i) changes in management estimates and assumptions about asset impairments, (ii) information that indicates changes in expected future cash flows, or (iii) changes in economic and other events and conditions. To the extent that sales incentives remain an integral part of sales promotion with the effect of reducing new vehicle prices, resale prices of used vehicles and, correspondingly, the collateral value of Toyota’s retail receivables and finance lease receivables could experience further downward pressure. If these factors require a significant increase in Toyota’s allowance for doubtful accounts and credit losses, it could negatively affect future operating results of the financial services operations. The level of credit losses, which has a greater impact on Toyota’s results of operations, is influenced by two factors: frequency of occurrence and expected severity of loss. For evaluation purposes, exposures to credit losses are segmented into the two primary categories of “consumer” and “dealer”. Toyota’s “consumer” category consists of smaller balances that are homogenous retail receivables and finance lease receivables. The “dealer” category consists of wholesale and other dealer loan receivables. The overall allowance for credit losses is evaluated at least quarterly, considering a variety of assumptions and factors to determine whether reserves are considered adequate to cover probable losses.

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Sensitivity analysis

The level of credit losses, which could significantly impact Toyota’s results of operations, is influenced by two factors: frequency of occurrence and expected severity of loss. The overall allowance for credit losses is evaluated at least quarterly, considering a variety of assumptions and factors to determine whether reserves are considered adequate to cover probable losses. The following table illustrates the effect of an assumed change in frequency of occurrence or expected severity of loss mainly in the United States, assuming all other assumptions are held consistent. The table below represents the impact on the allowance for credit losses in Toyota’s financial services operations of the change in frequency of occurrence or expected severity of loss as any change impacts most significantly on the financial services operations.

	Yen in millions
	Effect on the allowance for credit losses as of March 31, 2015
10 percent change in frequency of occurrence or expected severity of loss		4,566

Investment in Operating Leases

Natures of estimates and assumptions

Vehicles on operating leases, where Toyota is the lessor, are valued at cost and depreciated over their estimated useful lives using the straight-line method to their estimated residual values. Toyota utilizes industry published information and its own historical experience to determine estimated residual values for these vehicles. Toyota evaluates the recoverability of the carrying values of its leased vehicles for impairment when there are indications of declines in residual values, and if impaired, Toyota recognizes an allowance for losses on its residual values.

Throughout the life of the lease, management performs periodic evaluations of estimated end-of-term fair values to determine whether estimates used in the determination of the contractual residual value are still considered reasonable. Factors affecting the estimated residual value at lease maturity include, but are not limited to, new vehicle incentive programs, new vehicle pricing, used vehicle supply, projected vehicle return rates, and projected loss severity. The vehicle return rate represents the number of leased vehicles actually returned at contract maturity as a percentage of the number of lease contracts originally scheduled to mature in the same period less lease contracts subject to early terminations. A higher rate of vehicle returns exposes Toyota to higher potential losses incurred at lease termination. Severity of loss is the extent to which the end-of-term fair value of a lease is less than its carrying value at lease end.

To the extent that sales incentives remain an integral part of sales promotion, resale prices of used vehicles and, correspondingly, the fair value of Toyota’s leased vehicles could be subject to downward pressure. The extent of the impact this will have on the end of term residual value depends on the significance of the incentive programs and whether they are sustained over a number of periods. This in turn can impact the projection of future used vehicle values, adversely impacting the expected residual value of the current operating lease portfolio and increasing the provision for residual value losses. However, various other factors impact used vehicle values and the projection of future residual values, including the supply of and demand for used vehicles, interest rates, inflation, the actual or perceived quality, safety and reliability of vehicles, the general economic outlook, new vehicle pricing, projected vehicle return rates and projected loss severity, which may offset this effect. Such factors may adversely affect the results of operations for financial services due to significant charges reducing the estimated residual value.

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Sensitivity analysis

The following table illustrates the effect of an assumed change in the vehicle return rate and end-of-term market values mainly in the United States, which Toyota believes are the critical estimates, in determining the residual value losses, holding all other assumptions constant. The following table represents the impact on the residual value losses in Toyota’s financial services operations of the change in vehicle return rate and end-of-term market values as those changes have a significant impact on financial services operations.

	Yen in millions
	Effect on the residual value losses over the remaining terms of the operating leases on and after April 1, 2015
1 percent increase in vehicle return rate		1,803
1 percent increase in end-of-term market values		9,373

Impairment of Long-Lived Assets

Toyota periodically reviews the carrying value of its long-lived assets held and used and assets to be disposed of, including intangible assets, when events and circumstances warrant such a review. This review is performed using estimates of future cash flows. If the carrying value of a long-lived asset is considered impaired, an impairment charge is recorded for the amount by which the carrying value of the long-lived asset exceeds its fair value. Management believes that the estimates of future cash flows and fair values are reasonable. However, changes in estimates of such cash flows and fair values would affect the evaluations and negatively affect future operating results of the automotive operations. In fiscal 2014, Toyota recorded long-lived assets impairment charges relating to the end of production in Australia and in fiscal 2015, recorded additional charges. See note 27 to the consolidated financial statements for further discussion.

Pension Costs and Obligations

Natures of estimates and assumptions

Pension costs and obligations are dependent on assumptions used in calculating such amounts. These assumptions include discount rates, benefits earned, interest costs, expected rate of return on plan assets, mortality rates and other factors. Actual results that differ from the assumptions are accumulated and amortized over future periods and, therefore, generally affect recognized expense in future periods. While management believes that the assumptions used are appropriate, differences in actual experience or changes in assumptions may affect Toyota’s pension costs and obligations.

The two most critical assumptions impacting the calculation of pension costs and obligations are the discount rates and the expected rates of returns on plan assets. Toyota determines the discount rates mainly based on the rates of high quality fixed income bonds or fixed income governmental bonds currently available and expected to be available during the period to maturity of the defined benefit pension plans. Toyota determines the expected rates of return for pension assets after considering several applicable factors including, the composition of plan assets held, assumed risks of asset management, historical results of the returns on plan assets, Toyota’s principal policy for plan asset management, and forecasted market conditions. A weighted-average discount rate of 1.4% domestically and 4.8% overseas and a weighted-average expected rate of return on plan assets of 2.5% domestically and 6.7% overseas are the results of assumptions used for the various pension plans in calculating Toyota’s consolidated pension costs for fiscal 2015. Also, a weighted-average discount rate of 1.1% domestically and 4.0% overseas is the result of assumption used for the various pension plans in calculating Toyota’s consolidated pension obligations for fiscal 2015.

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Sensitivity analysis

The following table illustrates the effects of assumed changes in weighted-average discount rates and the weighted-average expected rate of return on plan assets, which Toyota believes are critical estimates in determining pension costs and obligations, assuming all other assumptions are consistent.

	Yen in millions
	Domestic						Overseas
	Effect on pre-tax income for the year ended March 31, 2016			Effect on obligations for the year ended March 31, 2015			Effect on pre-tax income for the year ended March 31, 2016			Effect on obligations for the year ended March 31, 2015
Discount rates
0.5% decrease		(8,040	)		133,768			(6,735	)		85,189
0.5% increase		7,750			(123,317	)		6,402			(78,241	)
Expected rate of return on plan assets
0.5% decrease		(7,239	)					(3,568	)
0.5% increase		7,239						3,568

Derivatives and Other Contracts at Fair Value

Toyota uses derivatives in the normal course of business to manage its exposure to foreign currency exchange rates and interest rates. The accounting for derivatives is complex and continues to evolve. Toyota estimates the fair value of derivative financial instruments using industry-standard valuation models that require observable inputs including interest rates and foreign exchange rates, and the contractual terms. In other certain cases when market data is not available, key inputs to the fair value measurement include quotes from counterparties, and other market data. These estimates are based upon valuation methodologies deemed appropriate under the circumstances. However, the use of different assumptions may have a material effect on the estimated fair value amounts.

Marketable Securities and Investments in Affiliated Companies

Toyota’s accounting policy is to record a write-down of such investments to net realizable value when a decline in fair value below the carrying value is other-than-temporary. In determining if a decline in value is other-than-temporary, Toyota considers the length of time and the extent to which the fair value has been less than the carrying value, the financial condition and prospects of the company and Toyota’s ability and intent to retain its investment in the company for a period of time sufficient to allow for any anticipated recovery in fair value.

Reissuance of treasury stock for Toyota Mobility Foundation, a General Incorporated Foundation

Toyota Motor Corporation reissued treasury stock for Toyota Mobility Foundation, a General Incorporated Foundation (the “Foundation”), and the difference between amount of proceeds and fair value of treasury stock on reissuance was included in “Other income (expense)”. The fair value of treasury stock was measured using a dividend discount model due to the restrictions on transfer in the reissued stock for the Foundation. These estimates are based upon valuation methodologies deemed appropriate under the circumstances. See note 16 to the consolidated financial statements for further discussion.

Deferred Tax Assets

The factors used to assess the likelihood of realization of the deferred tax assets are the future reversal of existing taxable temporary differences, the future taxable income and available tax planning strategies that are prudent and feasible. All available evidence, both positive and negative, is considered to determine whether, based on the weight of that evidence, a valuation allowance is needed for deferred tax assets which are not more-likely-than-not to be realized.

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The accounting for deferred tax assets represents Toyota’s current best estimate based on all available evidence. Unanticipated events or changes could result in re-evaluating the realizability of deferred tax assets.

Outlook

As for our future business environment, in the world economy, the U.S. is expected to recover steadily. Also the European economy is picking up gradually chiefly in the eurozone, while the economies of several countries are likely to slow down, such as in Russia which is weighed down by declines in crude oil prices. Emerging countries also show downside risk. The Japanese economy is expected to recover gradually through improvements in employment and income conditions, although attention needs to be paid to for example uncertainty in overseas economies.

The automotive market is expected to expand gradually, mainly in the U.S. However, amid adaptation of eco-car promotion policies in various countries and increased efforts toward the development of safety technologies, as well as continuing advances in information and communication technology, fierce competition exists on a global scale. In light of the foregoing external factors, Toyota expects that net revenues for fiscal 2016 will increase compared with fiscal 2015 due to price revisions and other factors, partially offset by a decrease in vehicle unit sales. Toyota expects that operating income will increase in fiscal 2016 compared with fiscal 2015 due mainly to the favorable impact of cost reduction efforts and marketing efforts, partially offset by an increase in miscellaneous costs. Toyota expects that income before income taxes and equity in earnings of affiliated companies and net income attributable to Toyota Motor Corporation will also increase in fiscal 2016.

For the purposes of this outlook discussion, Toyota is assuming an average exchange rate of ¥115 to the U.S. dollar and ¥125 to the euro. Exchange rate fluctuations can materially affect Toyota’s operating results. In particular, a strengthening of the Japanese yen against the U.S. dollar can have a material adverse effect on Toyota’s operating results. See “Operating and Financial Review and Prospects — Operating Results — Overview — Currency Fluctuations” for further discussion.

The foregoing statements are forward-looking statements based upon Toyota’s management’s assumptions and beliefs regarding exchange rates, market demand for Toyota’s products, economic conditions and others. See “Cautionary Statement Concerning Forward-Looking Statements”. Toyota’s actual results of operations could vary significantly from those described above as a result of unanticipated changes in the factors described above or other factors, including those described in “Risk Factors”.

5.B LIQUIDITY AND CAPITAL RESOURCES

Historically, Toyota has funded its capital expenditures and research and development activities through cash generated by operations.

In fiscal 2016, Toyota expects to sufficiently fund its capital expenditures and research and development activities through cash and cash equivalents on hand, and cash generated by operations. Toyota will use its funds for the development of environment technologies, maintenance and replacement of manufacturing facilities, and the introduction of new products. See “Information on the Company — Business Overview — Capital Expenditures and Divestitures” for information regarding Toyota’s material capital expenditures and divestitures for fiscal 2013, 2014 and 2015, and information concerning Toyota’s principal capital expenditures and divestitures currently in progress.

Toyota funds its financing programs for customers and dealers, including loans and leasing programs, from both cash generated by operations and borrowings by its sales finance subsidiaries. Toyota seeks to expand its ability to raise funds locally in markets throughout the world by expanding its network of finance subsidiaries.

Net cash provided by operating activities increased by ¥39.7 billion to ¥3,685.7 billion for fiscal 2015, compared with ¥3,646.0 billion for fiscal 2014.

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The increase was primarily attributable to the ¥458.4 billion increase in operating income and the ¥158.2 billion increase in depreciation charges, i.e. noncash expenses, resulting from an increase in capital expenditures. Results of operations are recorded on an accrual basis and are therefore different from cash provided or used in operating activities. Accordingly the ¥52.4 billion decrease in accrued trade receivables resulting from a decrease in vehicle unit sales in March in Japan and ¥84.7 billion increase in accrued accounts payables resulting from the consumption tax increase in Japan are attributed to the increase in net cash provided by operating activities. On the other hand the ¥734.6 billion increase in cash payments for income taxes for fiscal 2015 resulting from an increase of provisional tax payment partially offset the increase.

Net cash provided by operating activities increased by ¥1,194.7 billion to ¥3,646.0 billion for fiscal 2014, compared with ¥2,451.3 billion for fiscal 2013. The increase was primarily attributable to the ¥971.2 billion increase in operating income. This increase in operating income was due mainly to the ¥900.0 billion favorable impact of changes in exchange rates, the ¥290.0 billion impact of cost reduction efforts and the ¥180.0 billion impact of marketing efforts, partially offset by the ¥480.0 billion increase in miscellaneous costs and others.

Results of operations are recorded on an accrual basis and are therefore different from cash provided or used in operating activities. Other than operating income, the increase of net cash provided by operating activities was primarily attributable to the ¥438.5 billion increase in “accrued income taxes” for fiscal 2014 resulting from the increase in income before income taxes, compared with an increase of ¥22.1 billion for fiscal 2013 resulting from the increase in income before income taxes that was partially offset by the usage of operating loss carryforwards. The increase in “accrued income taxes” in fiscal 2014 was partially offset by the ¥160.0 billion in “deferred income taxes” for fiscal 2013 mainly due to the usage of operating loss carryforwards.

Net cash used in investing activities decreased by ¥522.7 billion to ¥3,813.4 billion for fiscal 2015, compared with ¥4,336.2 billion for fiscal 2014. The decrease was primarily attributable to the ¥907.6 billion decrease in purchases of marketable securities and security investments, partially offset by the ¥502.5 billion increase in purchases of equipment leased to others.

Net cash used in investing activities increased by ¥1,308.9 billion to ¥4,336.2 billion for fiscal 2014, compared with ¥3,027.3 billion for fiscal 2013. The increase was primarily attributable to the ¥675.6 billion increase in purchases of marketable securities and security investments and to the ¥589.0 billion increase in purchases of equipment leased to others.

Net cash provided by financing activities decreased by ¥613.4 billion to ¥306.0 billion for fiscal 2015, compared with ¥919.4 billion for fiscal 2014. The decrease was primarily attributable to the ¥158.9 billion increase in dividends paid and the ¥356.9 billion increase in repurchase and reissuance of treasury stock. In addition, the increase in payments of debt exceeded the increase in proceeds from issuance of debt.

Net cash provided by financing activities increased by ¥442.2 billion to ¥919.4 billion for fiscal 2014, compared with ¥477.2 billion for fiscal 2013. The increase was primarily attributable to the ¥699.0 billion increase in proceeds from issuance of long-term debt, partially offset by the ¥306.7 billion increase in payments of long-term debt.

Total capital expenditures for property, plant and equipment, excluding vehicles and equipment on operating leases, were ¥1,146.3 billion during fiscal 2015, an increase of 18.2% from the ¥970.0 billion in total capital expenditures during the prior fiscal year. This increase was due primarily to an increase in investments in Japan and North America.

Total capital expenditures for vehicles and equipment on operating leases were ¥2,211.2 billion during fiscal 2015, an increase of 29.4% from the ¥1,708.6 billion in total capital expenditures during the prior fiscal year. This increase was due primarily to an increase in investments in the financial services operations.

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Toyota expects investments in property, plant and equipment, excluding vehicles and equipment on operating leases, to be approximately ¥1,200.0 billion during fiscal 2016.

Cash and cash equivalents were ¥2,284.5 billion as of March 31, 2015. Most of Toyota’s cash and cash equivalents are held in Japanese yen or in U.S. dollars. In addition, time deposits were ¥149.3 billion and marketable securities were ¥2,782.0 billion as of March 31, 2015.

Liquid assets, which Toyota defines as cash and cash equivalents, time deposits, marketable debt securities and its investment in monetary trust funds, increased during fiscal 2015 by ¥1,176.9 billion, or 13.4%, to ¥9,936.0 billion.

Trade accounts and notes receivable, less allowance for doubtful accounts increased during fiscal 2015 by ¥72.4 billion, or 3.6%, to ¥2,108.6 billion. This increase was due mainly to the fluctuations in foreign currency translation rates.

Inventories increased during fiscal 2015 by ¥242.9 billion, or 12.8%, to ¥2,137.6 billion. This increase was due mainly to the fluctuations in foreign currency translation rates.

Total finance receivables, net increased during fiscal 2015 by ¥1,741.1 billion, or 12.7%, to ¥15,472.3 billion. This increase was due mainly to the fluctuations in foreign currency translation rates and an increase in the number of financing contracts. As of March 31, 2015, finance receivables were geographically distributed as follows: in North America 59.3%, in Asia 12.8%, in Europe 9.5%, in Japan 7.9% and in Other 10.5%.

Marketable securities and other securities investments, including those included in current assets, increased during fiscal 2015 by ¥1,602.3 billion, or 18.2%, reflecting an increase in the fair values of common stocks and purchase of marketable securities and security investments.

Property, plant and equipment increased during fiscal 2015 by ¥1,654.4 billion, or 21.7%, primarily reflecting fluctuations in foreign currency translation rates and the increase in the capital expenditures, partially offset by the impacts of depreciation charges during the year.

Accounts and notes payable increased during fiscal 2015 by ¥197.3 billion, or 8.9%. This increase was due mainly to the increase in the consumption tax in Japan.

Accrued expenses increased during fiscal 2015 by ¥355.5 billion, or 15.4%. This increase was due mainly to the increase in product quality related expenses.

Income taxes payable decreased during fiscal 2015 by ¥246.0 billion, or 41.4%. This decrease was due mainly to an increase in provisional tax payment.

Toyota’s total borrowings increased during fiscal 2015 by ¥2,650.4 billion, or 16.2%. Toyota’s short-term borrowings consist of loans with a weighted-average interest rate of 2.83% and commercial paper with a weighted-average interest rate of 0.41%. Short-term borrowings increased during fiscal 2015 by ¥217.3 billion, or 4.5%, to ¥5,048.1 billion. Toyota’s long-term debt consists of unsecured and secured loans, medium-term notes, unsecured and secured notes and long-term capital lease obligations with interest rates ranging from 0.01% to 41.79%, and maturity dates ranging from 2015 to 2047. The current portion of long-term debt increased during fiscal 2015 by ¥965.6 billion, or 32.7%, to ¥3,915.3 billion and the non-current portion increased by ¥1,467.4 billion, or 17.2%, to ¥10,014.3 billion. The increase in total borrowings resulted mainly from an increase in medium-term notes. As of March 31, 2015, approximately 48% of long-term debt was denominated in U.S. dollars, 12% in Japanese yen, 8% in Australian dollars, and 32% in other currencies. Toyota hedges interest rate risk exposure of fixed-rate borrowings by entering into interest rate swaps. There are no material seasonal variations in Toyota’s borrowings requirements.

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As of March 31, 2015, Toyota’s total interest bearing debt was 113.0% of Toyota Motor Corporation shareholders’ equity, compared with 112.8% as of March 31, 2014.

The following table provides information for credit rating of Toyota’s short-term borrowing and long-term debt from rating agencies, Standard & Poor’s Ratings Group (S&P), Moody’s Investors Services (Moody’s), and Rating and Investment Information, Inc. (R&I), as of May 31, 2015. A credit rating is not a recommendation to buy, sell or hold securities. A credit rating may be subject to withdrawal or revision at any time. Each rating should be evaluated separately of any other rating.

	S&P	Moody’s	R&I
Short-term borrowing	A-1+	P-1	—
Long-term debt	AA-	Aa3	AA+

Toyota’s unfunded pension liabilities of Japanese plans decreased during fiscal 2015 by ¥139.6 billion, or 33.8%, to ¥273.4 billion. The liabilities of foreign plans increased during fiscal 2015 by ¥138.8 billion, or 111.4%, to ¥263.4 billion. The unfunded amounts will be funded through future cash contributions by Toyota or in some cases will be settled on the retirement date of each covered employee. The decrease in unfunded pension liabilities of the Japanese plans as of the end of fiscal 2015 compared with the prior fiscal year end reflects mainly an increase in pension assets due to an increase in equity security prices, despite an increase in pension benefit obligations that resulted from a decline in discount rate. The increase in unfunded pension liabilities of foreign plans reflects mainly an increase in pension benefit obligations that resulted from a decline in discount rate. See note 19 to the consolidated financial statements for further discussion.

Toyota’s treasury policy is to maintain controls on all exposures, to adhere to stringent counterparty credit standards, and to actively monitor marketplace exposures. Toyota remains centralized, and is pursuing global efficiency of its financial services operations through Toyota Financial Services Corporation.

The key element of Toyota’s financial strategy is maintaining a strong financial position that will allow Toyota to fund its research and development initiatives, capital expenditures and financial services operations efficiently even if earnings are subject to short-term fluctuations. Toyota believes that it maintains sufficient liquidity for its present requirements and that by maintaining its high credit ratings, it will continue to be able to access funds from external sources in large amounts and at relatively low costs. Toyota’s ability to maintain its high credit ratings is subject to a number of factors, some of which are not within Toyota’s control. These factors include general economic conditions in Japan and the other major markets in which Toyota does business, as well as Toyota’s successful implementation of its business strategy.

5.C RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES

Toyota’s research and development is dedicated to capturing the increasingly diverse and sophisticated market through the development of attractive, affordable, high-quality products for customers worldwide. The intellectual property that R&D generates is a vital management resource that Toyota utilizes and protects to maximize its corporate value. For a more detailed discussion of the company’s research and development objectives and policies, see “Information on the Company — Business Overview — Research and Development”.

Toyota’s research and development expenditures were approximately ¥1,004.5 billion in fiscal 2015, ¥910.5 billion in fiscal 2014 and ¥807.4 billion in fiscal 2013.

Toyota operates a global research and development organization with the primary goal of building automobiles that meet the needs of customers in every region of the world. In Japan, research and development operations are led by Toyota and Toyota Central Research & Development Laboratories, Inc., which works closely with Daihatsu Motor Co., Ltd., Hino Motors, Ltd., Toyota Auto Body Co., Ltd., Toyota Motor East Japan, Inc., and many other Toyota group companies. Overseas, Toyota has a worldwide network of technical centers as well as design and motorsports research and development centers.

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The following table provides information on Toyota’s principal research and development facilities.

Facility	Principal Activity
Japan
Toyota Technical Center	Product planning, style, design and evaluation
Higashi-Fuji Technical Center	Advanced research and development
Tokyo Design Research & Laboratory	Research of advanced styling designs
Shibetsu Proving Ground	Vehicle testing and evaluation
Toyota Central R&D Labs., Inc.	Basic research
United States
Toyota Motor Engineering and Manufacturing North America, Inc.	North American production and product planning, upper body planning, evaluation
Calty Design Research, Inc.	Design
Toyota Research Institute of North America (TRI-NA)	Advanced research relating to “energy and environment”, “safety” and “mobility infrastructure”
Europe
Toyota Motor Europe NV/SA	Upper body planning for European production, evaluation and advanced research
Toyota Europe Design Development S.A.R.L.	Design
Toyota Motorsport GmbH	Development of motor sports vehicles
Asia Pacific
Toyota Motor Asia Pacific Engineering and Manufacturing Co., Ltd.	Production, planning and evaluation of vehicles that are produced in Australia and Asia
Toyota Technical Center Asia Pacific Australia Pty, Ltd.	Production, planning and evaluation of vehicles that are produced in Australia and Asia
China
Toyota Motor Engineering and Manufacturing (China) Co., Ltd.	Research of new, low-energy vehicle technology, vehicle evaluation and quality assurance in China
FAW Toyota Research & Development Co., Ltd	Design and evaluation of vehicles manufactured in China
GAC Toyota Motor Co., Ltd. R&D Center	Design and evaluation of vehicles manufactured in China

Toyota decided to reorganize its subsidiary and vehicle development partner Toyota Technical Development Corporation, integrating its vehicle development functions into Toyota from January 2016.

Toyota carefully analyzes patents and the need for patents in each area of research to formulate more effective research and development strategies. Toyota identifies research and development projects in which it should acquire patents, and files relevant applications as necessary to help build a strong global patent portfolio.

In addition, Toyota wishes to contribute to sustainable mobility by promoting the spread of technologies with environmental and safety benefits. This is why Toyota takes an open stance to patent licensing and grants licenses when appropriate terms are met. For example, in March 2004, Toyota and Ford Motor Company entered

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into licensing agreements for patents related to hybrid systems and emissions purification. In addition, in March 2010, Toyota and Mazda Motor Corporation entered into a licensing agreement regarding the supply of hybrid system technology.

Toyota does not consider any one group of patents or licenses to be so important that their expiration or termination would materially affect Toyota’s business. For a further discussion of Toyota’s intellectual property, see “Information on the Company — Business Overview — Intellectual Property”.

5.D TREND INFORMATION

For a discussion of the trends that affect Toyota’s business and operating results, see “— Operating Results” and “— Liquidity and Capital Resources”.

5.E OFF-BALANCE SHEET ARRANGEMENTS

Toyota uses its securitization program as part of its funding through special purpose entities for its financial services operations. Toyota is considered as the primary beneficiary of these special purpose entities and therefore consolidates them. Toyota has not entered into any off-balance sheet securitization transactions during fiscal 2015.

Lending Commitments

Credit Facilities with Credit Card Holders

Toyota’s financial services operations issue credit cards to customers. As customary for credit card businesses, Toyota maintains credit facilities with holders of credit cards issued by Toyota. These facilities are used upon each holder’s requests up to the limits established on an individual holder’s basis. Although loans made to customers through these facilities are not secured, for the purposes of minimizing credit risks and of appropriately establishing credit limits for each individual credit card holder, Toyota employs its own risk management policy which includes an analysis of information provided by financial institutions in alliance with Toyota. Toyota periodically reviews and revises, as appropriate, these credit limits. Outstanding credit facilities with credit card holders were ¥226.0 billion as of March 31, 2015.

Credit Facilities with Dealers

Toyota’s financial services operations maintain credit facilities with dealers. These credit facilities may be used for business acquisitions, facilities refurbishment, real estate purchases, and working capital requirements. These loans are typically collateralized with liens on real estate, vehicle inventory, and/or other dealership assets, as appropriate. Toyota obtains a personal guarantee from the dealer or corporate guarantee from the dealership when deemed prudent. Although the loans are typically collateralized or guaranteed, the value of the underlying collateral or guarantees may not be sufficient to cover Toyota’s exposure under such agreements. Toyota evaluates the credit facilities according to the risks assumed in entering into the credit facility. Toyota’s financial services operations also provide financing to various multi-franchise dealer organizations, referred to as dealer groups, often as part of a lending consortium, for wholesale inventory financing, business acquisitions, facilities refurbishment, real estate purchases, and working capital requirements. Toyota’s outstanding credit facilities with dealers totaled ¥2,122.5 billion as of March 31, 2015.

Guarantees

Toyota enters into certain guarantee contracts with its dealers to guarantee customers’ payments of their installment payables that arise from installment contracts between customers and Toyota dealers, as and when requested by Toyota dealers. Guarantee periods are set to match the maturity of installment payments, and as of March 31, 2015, ranged from one month to 35 years. However, they are generally shorter than the useful lives of products sold. Toyota is required to execute its guarantee primarily when customers are unable to make required payments.

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The maximum potential amount of future payments as of March 31, 2015 is ¥2,238.1 billion. Liabilities for these guarantees of ¥6.5 billion have been provided as of March 31, 2015. Under these guarantee contracts, Toyota is entitled to recover any amounts paid by it from the customers whose obligations it guaranteed.

5.F TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS

Contractual Obligations and Commitments

For information regarding debt obligations, capital lease obligations, operating lease obligations and other obligations, including amounts maturing in each of the next five years, see notes 12, 22 and 23 to the consolidated financial statements. In addition, as part of Toyota’s normal business practices, Toyota enters into long-term arrangements with suppliers for purchases of certain raw materials, components and services. These arrangements may contain fixed/minimum quantity purchase requirements. Toyota enters into such arrangements to facilitate an adequate supply of these materials and services.

The following tables summarize Toyota’s contractual obligations and commercial commitments as of March 31, 2015.

	Yen in millions
	Total		Payments Due by Period
			Less than 1 year		1 to 3 years		3 to 5 years		5 years and after
Contractual Obligations:
Short-term borrowings (note 12)
Loans		1,167,792		1,167,792		—		—		—
Commercial paper		3,880,396		3,880,396		—		—		—
Long-term debt* (note 12)		13,910,240		3,911,561		5,243,960		3,405,863		1,348,856
Estimated amount of interest expense on long-term debt		888,312		280,648		351,072		157,301		99,291
Capital lease obligations (note 22)		19,459		3,743		4,629		2,860		8,227
Non-cancelable operating lease obligations (note 22)		76,374		14,765		22,883		12,822		25,904
Commitments for the purchase of property, plant, other assets and services (note 23)		325,555		104,721		52,734		52,577		115,523
Total		20,268,128		9,363,626		5,675,278		3,631,423		1,597,801

* “Long-term debt” represents future principal payments.

Toyota is unable to make reasonable estimates of the period of cash settlement with respect to liabilities recognized for uncertain tax benefits, and accordingly such liabilities are excluded from the table above. See note 15 to the consolidated financial statements for further discussion.

Toyota expects to contribute ¥37,836 million domestically and ¥13,452 million overseas to its pension plans in fiscal 2016.

	Yen in millions
	Total Amounts Committed		Amount of Commitment Expiration Per Period
			Less than 1 year		1 to 3 years		3 to 5 years		5 years and after
Commercial Commitments (note 23):
Maximum potential exposure to guarantees given in the ordinary course of business		2,238,185		553,530		927,723		495,769		261,163
Total Commercial Commitments		2,238,185		553,530		927,723		495,769		261,163

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5.G SAFE HARBOR

All information that is not historical in nature disclosed under “— Off-Balance Sheet Arrangements” and “— Tabular Disclosure of Contractual Obligations” is deemed to be a forward-looking statement. See “Cautionary Statement Concerning Forward-Looking Statements” for additional information.

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

6.A DIRECTORS AND SENIOR MANAGEMENT

In March 2011, Toyota unveiled its “Toyota Global Vision”. In order to realize the Toyota Global Vision, Toyota implemented a new management organization highlighted by a more streamlined board of directors and a reduced number of layers in the executive decision-making structure.

In April 2013, Toyota implemented organizational changes in order to further increase the speed of decision-making through clarification of operations and earnings responsibility. Specifically, Toyota’s automotive business was split into four business units. These business units are “Lexus International,” which covers the Lexus business, “Toyota No. 1,” which covers North America, Europe and Japan, “Toyota No. 2,” which covers China, Asia & Middle East, East Asia & Oceania, Africa and Latin America & Caribbean and “Unit Center,” which covers all unit-related operations. Toyota’s executive vice presidents are assigned to each operation and each is responsible for the operations and earnings of the respective business unit. Furthermore, in order to achieve sustainable growth through the continuous development of “even-better cars” that exceed customer expectations around the world, and to realize the Toyota Global Vision, the TNGA Planning Division, an organization directly under Toyota’s top management, was established in order to rapidly promote the implementation of the TNGA. In April 2014, the Strategic Top Executive Meeting Office was established to set policies concerning medium to long term strategies and business direction, the fundamentals of corporate strategy. In April 2015, as a result of a review of the geographic oversight of operations, the Africa region was transferred from Business Unit Toyota No. 2 to Business Unit Toyota No. 1.

Toyota believes it is crucial for it to be led by members of the board of directors and senior management who deeply understand, and can effectively implement, Toyota’s strengths — the monozukuri spirit of conscientious manufacturing and the genchi genbutsu principle of placing emphasis on on-site operations with a go-and-see attitude for continued improvement and problem solving. At the 109th Ordinary General Shareholders’ Meeting held in June 2013, three outside members of the board of directors were appointed in order to further reflect the opinions of those from outside the company in management’s decision-making process. Toyota has six audit & supervisory board members, three of whom are outside audit & supervisory board members. At the 110th Ordinary General Shareholders’ Meeting held in June 2014, in order to be prepared in the event Toyota lacks the number of audit & supervisory board members required by law, one substitute audit & supervisory board member was appointed pursuant to Article 329, Paragraph 2 of the Companies Act. In April 2015, with the aim of enhancing operational oversight and further increasing the speed of decision-making and execution of operations, the responsibility for executive vice presidents was changed to making decisions regarding management from a medium to long-term perspective and supervising execution of operations, with executives at senior managing officer level and below now responsible for execution of operations, such as business units, regional operations and key functions. In addition, at the 111th Ordinary General Meeting of Shareholders held in June 2015, the first non-Japanese executive vice president was appointed in order to promote diversity.

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Set forth below are brief summaries of Toyota’s members of board of directors and audit & supervisory board members.

Name (Date of birth)	Position	Brief career summary and important concurrent duties	Number of Shares
Takeshi Uchiyamada (August 17, 1946)	Chairman of the Board of Directors	1969 Joined Toyota Motor Corporation (“TMC”) 1998 Member of the Board of Directors of TMC 2001 Managing Director of TMC 2003 Senior Managing Director of TMC 2005 Executive Vice President of TMC 2012 Vice Chairman of TMC 2013 Chairman of TMC		47,539
Akio Toyoda (May 3, 1956)	President, Member of the Board of Directors	1984 Joined TMC 2000 Member of the Board of Directors of TMC 2002 Managing Director of TMC 2003 Senior Managing Director of TMC 2005 Executive Vice President of TMC 2009 President of TMC (important concurrent duties) Chairman and CEO of Toyota Motor North America, Inc. Chairman of Toyota Motor Sales & Marketing Corporation Chairman of Nagoya Grampus Eight Inc.		4,596,475
Nobuyori Kodaira (March 18, 1949)	Executive Vice President, Member of the Board of Directors	1972 Joined Ministry of International Trade and Industry 2004 Director-General, Agency for Natural Resources and Energy 2006 Retired from Director-General, Agency for Natural Resources and Energy 2008 Advisor of TMC 2009 Managing Officer of TMC 2010 Senior Managing Director of TMC 2011 Member of the Board of Directors and Senior Managing Officer of TMC 2012 Executive Vice President of TMC (important concurrent duties) Director of KDDI CORPORATION Audit & Supervisory Board Member of Aichi Steel Corporation		23,000

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Name (Date of birth)	Position	Brief career summary and important concurrent duties	Number of Shares
Mitsuhisa Kato (March 2, 1953)	Executive Vice President, Member of the Board of Directors	1975 Joined TMC 2004 Managing Officer of TMC 2006 Toyota Technocraft Co., Ltd. President 2006 Advisor of TMC 2007 Retired from Advisor of TMC 2010 Retired from Toyota Technocraft Co., Ltd. President 2010 Senior Managing Director of TMC 2011 Senior Managing Officer of TMC 2012 Executive Vice President of TMC (important concurrent duties) Director of Toyota Boshoku Corporation Director of Toyota Industries Corporation Audit & Supervisory Board Member of Aisin Seiki Co., Ltd. Director of Hino Motors, Ltd.		13,750
Seiichi Sudo (April 21, 1951)	Executive Vice President, Member of the Board of Directors	1974 Joined TMC 2003 Managing Officer of TMC 2005 President of Toyota Motor Manufacturing North America, Inc. 2006 Toyota Motor Manufacturing North America, Inc. and Toyota Technical Center U.S.A., Inc. merged and became Toyota Motor Engineering & Manufacturing North America, Inc. 2006 President of Toyota Motor Engineering & Manufacturing North America, Inc. 2008 President of Toyota Motor Kyushu, Inc. 2008 Advisor of TMC 2008 Retired from Toyota Motor Engineering & Manufacturing North America, Inc. President 2010 Retired from Advisor of TMC 2012 Retired from Toyota Motor Kyushu, Inc. President 2012 Senior Managing Officer of TMC 2013 Executive Vice President of TMC (important concurrent duties) Chairman of Toyota Motor (Changshu) Auto Parts Co., Ltd.		12,300

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Name (Date of birth)	Position	Brief career summary and important concurrent duties	Number of Shares
Takahiko Ijichi (July 15, 1952)	Executive Vice President, Member of the Board of Directors	1976 Joined TMC 2004 Managing Officer of TMC 2008 Senior Managing Director of TMC 2011 Member of the Board of Directors and Senior Managing Officer of TMC 2013 Advisor of TMC 2015 Executive Vice President, Member of the Board of Directors (important concurrent duties) Director and President of TOWA REAL ESTATE Co., Ltd. Audit & Supervisory Board Member of Tokai Rika Co., Ltd.		27,000
Didier Leroy (December 26, 1957)	Executive Vice President, Member of the Board of Directors	1982 Joined Renault S.A. 1998 Joined Toyota Motor Manufacturing France S.A.S. 1998 Toyota Motor Manufacturing France S.A.S. Vice President 2005 Toyota Motor Manufacturing France S.A.S. President 2007 Managing Officer of TMC 2007 Toyota Motor Europe NV/SA Executive Vice President 2009 Toyota Motor Manufacturing France S.A.S. Chairman 2010 Toyota Motor Europe NV/SA President 2010 Retired from Toyota Motor Manufacturing France S.A.S. Chairman 2011 Toyota Motor Europe NV/SA President and CEO 2012 Senior Managing Officer of TMC 2015 Toyota Motor Europe NV/SA Chairman 2015 Executive Vice President, Member of the Board of Directors of TMC (important concurrent duties) Chairman of Toyota Motor Europe NV/SA Chairman of Toyota Motor Engineering & Manufacturing North America, Inc. Vice Chairman of Toyota Motor North America, Inc.		—

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Name (Date of birth)	Position	Brief career summary and important concurrent duties	Number of Shares
Shigeki Terashi (February 16, 1955)	Executive Vice President, Member of the Board of Directors	1980 Joined TMC 2008 Managing Officer of TMC 2008 Executive Vice President of Toyota Motor Engineering & Manufacturing North America, Inc. 2011 President and COO of Toyota Motor Engineering & Manufacturing North America, Inc. 2012 President and CEO of Toyota Motor Engineering & Manufacturing North America, Inc. 2012 President and COO of Toyota Motor North America, Inc. 2013 Retired from Toyota Motor Engineering & Manufacturing North America, Inc. President and CEO 2013 Retired from Toyota Motor North America, Inc. President and COO 2013 Senior Managing Officer of TMC 2013 Member of the Board of Directors and Senior Managing Officer of TMC 2015 Executive Vice President, Member of the Board of Directors of TMC		14,900
Shigeru Hayakawa (September 15, 1953)		1977 Joined Toyota Motor Sales Co., Ltd. 2007 Managing Officer of TMC 2007 Toyota Motor North America, Inc. President 2009 Retired from Toyota Motor North America, Inc. President 2012 Senior Managing Officer of TMC 2015 Member of the Board of Directors and Senior Managing Officer of TMC		14,200

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Name (Date of birth)	Position	Brief career summary and important concurrent duties	Number of Shares
Ikuo Uno (January 4, 1935)	Member of the Board of Directors	1959 Joined Nippon Life Insurance Company 1986 Director of Nippon Life Insurance Company 1988 Managing Director of Nippon Life Insurance Company 1992 Senior Managing Director of Nippon Life Insurance Company 1994 Vice President and Representative Director of Nippon Life Insurance Company 1997 President and Representative Director of Nippon Life Insurance Company 2005 Chairman and Representative Director of Nippon Life Insurance Company 2011 Advisor and Director of Nippon Life Insurance Company 2011 Advisor of Nippon Life Insurance Company 2013 Member of the Board of Directors of TMC (important concurrent duties) Advisor of Nippon Life Insurance Company Outside Director of Fuji Kyuko Co., Ltd. Outside Corporate Auditor of Odakyu Electric Railway Co., Ltd. Outside Corporate Auditor of Tohoku Electric Power Co., Inc. Outside Director of Panasonic Corporation Outside Corporate Auditor of Sumitomo Mitsui Financial Group, Inc.		—
Haruhiko Kato (July 21, 1952)	Member of the Board of Directors	1975 Joined Ministry of Finance (Japan) 2007 Director of Taxation Bureau, Ministry of Finance (Japan) 2009 Director-General of National Tax Administration Agency 2010 Retired from National Tax Administration Agency Director-General 2011 Senior Managing Director of Japan Securities Depository Center, Inc. 2011 President and CEO of Japan Securities Depository Center, Inc. 2013 Member of the Board of Directors of TMC (important concurrent duties) President and CEO of Japan Securities Depository Center, Inc. Outside Director of Canon Inc.		—

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Name (Date of birth)	Position	Brief career summary and important concurrent duties	Number of Shares
Mark. T. Hogan (May 15, 1951)	Member of the Board of Directors	1973 Joined General Motors Corporation 2002 Vice President of General Motors Group 2004 Retired from General Motors Group Vice President 2004 President of Magna International Inc. 2007 Retired from Magna International Inc. President 2008 President and CEO of Vehicle Production Group LLC 2010 Retired from Vehicle Production Group LLC President and CEO 2010 President of Dewey Investments LLC 2013 Member of the Board of Directors of TMC (important concurrent duties) President of Dewey Investments LLC		—
Masaki Nakatsugawa (January 29, 1953)	Full-time Audit & Supervisory Board Member	1976 Joined Toyota Motor Sales Co., Ltd. 2000 Dispatched to Toyota Motor Thailand Co., Ltd. 2004 General Manager for Accounting Div. of TMC 2006 Audit & Supervisory Board Member of TMC		5,800
Masahiro Kato (September 17, 1952)	Full-time Audit & Supervisory Board Member	1975 Joined TMC 2009 Toyota Motor (China) Investment Co., Ltd. President 2009 Managing Officer of TMC 2011 Retired from Toyota Motor (China) Investment Co., Ltd. President 2011 Audit & Supervisory Board Member of TMC		4,400
Yoshiyuki Kagawa (December 18, 1952)	Full-time Audit & Supervisory Board Member	1983 Joined TMC 2010 General Manager of Prototype Production Division of TMC 2015 Project General Manager of Secretary Division of TMC 2015 Audit & Supervisory Board Member of TMC		600
Yoko Wake (November 18, 1947)	Outside Audit & Supervisory Board Member	1970 Joined the Fuji Bank, Limited 1973 Retired from the same 1977 Assistant Lecturer of Faculty of Business and Commerce of Keio University 1982 Associate Professor of the same 1993 Professor of the same 2011 Outside Audit & Supervisory Board Member of TMC 2013 Professor Emeritus of Keio University (important concurrent duties) Professor Emeritus of Keio University		—

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Name (Date of birth)	Position	Brief career summary and important concurrent duties	Number of Shares
Teisuke Kitayama (October 26, 1946)	Outside Audit & Supervisory Board Member	1969 Joined Mitsui Bank 1997 Director of The Sakura Bank, Limited 1999 Executive Officer of the same 2000 Managing Executive Officer of the same 2000 Managing Director and Managing Executive Officer of the same 2001 Managing Director and Managing Executive Officer of Sumitomo Mitsui Banking Corporation 2003 Senior Managing Director and Senior Executive Officer of the same 2003 Senior Executive Officer of Sumitomo Mitsui Financial Group, Inc. 2004 Vice President and Executive Officer of the same 2004 Retired from Director of Sumitomo Mitsui Banking Corporation 2004 Vice President and Director of Sumitomo Mitsui Financial Group, Inc. 2005 President and Director of the same 2005 Chairman and Director of Sumitomo Mitsui Banking Corporation 2011 Retired from Director of Sumitomo Mitsui Financial Group, Inc. 2014 Outside Audit & Supervisory Board Member of TMC (important concurrent duties) Chairman of the Board of Sumitomo Mitsui Banking Corporation Outside Director of FUJIFILM Holdings Corporation Outside Auditor of Isetan Mitsukoshi Holdings Ltd.		—
Hiroshi Ozu (July 21, 1949)	Outside Audit & Supervisory Board Member	2012 Prosecutor-General 2014 Retired from Prosecutor-General 2014 Registered as Attorney 2015 Outside Audit & Supervisory Board Member of TMC (important concurrent duties) Attorney Outside Corporate Auditor of Mitsui & Co., Ltd.		—

None of the persons listed above was selected as member of board of directors, audit & supervisory board member or member of senior management pursuant to an arrangement or understanding with Toyota’s major shareholders, customers, suppliers or others.

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Set forth below is a brief summary of Toyota’s substitute audit & supervisory board member.

Name (Date of birth)	Position	Brief career summary and important concurrent duties	Number of Shares
Ryuji Sakai (August 7, 1957)	—	1985 Registered as attorney and joined Nagashima & Ohno 1990 Wilson Sonsini Goodrich & Rosati 1995 Partner of Nagashima & Ohno 2000 Partner of Nagashima Ohno & Tsunematsu (important concurrent duties) Attorney Outside Audit & Supervisory Board Member of Kobayashi Pharmaceutical Co., Ltd. Outside Audit & Supervisory Board Member of Tokyo Electron Limited		—

6.B COMPENSATION

The aggregate amount of remuneration, including bonuses but excluding stock options, accrued for all members of the board of directors and audit & supervisory board members as a group by Toyota for services in all capacities during fiscal 2015 was approximately ¥2,032 million. Members of the Board of Directors of Toyota Motor Corporation receive year-end bonuses, the aggregate amount of which is approved at Toyota Motor Corporation’s ordinary general shareholders’ meeting and is based on Toyota Motor Corporation’s financial performance for the fiscal year. The amounts of the bonuses paid to individual members of the board of directors and audit & supervisory board members are then determined based upon discussions at a meeting of Toyota Motor Corporation’s board of directors and the meeting of audit & supervisory board members.

In addition to the above form of compensation, Toyota has enacted stock option plans every year from 2007 until 2010. Under the 2007 plan, Toyota issued to its members of the board of directors and audit & supervisory board members stock acquisition rights to purchase 322,000 shares of common stock at an exercise price of ¥7,278 and with an expiration date of July 31, 2015. Under the 2008 plan, Toyota issued to its members of the board of directors and audit & supervisory board members stock acquisition rights to purchase 335,000 shares of common stock at an exercise price of ¥4,726 and with an expiration date of July 31, 2016. Under the 2009 plan, Toyota issued to its members of the board of directors and audit & supervisory board members stock acquisition rights to purchase 440,000 shares of common stock at an exercise price of ¥4,193 and with an expiration date of July 31, 2017. Under the 2010 plan, Toyota issued to its members of the board of directors stock acquisition rights to purchase 400,000 shares of common stock at an exercise price of ¥3,183 and with an expiration date of July 31, 2018. See “Share Ownership — Stock Options” for a more detailed discussion of Toyota’s stock option plans.

Toyota’s Annual Securities Report filed with the Kanto Local Bureau of Finance on June 24, 2015, contained the following information concerning compensation in fiscal 2015 on a consolidated basis for members of the board of directors and audit & supervisory board members whose total compensation exceeded ¥100 million during such period:

- Takeshi Uchiyamada, Member of the Board of Directors: ¥201 million (¥102 million in base compensation and ¥99 million in bonus)

- Akio Toyoda, Member of the Board of Directors: ¥352 million (¥102 million in base compensation and ¥249 million in bonus)

- Satoshi Ozawa, Member of the Board of Directors: ¥126 million (¥64 million in base compensation and ¥61 million in bonus)

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- Nobuyori Kodaira, Member of the Board of Directors: ¥126 million (¥64 million in base compensation and ¥61 million in bonus)

- Mitsuhisa Kato, Member of the Board of Directors: ¥126 million (¥64 million in base compensation and ¥61 million in bonus)

- Masamoto Maekawa, Member of the Board of Directors: ¥126 million (¥64 million in base compensation and ¥61 million in bonus)

- Yasumori Ihara, Member of the Board of Directors: ¥122 million (¥64 million in base compensation and ¥58 million in bonus)

- Seiichi Sudo, Member of the Board of Directors: ¥122 million (¥64 million in base compensation and ¥58 million in bonus)

The amounts above were recorded as expenses in fiscal 2015.

6.C BOARD PRACTICES

Toyota’s articles of incorporation provide for a board of directors of not more than 20 members and for not more than seven audit & supervisory board members. Shareholders elect the members of the board of directors and audit & supervisory board members at the general shareholders’ meeting. The normal term of office of a member of the board of directors is one year and of an audit & supervisory board member is four years. Members of the board of directors and audit & supervisory board members may serve any number of consecutive terms.

The board of directors may appoint one Chairman of the Board of Directors and one President, as well as one or more Vice Chairmen of the Board and Executive Vice Presidents. The board of directors elects, pursuant to its resolutions, one or more Representative Directors. Each Representative Director represents Toyota generally in the conduct of its affairs. The board of directors has the ultimate responsibility for the administration of Toyota’s affairs. None of Toyota’s members of the board of directors is party to a service contract with Toyota or any of its subsidiaries that provides for benefits upon termination of employment.

Under the Companies Act and Toyota’s articles of incorporation, Toyota may, by a resolution of its board of directors, exempt members of the board of directors (including former members of the board of directors) from their liabilities to Toyota arising in connection with their failure to execute their duties within the limits stipulated by laws and regulations. In addition, Toyota may enter into a liability limitation agreement with each member of the board of directors (excluding executive members of the board of directors, among others) which limits the maximum amount of their liabilities owed to Toyota arising in connection with their failure to execute their duties to an amount equal to the minimum liability limit amount prescribed in the laws and regulations.

Under the Companies Act, Toyota must have at least three audit & supervisory board members. At least half of the audit & supervisory board members are required to be an “outside” audit & supervisory board member, which is any person who satisfies all of the following requirements:

(a) the person has never been a member of the board of directors, accounting counselor (in the case that an accounting counselor is a legal entity, an employee of such entity who is in charge of its affairs), executive officer, manager or employee of Toyota or its subsidiaries during the 10 year period before becoming an outside audit & supervisory board member;

(b) if the person was an audit & supervisory board member of Toyota or any of its subsidiaries at any time during the 10 year period before becoming an outside audit & supervisory board member, such person has not been a member of the board of directors, accounting counselor (in the case that an accounting counselor is a legal

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entity, an employee of such entity who is in charge of its affairs), executive officer, manager or employee of Toyota or any of its subsidiaries during the 10 year period before becoming an audit & supervisory board member of Toyota or any of its subsidiaries; and

(c) the person is not a spouse or relative within the second degree of kinship of any member of the board of directors or manager or other key employee of Toyota.

The audit & supervisory board members may not at the same time be a member of the board of directors, accounting counselor (in case that an accounting counselor is a judicial person, a member of such judicial person who is in charge of its affairs), executive officers, general managers or employees of Toyota or any of its subsidiaries. Together, these audit & supervisory board members form the audit & supervisory board. The audit & supervisory board members have the duty to examine the financial statements and business reports which are submitted by the board of directors to the general shareholders’ meeting. The audit & supervisory board members also monitor the administration of Toyota’s affairs by the members of the board of directors. Audit & supervisory board members are not required to be, and Toyota’s audit & supervisory board members are not, certified public accountants. They are required to participate in meetings of the board of directors but are not entitled to vote.

Under the Companies Act and Toyota’s articles of incorporation, Toyota may, by a resolution of its board of directors, exempt audit & supervisory board members (including former audit & supervisory board members) from their liabilities to Toyota arising in connection with their failure to execute their duties within the limits stipulated by laws and regulations. In addition, Toyota may enter into a liability limitation agreement with each audit & supervisory board member which limits the maximum amount of their liabilities owed to Toyota arising in connection with their failure to execute their duties to an amount equal to the minimum liability limit amount prescribed in the laws and regulations.

Toyota does not have a remuneration committee.

6.D EMPLOYEES

The total number of Toyota employees, on a consolidated basis, was 344,109 as of March 31, 2015, 338,875 as of March 31, 2014 and 333,498 as of March 31, 2013. The following tables set forth a breakdown of persons employed by business segment and by geographic location as of March 31, 2015.

Segment	Number of Employees	Location	Number of Employees
Automotive	304,581	Japan	197,203
Financial services	9,595	North America	43,809
All other	25,130	Europe	19,118
Unallocated	4,803	Asia	59,679
		Other*	24,300
Total	344,109	Total	344,109
		*  “Other” consists of Central and South America, Oceania, Africa and the Middle East.

Most regular employees of Toyota Motor Corporation and its consolidated subsidiaries in Japan, other than management, are required to become members of the labor unions that comprise the Federation of All Toyota Workers’ Unions. Approximately 86% of Toyota Motor Corporation’s regular employees in Japan are members of this union.

In Japan, basic wages and other working conditions are negotiated annually. In addition, in accordance with Japanese national custom, each employee is also paid a semi-annual bonus. Bonuses are negotiated at the time of

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wage negotiations and are based on Toyota’s financial results, prospects and other factors. The average wage increases per employee, excluding bonuses, in Japan have been approximately 2.4% per year for the past five fiscal years.

In general, Toyota considers its labor relations with all of its workers to be good. However, Toyota is currently a party to, and otherwise from time to time experiences, labor disputes in some of the countries in which it operates. Toyota does not expect any disputes to which it is currently a party to materially affect Toyota’s consolidated financial position.

Toyota’s average number of temporary employees on a consolidated basis was 85,848 during fiscal 2015.

6.E SHARE OWNERSHIP

For information on the number of shares of Toyota’s common stock held by each member of the board of directors and audit & supervisory board member as of June 2015, see “— Directors and Senior Management”. Each such member of the board of directors and audit & supervisory board member owns less than one percent of the issued and outstanding shares of common stock of Toyota. The shares held by each member of the board of directors and audit & supervisory board member do not include options that are exercisable for shares of Toyota’s common stock. For a description of these options, see “— Stock Options” below.

None of Toyota’s shares of common stock entitles the holder to any preferential voting rights.

Stock Options

Toyota enacted stock option plans every year from 2007 until 2010. Toyota will not enact any such plan after 2011. The plans for which stock options or stock acquisition rights are currently exercisable or will become exercisable in the future were approved by Toyota’s shareholders in June of 2007, 2008, 2009 and 2010. Under the 2007 plan, Toyota issued stock acquisition rights to purchase 3,264,000 shares of common stock to its members of the board of directors and 579 officers and employees, including directors, officers and employees of its subsidiaries and one Toyota affiliated company. Under the 2008 plan, Toyota issued stock acquisition rights to purchase 3,494,000 shares of common stock to its members of the board of directors and 597 officers and employees, including directors, officers and employees of its subsidiaries and one Toyota affiliated company. Under the 2009 plan, Toyota issued stock acquisition rights to purchase 3,492,000 shares of common stock to its members of the board of directors and 615 officers and employees, including directors, officers and employees of its subsidiaries and one Toyota affiliated company. Under the 2010 plan, Toyota issued stock acquisition rights to purchase 3,600,000 shares of common stock to its members of the board of directors and officers and employees, including directors, officers and employees of its subsidiaries and one Toyota affiliated company.

Pursuant to the provisions of the 2007, 2008, 2009 and 2010 plans, stock acquisition rights may be exercised during a six-year period that starts two years from the date of grant. The exercise price of each stock acquisition right is 1.025 times the closing price of Toyota’s common stock on the Tokyo Stock Exchange on the date of grant. The 2007, 2008, 2009 and 2010 plans provide that each member of the board of directors will be granted no more than 400 and no less than 300 stock acquisition rights, and each eligible officer or employee will be granted no more than 200 and no less than 20 stock acquisition rights. For each of the 2007, 2008, 2009 and 2010 plans, 100 shares will be issued or delivered upon the exercise of each stock acquisition right. The options are granted as of early August of each year for each plan.

An option holder who retires while one’s options are still exercisable retains the right to exercise one’s options until the expiration of the exercise period described above. However, an option holder’s right to purchase common stock under each plan lapses automatically upon one’s death or upon taking position such as in the management with a competitor.

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The following table summarizes information for options and the incentive plan outstanding and exercisable at March 31, 2015:

	Outstanding						Exercisable
Exercise price range	Number of shares		Weighted- average exercise price		Weighted- average remaining life		Number of shares		Weighted- average exercise price
(Yen)			(Yen)		(Years)				(Yen)
3,183 – 5,000		2,770,300		3,931		2.50		2,770,300		3,931
5,001 – 7,278		733,200		7,278		0.33		733,200		7,278

Toyota also has an employee stock ownership association in Japan for employees and full time and part time company advisors. Members of the employee stock ownership association set aside certain amounts from their monthly salary and bonuses to purchase Toyota’s common stock through the employee stock ownership association. As of March 31, 2015, the employee stock ownership association held 13,882,628 shares of Toyota’s common stock.

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

7.A MAJOR SHAREHOLDERS

As of March 31, 2015, 3,417,997,492 shares of Toyota’s common stock were issued, out of which, 271,183,861 shares were treasury stock and 3,146,813,631 shares were outstanding. Beneficial ownership of Toyota’s common stock in the table below was prepared from information known to Toyota or that could be ascertained from public filings, including filings made by Toyota’s shareholders regarding their ownership of Toyota’s common stock under the Financial Instruments and Exchange Law of Japan.

Under the Financial Instruments and Exchange Law, any person who becomes, beneficially and solely or jointly, a holder, including, but not limited to, a deemed holder who manages shares for another holder pursuant to a discretionary investment agreement, of more than 5% of the total issued shares of a company listed on a Japanese stock exchange (including ADSs representing such shares) must file a report concerning the shareholding with the director of the relevant local finance bureau. A similar report must be filed, with certain exceptions, if the percentage of shares held by a holder, solely or jointly, of more than 5% of the total issued shares of a company increases or decreases by 1% or more, or if any change to a material matter set forth in any previously filed reports occurs.

Based on information known to Toyota or can be ascertained from public filings, the following table sets forth the beneficial ownership of holders of more than 5% of Toyota’s common stock as of the most recent practicable date.

Name of Beneficial Owner	Number of Shares (in thousands)		Percentage of Shares Issued
Toyota Industries Corporation		224,515		6.57

According to The Bank of New York Mellon, depositary for Toyota’s ADSs (the “Depositary”), as of March 31, 2015, 82,545,759 shares of Toyota’s common stock were held in the form of ADRs and there were 2,015 ADR holders of record and 253,658 beneficial owners in the United States. According to Toyota’s register of shareholders, as of March 31, 2015, there were 496,859 holders of common stock of record worldwide. As of March 31, 2015, there were 515 record holders of Toyota’s common stock with addresses in the United States, whose shareholdings represented approximately 15.5% of the issued common stock on that date. Because some of these shares were held by brokers or other nominees, the number of record holders with addresses in the United States might not fully show the number of beneficial owners in the United States.

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None of Toyota’s shares of common stock entitles the holder to any preferential voting rights.

To the extent known to Toyota, Toyota is not owned or controlled, directly or indirectly, by another corporation, any foreign government or any natural or legal person.

Toyota knows of no arrangements the operation of which may at a later time result in a change of control.

7.B RELATED PARTY TRANSACTIONS

Business Relationships

Toyota purchases materials, supplies and services from numerous suppliers throughout the world in the ordinary course of business, including Toyota’s affiliated companies accounted for by the equity method and those firms with which certain members of Toyota’s board of directors are affiliated. Toyota purchased materials, supplies and services from these affiliated entities in the amount of ¥5,065.6 billion in fiscal 2015. Toyota also sells its products and services to Toyota’s affiliated companies accounted for by the equity method and firms with which certain members of Toyota’s board of directors are affiliated. Toyota sold products and services to these affiliated entities in the amount of ¥1,785.2 billion in fiscal 2015. See note 11 of Toyota’s consolidated financial statements for additional information regarding Toyota’s investments in and transactions with affiliated companies.

Loans

Toyota regularly has trade accounts and other receivables by, and accounts payable to, Toyota’s affiliated companies accounted for by the equity method and firms with which certain members of Toyota’s board of directors are affiliated. Toyota had outstanding trade accounts and other receivables by these affiliated entities in the amount of ¥266.9 billion as of March 31, 2015. Toyota had outstanding trade accounts and other payables to these affiliated entities in the amount of ¥635.8 billion as of March 31, 2015.

Toyota, from time to time, provides short- to medium-term loans to its affiliated companies, as well as loans under a loan program established by certain subsidiaries to assist their executives and members of the board of directors with the purchase of homes. As of March 31, 2015, an aggregate amount of ¥1.3 billion in loans was outstanding to its affiliated companies accounted for by the equity method. As of March 31, 2015, an aggregate amount of ¥29.1 billion in loans was outstanding to those of its affiliated companies not accounted for by the equity method, which are 20% to 50% owned by Toyota. As of March 31, 2015, the largest loan outstanding to any such affiliated company accounted for by the equity method was a loan of ¥1.0 billion at a fixed rate of 0.46%. Toyota believes that each of these loans was entered into in the ordinary course of business.

7.C INTERESTS OF EXPERTS AND COUNSEL

Not applicable.

ITEM 8. FINANCIAL INFORMATION

8.A CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION

1-3. Consolidated Financial Statements. Toyota’s audited consolidated financial statements are included under “Item 18 — Financial Statements”. Except for Toyota’s consolidated financial statements included under Item 18, no other information in this annual report has been audited by Toyota’s auditors.

4. Not applicable.

5. Not applicable.

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6. Export Sales. See “Operating and Financial Review and Prospects — Operating Results — Overview — Geographic Breakdown”.

7. Legal and Arbitration Proceedings. See “Information on the Company — Business Overview — Legal Proceedings”.

8. Dividend Policy. See “Key Information — Selected Financial Data — Dividend Information”.

8.B SIGNIFICANT CHANGES

Except as disclosed in this annual report, there have been no significant changes since the date of Toyota’s latest annual financial statements.

ITEM 9. THE OFFER AND LISTING

9.A LISTING DETAILS

The following table sets forth for the periods shown the reported high and low sales prices of the common stock on the Tokyo Stock Exchange and the ADSs on the New York Stock Exchange.

	Tokyo Stock Exchange				New York Stock Exchange
	Price per Share				Price per ADS
	High		Low		High		Low
Fiscal Year Ended March 31,
2011	¥	3,955	¥	2,800	$	93.90	$	67.56
2012		3,635		2,330		87.15		60.37
2013		5,050		2,795		106.00		72.04
2014		6,800		4,610		134.94		99.70
2015		8,799		5,205		145.80		103.38
Financial Quarter Ended:
June 30, 2013		6,800		4,610		130.99		99.70
September 30, 2013		6,540		5,890		134.94		120.11
December 31, 2013		6,430		6,010		132.53		118.11
March 31, 2014		6,400		5,415		121.74		106.31
June 30, 2014		6,090		5,205		119.88		103.38
September 30, 2014		6,550		5,850		122.35		113.92
December 31, 2014		7,898		5,710		129.30		108.40
March 31, 2015		8,799		6,770		145.80		121.21
Month Ended:
December 31, 2014		7,898		7,107		129.30		121.06
January 31, 2015		7,834		6,770		132.42		121.21
February 28, 2015		8,229		7,495		138.70		128.96
March 31, 2015		8,799		8,029		145.80		133.60
April 30, 2015		8,535		8,175		142.84		137.20
May 31, 2015		8,700		8,150		142.34		136.50

9.B PLAN OF DISTRIBUTION

Not applicable.

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9.C MARKETS

The primary trading market for Toyota’s common stock is the Tokyo Stock Exchange. The common stock is also listed on the Nagoya Stock Exchange and two other regional stock exchanges in Japan.

Since September 29, 1999, American Depositary Shares, each equal to two shares of Toyota’s common stock and evidenced by American Depositary Receipts, have been traded and listed on the New York Stock Exchange through a sponsored ADR facility operated by The Bank of New York Mellon, as Depositary. Prior to that time, Toyota’s ADSs were listed on the Nasdaq SmallCap Market through five unsponsored ADR facilities.

Toyota’s common stock is also listed on the London Stock Exchange.

9.D SELLING SHAREHOLDERS

Not applicable.

9.E DILUTION

Not applicable.

9.F EXPENSES OF THE ISSUE

Not applicable.

ITEM 10. ADDITIONAL INFORMATION

10.A SHARE CAPITAL

Not applicable.

10.B MEMORANDUM AND ARTICLES OF ASSOCIATION

Except as otherwise stated, set forth below is information relating to Toyota’s common stock and Model AA Class Shares, including brief summaries of the relevant provisions of Toyota’s articles of incorporation and share handling regulations, as currently in effect, and of the Companies Act, Act Concerning Book-Entry Transfer of Corporate Bonds, Shares and Other Securities (the “Book-Entry Transfer Act”) and related legislation.

General

Toyota’s authorized number of shares as of March 31, 2015 was 10,000,000,000 common shares, of which 3,417,997,492 shares were issued. The articles of incorporation was amended at the 111th Ordinary General Shareholders’ Meeting held in June 2015 and Toyota’s authorized number of shares was changed to 10,000,000,000 shares, with the total number of authorized shares for each class of 10,000,000,000 for common shares, 50,000,000 for First Series Model AA Class Shares, 50,000,000 for Second Series Model AA Class Shares, 50,000,000 for Third Series Model AA Class Shares, 50,000,000 for Fourth Series Model AA Class Shares and 50,000,000 for Fifth Series Model AA Class Shares, and the total number of shares authorized to be issued with respect to First Series Model AA Class Shares through the Fifth Series Model AA Class Shares not to exceed 150,000,000 shares. As of June 24, 2015, there were no Model AA Class Shares issued and outstanding.

Toyota does not issue share certificates for its shares. In accordance with the Companies Act, the Book-Entry Transfer Act and Toyota’s articles of incorporation, Toyota’s common shares are recorded or registered on (i) Toyota’s register of shareholders and (ii) transfer account books of the Japan Securities Depository Center, Inc. (“JASDEC”) which is a book-entry transfer institution and securities firms, banks or other account

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management institutions. The transfer of common shares will generally become effective once the transfer is recorded in the transferee’s account. In order to assert shareholders’ rights against Toyota, a shareholder must generally have his or her name and address recorded or registered on Toyota’s register of shareholders. A holder of common shares can assert minority shareholders’ rights (shareholders’ rights for which Toyota has not set a record date) against Toyota if JASDEC provides an individual shareholder notice to Toyota upon the shareholder’s request. The shareholder of deposited shares underlying the ADSs is the Depositary for the ADSs. Accordingly, holders of ADSs will not be able directly to assert shareholders’ rights.

A holder of common shares must have a transfer account to transfer shares. Holders of common shares who do not have a transfer account with JASDEC must have an account with an account management institution that directly or indirectly has a transfer account with JASDEC. Once Toyota decides on the record date for its shareholders’ meeting or makes a request to JASDEC based on justifiable grounds, JASDEC will promptly provide to Toyota names, addresses and other information with respect to the holders of Toyota’s common shares who are recorded on the transfer account books of JASDEC or account management institutions. Upon receiving such information, Toyota will record or register such information received from JASDEC on its register of shareholders. Accordingly, holders of common shares recorded or registered on Toyota’s register of shareholders will be treated as holders of common shares of Toyota and may exercise rights, such as voting rights, and will receive dividends (if any) and notices to holders of common shares directly from Toyota. Holders of common shares wishing to assert minority shareholders’ rights against Toyota must request an individual shareholder notice to JASDEC or the account management institution at which the shareholder has opened a transfer account. In response to such request, JASDEC will provide the individual shareholders notice to Toyota. A holder of common shares may assert his or her minority shareholders’ rights against Toyota for a period of four weeks after the date the individual shareholder notice is provided to Toyota. The shares held by a person who is deemed to hold additional shares according to the transfer account books are aggregated for these purposes.

Model AA Class Shares, once issued, will be recorded or registered on Toyota’s register of shareholders. The transfer of Model AA Class Shares, once issued, will be effective upon an agreement between the transferor and the transferee, but entry or record of a change of holder in the register of shareholders will require an approval from the board of directors.

Corporate Purpose

Article 2 of Toyota’s articles of incorporation states that its purpose is to engage in the following businesses:

• the manufacture, sale, leasing and repair of:

• motor vehicles, industrial vehicles, ships, aircraft, other transportation machinery and apparatus, spacecraft and space machinery and apparatus, and parts thereof;

• industrial machinery and apparatus, other general machinery and apparatus, and parts thereof;

• electrical machinery and apparatus, and parts thereof; and

• measuring machinery and apparatus, medical machinery and apparatus, and parts thereof.

• the manufacture and sale of ceramics and products of synthetic resins, and materials thereof;

• the manufacture, sale and repair of construction materials and equipment, furnishings and fixtures for residential buildings;

• the planning, designing, supervision, execution and undertaking of construction works, civil engineering works, land development, urban development and regional development;

• the sale, purchase, leasing, brokerage and management of real estate;

• the service of information processing, information communications and information supply and the development, sale and leasing of software;

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• the design and development of product sales systems that utilize networks such as the Internet, sale, leasing and maintenance of computers included within such systems, and sale of products by utilizing such systems;

• the inland transportation, marine transportation, air transportation, stevedoring, warehousing and tourism businesses;

• the printing, publishing, advertising and publicity, general leasing, security and workers dispatch businesses;

• the credit card operations, purchase and sale of securities, investment consulting, investment trust operation, and other financial services;

• the operation and management of such facilities as parking lots, showrooms, educational facilities, medical care facilities, sports facilities, marinas, airfields, food and drink stands and restaurants, lodging facilities, retail stores and others;

• the non-life insurance agency business and the life insurance agency business;

• the production and processing by using biotechnology of agricultural products including trees, and the sale of such products;

• the sale of goods related to each of the preceding items and mineral oil;

• the conducting of engineering, consulting, invention and research relating to each of the preceding items and the utilization of such invention and research; and

• any businesses incidental to or related to any of the preceding items.

Dividends

Dividends — General

Toyota normally pays dividends twice per year, including an interim dividend and a year-end dividend. Although Toyota’s articles of incorporation provide that retained earnings can be distributed as dividends pursuant to the resolution of its board of directors, Toyota’s board of directors recommends the payment of a year-end dividend to holders of common shares and pledgees of common shares of record as of March 31, the record date, in each year. Year-end dividends are usually paid to the holders of common shares immediately following approval of the dividends at the general shareholders’ meeting, normally around the middle of June of each year. In addition, the articles of incorporation provide that in the event that Toyota pays a year-end dividend to holders of common shares, it will pay AA Dividends in cash from surplus to any holders of Model AA Class Shares or registered pledgees of Model AA Class Shares entered or recorded in the final register of shareholders as of the record date for the year-end dividend, in preference to holders of common shares or registered pledgees of common shares. The amount of annual AA Dividends per Model AA Class Share is calculated by multiplying the amount per Model AA Class Share paid to Toyota as consideration by a rate determined by the board of directors prior to the issuance of such Model AA Class Share, which rate is not to exceed 5%.

In addition to these year-end dividends, Toyota may pay an interim dividend in the form of cash distributions from its distributable surplus to holders of common shares and pledgees of common shares of record as of September 30, the record date, in each year by resolution of its board of directors. Toyota normally pays the interim dividend in late November. The articles of incorporation provide that in the event that Toyota pays such interim dividends, Toyota will pay AA Interim Dividends in cash as interim dividend to any holders of Model AA Class Shares or registered pledgees of Model AA Class Shares entered or recorded in the final register of shareholders as of the record date for the interim dividend, in preference to holders of common shares or registered pledgees of common shares. If AA Interim Dividends are paid during the fiscal year in which the record date for the year-end dividend falls, the amount of AA Interim Dividends is deducted from AA Dividends to be paid per the above paragraph.

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If the amount of the dividends from surplus paid in cash to holders of Model AA Class Shares or registered pledgees of Model AA Class Shares is less than the prescribed amount of AA Dividends in any fiscal year, the amount of the shortfall will be carried forward to and accumulate in the following fiscal year and thereafter. Dividends from surplus will be paid in cash to holders of Model AA Class Shares or registered pledgees of Model AA Class Shares in preference to the payment of interim and year-end dividends until such payment reaches the amount of the accumulated unpaid dividends.

In addition, under the Companies Act, dividends may be paid to holders of common shares and pledgees of record of common shares as of any record date, other than those specified above, as set forth by Toyota’s articles of incorporation or as determined by its board of directors from time to time. Toyota’s articles of incorporation permit Toyota to pay dividends, in addition to interim dividends mentioned in the preceding paragraph, by a resolution of its board of directors. Toyota has incorporated such a provision into its articles of incorporation in order to enable a flexible capital policy. Under the Companies Act, dividends may be distributed in cash or (except in the case of interim dividends mentioned in the second preceding paragraph) in kind, subject to limitations on distributable surplus and to certain other conditions.

Dividends — Distributable amount

Under the Companies Act, Toyota is permitted to make distributions of surplus to the extent that the aggregate book value of the assets to be distributed to shareholders does not exceed the distributable amount provided for by the Companies Act and the ordinance of the Ministry of Justice as at the effective date of such distribution of surplus.

The amount of surplus at any given time shall be the amount of Toyota’s assets and the book value of Toyota’s treasury stock after subtracting and adding the amounts of items provided for by the Companies Act and the ordinance of the Ministry of Justice, and the amount of surplus distributable for dividends is calculated by adding to and subtracting from this amount the amounts of items provided for by the Companies Act and the ordinance of the Ministry of Justice.

Dividends — Prescription

Under its articles of incorporation, Toyota is not obligated to pay any dividends in cash which are left unclaimed for a period of three years after the date on which they first became payable.

Capital Accounts

The amount of the cash or assets paid or contributed by subscribers for new shares (with certain exceptions) is required to be accounted for as stated capital, although Toyota may account for an amount not exceeding one-half of such cash or assets as additional paid-in capital.

Under the Companies Act, Toyota may reduce its additional paid-in capital and legal reserve without limitation on the amount to be reduced, generally, by a resolution of a general shareholders’ meeting and if so decided by the same resolution, may account for the whole or any part of the amount of the reduction of additional paid-in capital as stated capital. The whole or any part of surplus which may be distributed as dividends may also be transferred to stated capital by a resolution of a general shareholders’ meeting.

Stock Splits

Toyota may at any time split the outstanding shares into a greater number of shares by a resolution of the board of directors. Toyota must give public notice of the stock split, specifying a record date for the stock split, not less than two weeks prior to the record date. Toyota shall conduct any stock split simultaneously and in the same proportion with respect to the common shares and the Model AA Class Shares.

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Consolidation of Shares

Toyota may at any time consolidate shares in issue into a smaller number of shares by a special shareholders resolution (as defined in “Voting Rights”). When a consolidation of shares is to be made, Toyota must give public notice of certain matters two weeks prior to the effective date of the consolidation. Toyota must disclose the reason for the consolidation of shares at a general shareholders’ meeting. Toyota shall conduct any consolidation of shares simultaneously and in the same proportion with respect to the common shares and the Model AA Class Shares.

Japanese Unit Share System

General. Consistent with the requirements of the Companies Act, Toyota’s articles of incorporation provide that 100 common shares or Model AA Class Shares each constitute one “unit”. Although the number of shares constituting a unit is included in the articles of incorporation, any amendment to the articles of incorporation reducing (but not increasing) the number of shares constituting a unit or eliminating the provisions for the unit of shares may be made by a resolution of the board of directors rather than by a special shareholders resolution, which is otherwise required for amending the articles of incorporation.

Voting Rights under the Unit Share System. Under the unit share system, shareholders have one voting right for each unit of shares that they hold. Any number of common shares or Model AA Class Shares less than a full unit will carry no voting rights.

Purchase by Toyota of Shares Constituting Less Than a Unit. A holder of shares constituting less than a full unit may require Toyota to purchase those shares at their market value in the case of common shares and at fair price in the case of Model AA Class Shares in accordance with the provisions of Toyota’s share handling regulations and the Companies Act.

Surrender of American Depositary Receipts. ADR holders will only be permitted to surrender ADRs and withdraw underlying common shares constituting an integral number of a whole unit. If a holder surrenders an ADR including ADRs representing common shares that do not constitute an integral number of whole units, the Depositary will deliver to that holder only those common shares which constitute a whole unit. The Depositary will then issue to the holder a new ADR representing the remaining shares. Holders of an ADR that represents less than a whole unit of underlying shares will be unable to withdraw the underlying shares. As a result, those holders will be unable to require Toyota to purchase their common shares to the extent those common shares constitute less than one whole unit.

Voting Rights

Toyota holds its ordinary general shareholders’ meeting each year. In addition, Toyota may hold an extraordinary general shareholders’ meeting whenever necessary by giving at least two weeks’ advance notice. Under the Companies Act, notice of any shareholders’ meeting must be given to each shareholder having voting rights or, in the case of a non-resident shareholder, to his or her resident proxy or mailing address in Japan in accordance with Toyota’s share handling regulations, at least two weeks prior to the date of the meeting.

Holders of common shares and holders of Model AA Class Shares shall have voting rights exercisable at a general shareholders’ meeting. A holder of shares constituting one or more whole units is entitled to one vote per unit of shares subject to the limitations on voting rights set forth in this paragraph. In general, under the Companies Act, a resolution can be adopted at a general shareholders’ meeting by a majority of the shares having voting rights represented at the meeting. The Companies Act and Toyota’s articles of incorporation require a quorum for the election of members of the board of directors and audit & supervisory board members of not less than one-third of the total number of outstanding shares having voting rights. Toyota’s shareholders are not entitled to cumulative voting in the election of members of the board of directors. A corporate shareholder, the management of which is substantially under Toyota’s control as provided by an ordinance of the Ministry of Justice, either through the holding of voting rights or for any other reason, does not have voting rights.

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Shareholders may exercise their voting rights by attending the general shareholders’ meeting or in writing by mail. Shareholders who choose to exercise their voting rights by mail must fill out and return to Toyota the voting right exercise form enclosed with the convocation notice of the general shareholders’ meeting by the date specified in such convocation notice. In addition, from the general shareholders’ meeting for fiscal 2009, shareholders may exercise their voting rights through the internet. Shareholders electing to exercise their voting rights through the internet must log on to the “Website to Exercise Voting Rights” using the login ID and temporary password provided in the voting right exercise form enclosed with the convocation notice and submit their votes by a date specified in the convocation notice, following instructions appearing on the website. Institutional investors may also use the Electronic Proxy Voting Platform operated by Investor Communications Japan (“ICJ”) to exercise their voting rights through the use of the Internet, if such institutional investor applies to use the platform in advance. Shareholders may also exercise their voting rights through proxies, provided that those proxies are also shareholders who have voting rights. Toyota may refuse a shareholder having two or more proxies attend a general shareholders’ meeting.

The Companies Act provides that a quorum of at least one-third of outstanding shares with voting rights must be present at a shareholders’ meeting to approve any material corporate actions such as:

(1) any amendment of the articles of incorporation with certain exceptions in which a shareholders’ resolution is not required;

(2) acquisition of its own shares from a specific party;

(3) consolidation of shares;

(4) any issue or transfer of its shares at a “specially favorable” price (or any issue of stock acquisition rights or bonds with stock acquisition rights at “specially favorable” conditions by Toyota) to any persons other than shareholders;

(5) the removal of an audit & supervisory board member;

(6) the exemption of liability of a director or audit & supervisory board member with certain exceptions;

(7) a reduction of stated capital which meets certain requirements with certain exceptions;

(8) a distribution of in-kind dividends which meets certain requirements;

(9) dissolution, merger, or consolidation with certain exceptions in which a shareholders’ resolution is not required;

(10) the transfer of the whole or a material part of the business;

(11) the transfer in entirety or in part of shares or equity interest of a subsidiary under certain conditions;

(12) the taking over of the entire business of any other corporation with certain exceptions in which a shareholders’ resolution is not required;

(13) share exchange or share transfer for the purpose of establishing 100% parent-subsidiary relationships with certain exceptions in which a shareholders’ resolution is not required; or

(14) company split with certain exceptions in which a shareholders’ resolution is not required.

At least two-thirds of the shares having voting rights represented at the meeting must approve these actions.

The voting rights of holders of ADSs are exercised by the Depositary based on instructions from those holders.

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Rights to be Allotted Shares

Holders of common shares and Model AA Class Shares have no preemptive rights under Toyota’s articles of incorporation. Under the Companies Act, the board of directors may, however, determine that shareholders shall be given rights to be allotted shares or stock acquisition rights on request in connection with a particular issue or transfer of shares, or issue of stock acquisition rights, respectively. In this case, such rights must be given on uniform terms to all shareholders as of a specified record date by at least two weeks’ prior public notice to shareholders of the record date.

Rights to be allotted shares are nontransferable. However, a shareholder may be allotted stock acquisition rights without consideration thereto, and may transfer such rights.

Liquidation Rights

In the event of a liquidation of Toyota, the assets remaining after payment of all debts, liquidation expenses and taxes will be distributed as follows. First, an amount per First Series Model AA Class Share through Fifth Series Model AA Class Share, determined by resolution of the board of directors or calculated using a formula determined by a resolution of the board of directors prior to the issuance of such Model AA Class Shares based on the amount per Model AA Class Shares paid to Toyota as consideration (the “Base Amount”), shall be paid in cash to holders of Model AA Class Shares or registered pledgees of Model AA Class Shares. No other distribution of residual assets shall be made to holders of Model AA Class Shares or registered pledgees of Model AA Class Shares. The remaining residual assets shall be distributed among the holders of common shares or registered pledgees of common shares in proportion to the respective number of shares they own.

Liability to Further Calls or Assessments

All of Toyota’s currently outstanding shares, including shares represented by the ADSs, are fully paid and nonassessable.

Transfer Agent

Mitsubishi UFJ Trust and Banking Corporation is the transfer agent for all shares. Mitsubishi UFJ Trust and Banking Corporation’s office is located at 4-5, Marunouchi 1-chome, Chiyoda-ku, Tokyo, 100-8212 Japan. Mitsubishi UFJ Trust and Banking Corporation maintains Toyota’s register of shareholders and records transfers of record ownership (in the case of common shares, upon receiving notification from JASDEC).

Record Date

The close of business on March 31 is the record date for Toyota’s year-end dividends, if paid. A holder of common shares or Model AA Class Shares constituting one or more whole units who is recorded or registered as a holder on Toyota’s register at the close of business as of March 31 is also entitled to exercise shareholders’ voting rights at the ordinary general shareholders’ meeting with respect to the business year ending on March 31. The close of business on September 30 of each year is the record date for interim dividends, if paid. In addition, Toyota may set a record date for determining the shareholders entitled to other rights and for other purposes by giving at least two weeks’ prior public notice.

The shares generally trade ex-dividend or ex-rights in the Japanese stock exchanges on the second business day before a record date (or if the record date is not a business day, the third business day prior thereto), for the purpose of dividends or rights offerings.

Acquisition by Toyota of Shares

Toyota may acquire its own common shares (i) through a stock exchange on which such shares are listed or by way of tender offer (pursuant to an ordinary resolution of a general shareholders’ meeting or a resolution of

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the board of directors), (ii) by purchase from a specific party (pursuant to a special resolution of a general shareholders’ meeting) or (iii) from a subsidiary of Toyota (pursuant to a resolution of the board of directors). In addition, Toyota may acquire its own Model AA Class Shares (i) by purchase from all holders of the relevant series of Model AA Class Shares who make an offer to transfer the shares to Toyota upon notice from Toyota to acquire the shares (pursuant to an ordinary resolution of a general shareholders’ meeting), (ii) by purchase from a specific party (pursuant to a special resolution of a general shareholders’ meeting) or (iii) from a subsidiary of Toyota (pursuant to a resolution of the board of directors). When such acquisition of common shares is made by Toyota from a specific party other than a subsidiary of Toyota, any other holder of common shares may make a demand to a representative director, more than five calendar days prior to the relevant shareholders’ meeting, that Toyota also purchase the common shares held by such holder. However, the acquisition of its own common shares at a price not exceeding the market price to be provided under an ordinance of the Ministry of Justice will not trigger the right of any shareholder to include him/her as the seller of his/her shares in such proposed purchase.

Any acquisition of shares must satisfy certain requirements that the total amount of the acquisition price may not exceed the amount of the distributable dividends. See “— Dividends”.

Shares acquired by Toyota may be held by it for any period or may be cancelled by resolution of the board of directors. Toyota may also transfer to any person the shares held by it, subject to a resolution of the board of directors, and subject also to other requirements applicable to the issuance of new shares. Toyota may also utilize its treasury stock for the purpose of transfer to any person upon exercise of stock acquisition rights or for the purpose of acquiring another company by way of merger, share exchange or corporate split through exchange of treasury stock for shares or assets of the acquired company.

The Companies Act generally prohibits any subsidiary of Toyota from acquiring shares of Toyota.

Model AA Class Shareholder’s Conversion Right into Common Shares

Holders of Model AA Class Shares may, at certain times specified in resolution of the board of directors as the conversion period at the time of the issuance of First Series Model AA Class Shares to Fifth Series Model AA Class Shares, demand that Toyota acquire some or all of such Model AA Class Shares held by such holder of Model AA Class shares in exchange for common shares in a number determined by a formula specified in such board resolution. Any fractions of less than one common share to be delivered in exchange for such Model AA Class Shares shall be disregarded, in which case payment of money as provided in the Companies Act shall not be made.

Model AA Class Shareholder’s Cash Put Option

Holders of Model AA Class Shares may, at certain times specified in resolution of the board of directors as the cash put option period at the time of the issuance of First Series Model AA Class Shares to Fifth Series Model AA Class Shares, demand that Toyota acquire some or all of such Model AA Class Shares in exchange for cash in an amount equivalent to the Base Amount. If demand for acquisition exceeds the amount available under the Companies Act for distribution as of the date of demand for such acquisition, Model AA Class Shares to be acquired by Toyota shall be determined by a resolution of the board of directors, and the cash put option in respect of Model AA Class Shares not so acquired shall be deemed not to have been exercised.

Toyota’s Cash Call Option

After the lapse of period specified in resolution of its board of directors at the time of the issuance of First Series Model AA Class Shares to Fifth Series Model AA Class Shares, on an acquisition date separately determined by a resolution of the board of directors, Toyota may acquire all of such Model AA Class Shares in exchange for cash in an amount equivalent to the Base Amount.

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Acquisition or Disposition of Shares or ADS

Under the Foreign Exchange and Foreign Trade Law and the cabinet orders and ministerial ordinances thereunder (collectively, the “Foreign Exchange Regulations”), all aspects of regulations on foreign exchange and foreign trade transactions are, with minor exceptions (which are not generally applicable to the purchase and sale of Toyota’s shares), only subject to post transaction reporting requirements. Acquisitions and dispositions of shares of common stock or ADS by non-residents of Japan (including foreign corporations not resident in Japan) are generally not subject to this reporting requirement. However, the Minister of Finance has the power to impose a licensing requirement for transactions in limited circumstances.

Report of Substantial Shareholdings

The Financial Instruments and Exchange Law of Japan and regulations under the Law require any person who has become a holder (together with its related persons) of more than 5% of the total issued shares of a company listed on any Japanese stock exchange (including ADSs representing such shares) to file with the Director of a competent Local Finance Bureau, within five business days, a report concerning those shareholdings. A similar report must also be filed to reflect any change of 1% or more in any shareholding or any change in material matters set out in reports previously filed. Any such report shall be filed with the Director of a competent Local Finance Bureau through the Electronic Disclosure for Investor’s Network (“EDINET”) system. Copies of any report must also be furnished to the company. For this purpose, shares issuable to a shareholder upon exercise of stock acquisition rights are taken into account in determining both the number of shares held by that stock acquisition rights holder and the company’s total issued shares.

10.C MATERIAL CONTRACTS

All contracts concluded by Toyota during the two years preceding this filing were entered into in the ordinary course of business.

10.D EXCHANGE CONTROLS

The Foreign Exchange Regulations govern the acquisition and holding of shares of capital stock of Toyota by “exchange non-residents” and by “foreign investors”. The Foreign Exchange Regulations currently in effect do not, however, affect transactions between exchange non-residents to purchase or sell shares outside Japan using currencies other than Japanese yen.

Exchange non-residents are:

• individuals who do not reside in Japan; and

• corporations whose principal offices are located outside Japan.

Generally, branches and other offices of non-resident corporations that are located within Japan are regarded as residents of Japan. Conversely, branches and other offices of Japanese corporations located outside Japan are regarded as exchange non-residents.

Foreign investors are:

• individuals who are exchange non-residents;

• corporations or other organizations that are organized under the laws of foreign countries or whose principal offices are located outside of Japan; and

• corporations (1) of which 50% or more of their voting rights are held directly or indirectly by individuals who are exchange non-residents and/or corporations or other organizations (a) that are organized under the laws of foreign countries or (b) whose principal offices are located outside of Japan or (2) a majority of whose officers, or officers having the power of representation, are individuals who are exchange non-residents.

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In general, the acquisition of shares of a Japanese company (such as the shares of capital stock of Toyota) by an exchange non-resident from a resident of Japan is not subject to any prior filing requirements. In certain limited circumstances, however, the Minister of Finance may require prior approval of an acquisition of this type. While prior approval, as described above, is not required, in the case where a resident of Japan transfers shares of a Japanese company (such as the shares of capital stock of Toyota) for consideration exceeding ¥100 million to an exchange non-resident, the resident of Japan who transfers the shares is required to report the transfer to the Minister of Finance within 20 days from the date of the transfer or the date of receipt of payment, whichever comes later, unless the transfer was made through a bank or financial instruments business operator licensed or registered under Japanese law.

If a foreign investor acquires shares of a Japanese company that is listed on a Japanese stock exchange (such as the shares of capital stock of Toyota) and, as a result of the acquisition, the foreign investor, in combination with any existing holdings, directly or indirectly holds 10% or more of the issued shares of the relevant company, the foreign investor, with certain exceptions, must file a report of the acquisition with the Minister of Finance and any other competent Ministers having jurisdiction over that Japanese company by the 15th day of the month following the month in which the date of the acquisition falls. In limited circumstances, such as where the foreign investor is in a country that is not listed on an exemption schedule in the Foreign Exchange Regulations, a prior notification of the acquisition must be filed with the Minister of Finance and any other competent Ministers, who may then modify or prohibit the proposed acquisition.

Under the Foreign Exchange Regulations, dividends paid on, and the proceeds of sales in Japan of, shares held by non-residents of Japan may in general be converted into any foreign currency and repatriated abroad. Under the terms of the deposit agreement pursuant to which Toyota’s ADSs are issued, the Depositary is required, to the extent that in its judgment it can convert yen on a reasonable basis into dollars and transfer the resulting dollars to the United States, to convert all cash dividends that it receives in respect of deposited shares into dollars and to distribute the amount received (after deduction of applicable withholding taxes) to the holders of ADSs.

10.E TAXATION

The following discussion is a general summary of the principal U.S. federal income and Japanese national tax consequences of the acquisition, ownership and disposition of shares of common stock or ADSs. This summary does not purport to address all material tax consequences that may be relevant to holders of shares of common stock or ADSs, and does not take into account the specific circumstances of any particular investors, some of which (such as tax-exempt entities, banks, insurance companies, broker-dealers, traders in securities that elect to use a mark-to-market method of accounting for their securities holdings, regulated investment companies, real estate investment trusts, partnerships and other pass-through entities, investors liable for the U.S. alternative minimum tax, investors that own or are treated as owning 10% or more of Toyota’s voting stock, investors that hold shares of common stock or ADSs as part of a straddle, hedge, conversion transaction or other integrated transaction and U.S. Holders (as defined below) whose functional currency is not the U.S. dollar) may be subject to special tax rules. This summary is based on the tax laws and regulations of the United States and Japan, judicial decisions, published rulings and administrative pronouncements all as in effect on the date hereof, as well as on the current income tax convention between the United States and Japan (the “Treaty”), as described below, all of which are subject to change (possibly with retroactive effect), and to differing interpretations.

For purposes of this discussion, a “U.S. Holder” is any beneficial owner of shares of common stock or ADSs that, for U.S. federal income tax purposes, is:

1. an individual who is a citizen or resident of the United States;

2. a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) organized in or under the laws of the United States, any state thereof, or the District of Columbia;

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3. an estate the income of which is subject to U.S. federal income tax without regard to its source; or

4. a trust that is subject to the primary supervision of a U.S. court and the control of one or more U.S. persons, or that has a valid election in effect under applicable Treasury regulations to be treated as a U.S. person.

An “Eligible U.S. Holder” is a U.S. Holder that:

1. is a resident of the United States for purposes of the Treaty;

2. does not maintain a permanent establishment in Japan (a) with which the shares of common stock or ADSs are effectively connected and through which the U.S. holder carries on or has carried on business, or (b) of which the shares of common stock or ADSs form part of the business property; and

3. is eligible for benefits under the Treaty with respect to income and gain derived in connection with the shares of common stock or ADSs.

This summary does not address any aspects of U.S. federal tax law other than income taxation and does not discuss any aspects of Japanese tax law other than income taxation, as limited to national taxes, inheritance and gift taxation. This summary also does not cover any state or local, or non-U.S., non-Japanese tax considerations. Investors are urged to consult their tax advisors regarding the U.S. federal, state and local and Japanese and other tax consequences of acquiring, owning and disposing of shares of common stock or ADSs. In particular, where relevant, investors are urged to confirm their status as Eligible U.S. Holders with their tax advisors and to discuss with their tax advisors any possible consequences of their failure to qualify as Eligible U.S. Holders. In addition, this summary is based in part upon the representations of the Depositary and the assumption that each obligation in the deposit agreement, and in any related agreement, will be performed in accordance with its terms.

In general, for purposes of the Treaty and for U.S. federal income and Japanese income tax purposes, owners of ADRs evidencing ADSs will be treated as the owners of the shares of common stock represented by those ADSs, and exchanges of shares of common stock for ADSs, and exchanges of ADSs for shares of common stock, will not be subject to U.S. federal income or Japanese income tax.

The discussion below is intended for general information only and does not constitute a complete analysis of all tax consequences relating to ownership of shares of common stock or ADSs. Prospective purchasers of shares of common stock or ADSs should consult their own tax advisors concerning the tax consequences of their particular situations.

Japanese Taxation

The following is a summary of the principal Japanese tax consequences (limited to national taxes) to non-residents of Japan or non-Japanese corporations without permanent establishments in Japan (“non-resident Holders”) who are holders of shares of common stock or of ADSs. The following information regarding taxation in Japan is based on the tax treaties and tax laws in force and their interpretation by Japan’s tax authorities as of the date of this annual report. Tax laws and treaties and their interpretations may change (including with retroactive effect). Toyota will not revise this summary on the basis of any such change occurring after the date of this annual report.

Generally, non-resident Holders are subject to Japanese withholding tax on dividends paid by Japanese corporations. Stock splits are, in general, not taxable events.

In the absence of an applicable tax treaty, convention or agreement reducing the maximum rate of Japanese withholding tax or allowing exemption from Japanese withholding tax, the rate of Japanese withholding tax applicable to dividends paid by Japanese corporations to non-resident Holders is generally 20.42 percent,

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provided, with respect to dividends paid on listed shares issued by a Japanese corporation (such as the shares of common stock or ADSs of Toyota) to non-resident Holders, other than any individual shareholder who holds 3 percent or more of the total issued shares issued by the relevant Japanese corporation, the aforementioned 20.42 percent withholding tax rate is reduced to 15.315 percent for dividends due and payable on or before December 31, 2037. Due to the imposition of a special additional withholding tax (2.1 percent of the original withholding tax amount) to secure funds for reconstruction from the Great East Japan Earthquake, the original withholding tax rate of 15 percent and 20 percent, as applicable, is effectively increased to 15.315 percent and 20.42 percent, respectively, until December 31, 2037.

At the date of this annual report, Japan has income tax treaties, conventions or agreements whereby the above-mentioned withholding tax rate is reduced, in most cases to 15 percent or 10 percent for portfolio investors (15 percent under the income tax treaties with, among other countries, Belgium, Canada, Denmark, Finland, Germany, Ireland, Italy, Luxembourg, New Zealand, Norway, Singapore, and Spain, and 10 percent under the income tax treaties with, among other countries, Australia, France, Hong Kong, the Netherlands, Portugal, Sweden, Switzerland, the U.K. and the United States).

Under the Treaty, the maximum rate of Japanese withholding tax which may be imposed on dividends paid by a Japanese corporation to an Eligible U.S. Holder that is a portfolio investor is generally reduced to 10 percent of the gross amount actually distributed, and dividends paid by a Japanese corporation to an Eligible U.S. Holder that is a pension fund are exempt from Japanese income tax by way of withholding or otherwise unless such dividends are derived from the carrying on of a business, directly or indirectly, by such pension fund.

If the maximum tax rate provided for in the income tax treaty applicable to dividends paid by Toyota to any particular non-resident Holder is lower than the withholding tax rate otherwise applicable under Japanese tax law or if any particular non-resident Holder is exempt from Japanese income tax with respect to such dividends under the income tax treaty applicable to such particular non-resident Holder, such non-resident Holder who is entitled to a reduced rate of or exemption from Japanese withholding tax on payment of dividends on shares of common stock by Toyota is required to submit an Application Form for Income Tax Convention Regarding Relief from Japanese Income Tax and Special Income Tax for Reconstruction on Dividends (together with any other required forms and documents) in advance through the withholding agent to the relevant tax authority before the payment of dividends. A standing proxy for non-resident Holders of a Japanese corporation may provide this application service. In addition, a simplified special filing procedure is available for non-resident Holders to claim treaty benefits of exemption from or reduction of Japanese withholding tax by submitting a Special Application Form for Income Tax Convention Regarding Relief from Japanese Income Tax and Special Income Tax for Reconstruction on Dividends of Listed Stock (together with any other required forms and documents). With respect to ADSs, this reduced rate or exemption is applicable if the Depositary or its agent submits, together with other documents, two Application Forms (one before payment of dividends, the other within eight months after the recording date concerning such payment of dividends) to the Japanese tax authority. To claim this reduced rate or exemption, any relevant non-resident Holder of ADSs will be required to file a proof of taxpayer status, residence and beneficial ownership (as applicable) and to provide other information or documents as may be required by the Depositary. A non-resident Holder who is entitled, under an applicable income tax treaty, to a reduced treaty rate lower than the withholding tax rate otherwise applicable under Japanese tax law or an exemption from the withholding tax, but fails to submit the required application in advance, will be entitled to claim the refund of withholding taxes withheld in excess of the rate under an applicable tax treaty (if such non-resident Holder is entitled to a reduced treaty rate under the applicable income tax treaty) or the whole of the withholding tax withheld (if such non-resident Holder is entitled to an exemption under the applicable income tax treaty) by complying with a certain subsequent filing procedure. Toyota does not assume any responsibility to ensure withholding at the reduced rate, or exemption therefrom, for non-resident Holders who would be so eligible under an applicable tax treaty but where the required procedures as stated above are not followed.

Gains derived from the sale of shares of common stock or ADSs outside Japan by a non-resident Holder holding such shares of common stock or ADSs as portfolio investors are, in general, not subject to Japanese

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income tax or corporation tax under Japanese law. Eligible U.S. Holders are not subject to Japanese income or corporation tax with respect to such gains under the Treaty so long as filings required under Japanese law are made.

Japanese inheritance and gift taxes at progressive rates may be payable by an individual who has acquired from another individual shares of common stock or ADSs as a legatee, heir or donee even though neither the individual, nor the deceased, nor donor is a Japanese resident.

Holders of shares of common stock or ADSs should consult their tax advisors regarding the effect of these taxes and, in the case of U.S. Holders, the possible application of the Estate and Gift Tax Treaty between the United States and Japan.

U.S. Federal Income Taxation

U.S. Holders

The following discussion is a summary of the principal U.S. federal income tax consequences to U.S. Holders that hold shares of common stock or ADSs as capital assets (generally, for investment purposes).

Taxation of Dividends

Subject to the passive foreign investment company (“PFIC”) rules discussed below, the gross amount of any distribution made by Toyota in respect of shares of common stock or ADSs (without reduction for Japanese withholding taxes) will constitute a taxable dividend to the extent paid out of current or accumulated earnings and profits, as determined under U.S. federal income tax principles. The U.S. dollar amount of such a dividend generally will be included in the gross income of a U.S. Holder, as ordinary income, when actually or constructively received by the U.S. Holder, in the case of shares of common stock, or by the Depositary, in the case of ADSs. Dividends paid by Toyota will not be eligible for the dividends-received deduction generally allowed to U.S. corporations in respect of dividends received from other U.S. corporations.

Dividends received on shares and ADSs of certain foreign corporations by non-corporate U.S. investors may be subject to U.S. federal income tax at lower rates than other types of ordinary income if certain conditions are met. Dividends received by non-corporate U.S. Holders with respect to shares of common stock or ADSs of Toyota are expected to be eligible for these reduced rates of tax. U.S. Holders should consult their own tax advisors regarding the eligibility of such dividends for a reduced rate of tax.

The U.S. dollar amount of a dividend paid in Japanese yen will be determined based on the Japanese yen/U.S. dollar exchange rate in effect on the date that the dividend is included in the gross income of the U.S. Holder, regardless of whether the payment is converted into U.S. dollars on that date. Generally, any gain or loss resulting from currency exchange fluctuations during the period from the date the dividend payment is included in the gross income of a U.S. Holder through the date that payment is converted into U.S. dollars (or otherwise disposed of) will be treated as U.S.-source ordinary income or loss. U.S. Holders should consult their own tax advisors regarding the calculation and U.S. federal income tax treatment of foreign currency gain or loss.

To the extent, if any, that the amount of any distribution received by a U.S. Holder in respect of shares of common stock or ADSs exceeds Toyota’s current and accumulated earnings and profits, as determined under U.S. federal income tax principles, the distribution first will be treated as a tax-free return of capital to the extent of the U.S. Holder’s adjusted tax basis in those shares or ADSs, and thereafter will be treated as U.S.-source capital gain.

Distributions of additional shares of common stock that are made to U.S. Holders with respect to their shares of common stock or ADSs, and that are part of a pro rata distribution to all of Toyota’s shareholders, generally will not be subject to U.S. federal income tax.

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For U.S. foreign tax credit purposes, dividends included in gross income by a U.S. Holder in respect of shares of common stock or ADSs will constitute income from sources outside the United States, and will generally be “passive category income” or, in the case of certain U.S. Holders, “general category income”. Subject to generally applicable limitations under U.S. federal income tax law and the Treaty, any Japanese withholding tax imposed in respect of a Toyota dividend may be claimed as a credit against the U.S. federal income tax liability of a U.S. Holder, or alternatively as a deduction in the computation of such U.S. Holder’s taxable income if the U.S. Holder does not elect to claim a credit for any foreign taxes paid or accrued for the taxable year. Special rules generally will apply to the calculation of foreign tax credits in respect of dividend income that qualifies for preferential U.S. federal income tax rates. Additionally, special rules apply to individuals whose foreign source income during the taxable year consists entirely of “qualified passive income” and whose creditable foreign taxes paid or accrued during the taxable year do not exceed $300 ($600 in the case of a joint return). Further, under some circumstances, a U.S. Holder that:

(i) has held shares of common stock or ADSs for less than a specified minimum period; or

(ii) is obligated to make payments related to Toyota dividends,

will not be allowed a foreign tax credit for Japanese taxes imposed on Toyota dividends.

U.S. Holders are urged to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.

Taxation of Capital Gains and Losses

In general, upon a sale or other taxable disposition of shares of common stock or ADSs, a U.S. Holder will recognize gain or loss for U.S. federal income tax purposes in an amount equal to the difference between the amount realized on the sale or other taxable disposition and the U.S. Holder’s adjusted tax basis in those shares of common stock or ADSs. A U.S. Holder generally will have an adjusted tax basis in a share of common stock or an ADS equal to its U.S. dollar cost. Subject to the PFIC rules discussed below, gain or loss recognized on the sale or other taxable disposition of shares of common stock or ADSs generally will be capital gain or loss and, if the U.S. Holder’s holding period for those shares or ADSs exceeds one year, will be long-term capital gain or loss. Non-corporate U.S. Holders, including individuals, currently are eligible for preferential rates of U.S. federal income tax in respect of long-term capital gains. Under U.S. federal income tax law, the deduction of capital losses is subject to limitations. Any gain or loss recognized by a U.S. Holder in respect of the sale or other disposition of shares of common stock or ADSs generally will be treated as U.S.-source income or loss for U.S. foreign tax credit purposes.

Deposits and withdrawals of common stock in exchange for ADSs will not result in the realization of gain or loss for U.S. federal income tax purposes.

Passive Foreign Investment Companies

A non-U.S. corporation generally will be classified as a PFIC for U.S. federal income tax purposes in any taxable year in which, after applying look-through rules, either (1) at least 75% of its gross income is passive income or (2) on average at least 50% of the gross value of its assets is attributable to assets that produce passive income or are held for the production of passive income. Passive income for this purpose generally includes dividends, interest, royalties, rents and gains from commodities and securities transactions. The PFIC determination is made annually and generally is based on the value of a non-U.S. corporation’s assets (including goodwill) and composition of its income.

Toyota does not believe that it was a PFIC for U.S. federal income tax purposes for its taxable year ended March 31, 2015, and currently intends to continue its operations in such a manner that it will not become a PFIC in the future. Because the PFIC determination is made annually and the application of the PFIC rules to a

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corporation such as Toyota (which among other things is engaged in leasing and financing through several subsidiaries) is not entirely clear, no assurances can be made regarding determination of its PFIC status in the current or any future taxable year. If Toyota is determined to be a PFIC, U.S. Holders could be subject to additional U.S. federal income taxes on gain recognized with respect to the shares of common stock or ADSs and on certain distributions. In addition, an interest charge may apply to the portion of the U.S. federal income tax liability on such gains or distributions treated under the PFIC rules as having been deferred by the U.S. Holder. Moreover, dividends that a non-corporate U.S. Holder receives from Toyota will not be eligible for the reduced U.S. federal income tax rates on dividends described above if Toyota is a PFIC either in the taxable year of the dividend or the preceding taxable year. If a U.S. Holder owns shares of common stock or ADSs in any taxable year in which Toyota is a PFIC, such U.S. Holder generally would be required to file Internal Revenue Service (“IRS”) Form 8621 (or other form specified by the U.S. Department of the Treasury) on an annual basis, subject to certain exceptions based on the value of PFIC stock held. Toyota will inform U.S. Holders if it believes that it will be classified as a PFIC in any taxable year.

Prospective investors should consult their own tax advisors regarding the potential application of the PFIC rules to shares of common stock or ADSs.

Non-U.S. Holders

The following discussion is a summary of the principal U.S. federal income tax consequences to beneficial owners of shares of common stock or ADSs that are neither U.S. Holders, nor partnerships, nor entities taxable as partnerships for U.S. federal income tax purposes (“Non-U.S. Holders”).

A Non-U.S. Holder generally will not be subject to any U.S. federal income or withholding tax on distributions received in respect of shares of common stock or ADSs unless the distributions are effectively connected with the conduct by the Non-U.S. Holder of a trade or business within the United States (and, if an applicable tax treaty requires, are attributable to a U.S. permanent establishment or fixed base of such Non-U.S. Holder).

A Non-U.S. Holder generally will not be subject to U.S. federal income tax in respect of gain recognized on a sale or other disposition of shares of common stock or ADSs, unless:

(i) the gain is effectively connected with a trade or business conducted by the Non-U.S. Holder within the United States (and, if an applicable tax treaty requires, is attributable to a U.S. permanent establishment or fixed base of such Non-U.S. Holder); or

(ii) the Non-U.S. Holder is an individual who was present in the United States for 183 or more days in the taxable year of the disposition and other conditions are met.

Income that is effectively connected with a U.S. trade or business of a Non-U.S. Holder, and, if an income tax treaty applies and so requires, is attributable to a U.S. permanent establishment or fixed base of the Non-U.S. Holder, generally will be taxed in the same manner as the income of a U.S. Holder. In addition, under certain circumstances, any effectively connected earnings and profits realized by a corporate Non-U.S. Holder may be subject to an additional “branch profits tax” at the rate of 30% or at a lower rate that may be prescribed by an applicable income tax treaty.

Backup Withholding and Information Reporting

In general, information reporting requirements will apply to dividends paid to a U.S. Holder in respect of shares of common stock or ADSs, and to the proceeds received upon the sale, exchange or redemption of the shares of common stock or ADSs within the United States by U.S. Holders. Furthermore, backup withholding may apply to those amounts (currently at a 28% rate) if a U.S. Holder fails to provide an accurate taxpayer identification number to certify that such U.S. Holder is not subject to backup withholding or to otherwise comply with the applicable requirements of the backup withholding requirements.

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Dividends paid to a Non-U.S. Holder in respect of shares of common stock or ADSs, and proceeds received upon the sale, exchange or redemption of shares of common stock or ADSs by a Non-U.S. Holder, generally are exempt from information reporting and backup withholding under current U.S. federal income tax law. However, a Non-U.S. Holder may be required to provide certification of non-U.S. status in order to obtain that exemption.

Persons required to establish their exempt status generally must provide such certification under penalty of perjury on IRS Form W-9, entitled Request for Taxpayer Identification Number and Certification, in the case of U.S. persons, and on IRS Form W-8BEN, entitled Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals), or IRS Form W-8BEN-E, entitled Certificate of Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities) (or other appropriate IRS Form W-8), in the case of non-U.S. persons. Backup withholding is not an additional tax. The amount of backup withholding imposed on a payment generally may be claimed as a credit against the holder’s U.S. federal income tax liability, provided that the required information is properly furnished to the IRS in a timely manner.

In addition, certain U.S. Holders who are individuals that hold certain foreign financial assets (which may include shares of common stock or ADSs) are required to report information relating to such assets, subject to certain exceptions. U.S. Holders should consult their tax advisors regarding the effect, if any, of this legislation on their ownership and disposition of shares of common stock or ADSs.

THE SUMMARY OF U.S. FEDERAL INCOME AND JAPANESE NATIONAL TAX CONSEQUENCES SET OUT ABOVE IS INTENDED FOR GENERAL INFORMATION PURPOSES ONLY. PROSPECTIVE PURCHASERS OF COMMON STOCK OR ADSs ARE URGED TO CONSULT WITH THEIR OWN TAX ADVISORS WITH RESPECT TO THE PARTICULAR TAX CONSEQUENCES TO THEM OF OWNING OR DISPOSING OF COMMON STOCK OR ADSs, BASED ON THEIR PARTICULAR CIRCUMSTANCES.

10.F DIVIDENDS AND PAYING AGENTS

Not applicable.

10.G STATEMENT BY EXPERTS

Not applicable.

10.H DOCUMENTS ON DISPLAY

Toyota files annual reports on Form 20-F and reports on Form 6-K with the SEC. You may read and copy this information at the SEC’s Public Reference Room at 100 F Street, N.E., Room 1580, Washington, D.C. 20549 or by accessing the SEC’s home page (http://www.sec.gov). You can also request copies of the documents, upon payment of a duplicating fee, by writing to the Public Reference Section of the SEC. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the Public Reference Room. In addition, Toyota’s reports, proxy statements and other information may be inspected at the offices of the New York Stock Exchange, 20 Broad Street, New York, New York 10005. Copies of the documents referred to herein may also be inspected at Toyota’s offices by contacting Toyota at 1 Toyota-cho, Toyota City, Aichi Prefecture 471-8571, Japan, attention: Financial Reporting Department, Accounting Division, telephone number: 81-565-28-2121.

10.I SUBSIDIARY INFORMATION

Not applicable.

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ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Quantitative and Qualitative Disclosures about Market Risk

Toyota is exposed to market risk from changes in foreign currency exchange rates, interest rates, certain commodity and equity security prices. In order to manage the risk arising from changes in foreign currency exchange rates and interest rates, Toyota enters into a variety of derivative financial instruments.

A description of Toyota’s accounting policies for derivative instruments is included in note 2 to the consolidated financial statements and further disclosure is provided in notes 20 and 26 to the consolidated financial statements.

Toyota monitors and manages these financial exposures as an integral part of its overall risk management program, which recognizes the unpredictability of financial markets, and seeks to reduce the potentially adverse effects on Toyota’s operating results.

The financial instruments included in the market risk analysis consist of all of Toyota’s cash and cash equivalents, marketable securities, finance receivables, securities investments, long-term and short-term debt and all derivative financial instruments. Toyota’s portfolio of derivative financial instruments consists of forward foreign currency exchange contracts, foreign currency options, interest rate swaps, interest rate currency swap agreements and interest rate options. Anticipated transactions denominated in foreign currencies that are covered by Toyota’s derivative hedging are not included in the market risk analysis. Although operating leases are not required to be included, Toyota has included these instruments in determining interest rate risk.

Foreign Currency Exchange Rate Risk

Toyota has foreign currency exposures related to buying, selling and financing in currencies other than the local currencies in which it operates. Toyota is exposed to foreign currency risk related to future earnings or assets and liabilities that are exposed due to operating cash flows and various financial instruments that are denominated in foreign currencies. Toyota’s most significant foreign currency exposures relate to the U.S. dollar and the euro.

Toyota uses a value-at-risk analysis (“VAR”) to evaluate its exposure to changes in foreign currency exchange rates. The VAR of the combined foreign exchange position represents a potential loss in pre-tax earnings that was estimated to be ¥172.8 billion and ¥163.4 billion as of March 31, 2014 and 2015, respectively. Based on Toyota’s overall currency exposure (including derivative positions), the risk during fiscal 2015 to pre-tax cash flow from currency movements was on average ¥161.7 billion, with a high of ¥174.1 billion and a low of ¥153.5 billion.

The VAR was estimated by using a Monte Carlo Simulation Method and assumed 95% confidence level on the realization date and a 10-day holding period.

Interest Rate Risk

Toyota is subject to market risk from exposures to changes in interest rates based on its financing, investing and cash management activities. Toyota enters into various financial instrument transactions to maintain the desired level of exposure to the risk of interest rate fluctuations and to minimize interest expense. The potential decrease in fair value resulting from a hypothetical 100 basis point upward shift in interest rates would be approximately ¥217.8 billion as of March 31, 2014 and ¥244.9 billion as of March 31, 2015.

There are certain shortcomings inherent to the sensitivity analyses presented. The model assumes that interest rate changes are instantaneous parallel shifts in the yield curve. However, in reality, changes are rarely instantaneous. Although certain assets and liabilities may have similar maturities or periods to repricing, they

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may not react correspondingly to changes in market interest rates. Also, the interest rates on certain types of assets and liabilities may fluctuate with changes in market interest rates, while interest rates on other types of assets may lag behind changes in market rates. Finance receivables are less susceptible to prepayments when interest rates change and, as a result, Toyota’s model does not address prepayment risk for automotive related finance receivables. However, in the event of a change in interest rates, actual loan prepayments may deviate significantly from the assumptions used in the model.

Commodity Price Risk

Commodity price risk is the possibility of higher or lower costs due to changes in the prices of commodities, such as non-ferrous alloys (e.g., aluminum), precious metals (e.g., palladium, platinum and rhodium) and ferrous alloys, which Toyota uses in the production of motor vehicles. Toyota does not use derivative instruments to hedge the price risk associated with the purchase of those commodities and controls its commodity price risk by holding minimum stock levels.

Equity Price Risk

Toyota holds investments in various available-for-sale equity securities that are subject to price risk. The fair value of available-for-sale equity securities was ¥1,997.1 billion as of March 31, 2014 and ¥2,704.8 billion as of March 31, 2015. The potential change in the fair value of these investments, assuming a 10% change in prices, would be approximately ¥199.7 billion as of March 31, 2014 and ¥270.4 billion as of March 31, 2015.

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

12.A DEBT SECURITIES

Not applicable.

12.B WARRANTS AND RIGHTS

Not applicable.

12.C OTHER SECURITIES

Not applicable.

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12.D AMERICAN DEPOSITARY SHARES

Fees and Charges for Holders of American Depositary Receipts

The Bank of New York Mellon, as Depositary for the ADSs, collects its fees for delivery and surrender of ADSs directly from investors depositing shares or surrendering ADSs for the purpose of withdrawal or from intermediaries acting for them. The Depositary collects fees for making distributions to investors by deducting those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The Depositary may generally refuse to provide fee-attracting services until its fees for those services are paid.

Persons depositing or withdrawing shares must pay:	For:
$5.00 (or less) per 100 ADSs (or portion of 100 ADSs)	•    Issuance of ADSs, including issuances resulting from a distribution, sale or exercise of shares or rights or other property •    Cancellation of ADSs for the purpose of withdrawal including if the deposit agreement terminates
$0.02 (or less) per ADS	•    Any cash distribution to ADS registered holders
A fee equivalent to the fee that would be payable if securities distributed to the ADR holder had been shares and the shares had been deposited for issuance of ADSs	•    Distribution of securities distributed to holders of deposited securities which are distributed by the Depositary to ADS registered holders
Registration fees	•    Registration of transfer of shares on Toyota’s share register to the name of the Depositary or its nominee or the custodian or its nominee when shares are deposited or withdrawn
Expenses of the Depositary	•    Cable, telex and facsimile transmissions (when expressly provided in the deposit agreement) •    Converting foreign currency to U.S. dollars
Taxes and other governmental charges the Depositary or the custodian have to pay on any ADS or share underlying an ADS	•    As necessary

Fees Incurred in Fiscal 2015

For fiscal 2015, Toyota received $200,000 from the Depositary for standard out-of-pocket maintenance costs for the ADRs (consisting of the expenses of postage and envelopes for mailing annual reports, printing and distributing dividend checks, stationery, postage, facsimile, and telephone calls) and expenses relating to Toyota’s annual general shareholders’ meeting that are incurred with respect to Toyota’s ADR holders. The Depositary also paid Toyota’s continuing annual stock exchange listing fees.

Fees to be Paid in the Future

The Depositary has agreed to reimburse Toyota for expenses Toyota incurs that are related to the maintenance of the ADS program. The Depositary has agreed to pay the standard out-of-pocket maintenance costs for the ADRs, which includes the expenses of postage and envelopes for mailing annual reports, printing and distributing dividend checks, stationery, postage, facsimile and telephone calls. It has also agreed to reimburse Toyota annually for investor relations expenses and any other program related expenses. The limit on the amount of expenses for which the Depositary will reimburse Toyota is the sum of $300,000 and 50% of the total amount of cash distributions made to registered ADS holders.

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PART II

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

None.

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

On June 16, 2015, Toyota amended its articles of incorporation in connection with establishment of Model AA Class Shares pursuant to resolutions adopted by its shareholders at the general shareholders’ meeting on the same date. The amended articles of incorporation are incorporated by reference as Exhibit 1.1 to this annual report. For more information on Toyota’s articles of incorporation, please see Item 10.B “Additional Information — Memorandum and Articles of Association.”

ITEM 15. CONTROLS AND PROCEDURES

(a) DISCLOSURE CONTROLS AND PROCEDURES

Toyota performed an evaluation of the effectiveness of the design and operation of its disclosure controls and procedures as of the end of the fiscal 2015. Disclosure controls and procedures are designed to ensure that information required to be disclosed in the Form 20-F that Toyota files under the Exchange Act is accumulated and communicated to its management, including the chief executive officer and the principal accounting and financial officer, to allow timely decision regarding required disclosure. The disclosure controls and procedures also ensures that the Form 20-F that it files under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms. The evaluation was performed under the supervision of Toyota’s Chairman of the Board of Directors and the Executive Vice President. Toyota’s disclosure controls and procedures are designed to provide reasonable assurance of achieving its objectives. Managerial judgment was necessary to evaluate the cost-benefit relationship of possible controls and procedures. The Chairman of the Board of Directors and the Executive Vice President have concluded that Toyota’s disclosure controls and procedures are effective at the reasonable assurance level.

(b) MANAGEMENT’S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Toyota’s management is responsible for establishing and maintaining effective internal control over financial reporting. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. GAAP. Toyota’s internal control over financial reporting includes those policies and procedures that:

(i) pertain to the maintenance of records that in reasonable detail, accurately and fairly reflect the transactions and dispositions of Toyota’s assets;

(ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. GAAP, and that Toyota’s receipts and expenditures are being made only in accordance with authorizations of Toyota’s management and members of the board of directors; and

(iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of Toyota’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

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Toyota’s management conducted an evaluation of the effectiveness of internal control over financial reporting based on the framework in “Internal Control — Integrated Framework (2013)” issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Based on this evaluation, management concluded that Toyota’s internal control over financial reporting was effective as of March 31, 2015.

PricewaterhouseCoopers Aarata, an independent registered public accounting firm that audited the consolidated financial statements included in this report, has also audited the effectiveness of Toyota’s internal control over financial reporting as of March 31, 2015, as stated in its report included herein.

(c) ATTESTATION REPORT OF THE REGISTERED PUBLIC ACCOUNTING FIRM

Toyota’s independent registered public accounting firm, PricewaterhouseCoopers Aarata, has issued an audit report on the effectiveness of Toyota’s internal control over financial reporting. This report appears in Item 18.

(d) CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

There have been no changes in Toyota’s internal control over financial reporting during fiscal 2015 that have materially affected, or are reasonably likely to materially affect, Toyota’s internal control over financial reporting.

ITEM 16. [RESERVED]

ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT

Toyota maintains an audit & supervisory board system, in accordance with the Companies Act. Toyota’s audit & supervisory board is comprised of six audit & supervisory board members, three of whom are outside audit & supervisory board members. Each audit & supervisory board member has been appointed at Toyota’s meetings of shareholders and has certain statutory powers independently, including auditing the business affairs and accounts of Toyota.

Toyota’s audit & supervisory board has determined that it does not have an “audit committee financial expert” serving on the audit & supervisory board. The qualifications for, and powers of, the audit & supervisory board member delineated in the Companies Act are different from those anticipated for any audit committee financial expert. Audit & supervisory board members have the authority to be given reports from a certified public accountant or an accounting firm concerning audits, including technical accounting matters. At the same time, each audit & supervisory board member has the authority to consult internal and external experts on accounting matters. Each audit & supervisory board member must fulfill the requirements under Japanese laws and regulations and otherwise follow Japanese corporate governance practices and, accordingly, Toyota’s audit & supervisory board has confirmed that it is not necessarily in Toyota’s best interest to nominate as audit & supervisory board member a person who meets the definition of audit committee financial experts. Although Toyota does not have an audit committee financial expert on its audit & supervisory board, Toyota believes that Toyota’s current corporate governance system, taken as a whole, including the audit & supervisory board members’ ability to consult internal and external experts, is fully equivalent to a system having an audit committee financial expert on its audit & supervisory board.

ITEM 16B. CODE OF ETHICS

Toyota has adopted a code of ethics that applies to its members of the board of directors and managing officers, including its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of Toyota’s code of ethics is included as an exhibit to this annual report on Form 20-F.

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ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES

PricewaterhouseCoopers Aarata has audited the financial statements of Toyota included in this annual report on Form 20-F.

The following table presents the aggregate fees for professional services and other services rendered by PricewaterhouseCoopers Aarata and the various network and member firms of PricewaterhouseCoopers to Toyota in fiscal 2014 and fiscal 2015.

	Yen in millions
	2014		2015
Audit Fees(1)		3,619		4,208
Audit-related Fees(2)		101		127
Tax Fees(3)		433		494
All Other Fees(4)		139		532
Total		4,292		5,361

(1) Audit Fees consist of fees billed for the annual audit services engagement and other audit services, which are those services that only the external auditor reasonably can provide, and include the services of annual audit, quarterly reviews and assessment and reviews of the effectiveness of internal controls over financial reporting of Toyota and its subsidiaries and affiliated companies; the services associated with SEC registration statements or other documents issued in connection with securities offerings such as comfort letters and consents; and consultations as to the accounting or disclosure treatment of transactions or events.

(2) Audit-related Fees consist of fees billed for assurance and related services that are reasonably related to the performance of the audit or review of its financial statements or that are traditionally performed by the external auditor, and mainly include services such as due diligence; agreed-upon or expanded audit procedures; internal control reviews and assistance; review of the information system; and financial statement audits of employee benefit plans.

(3) Tax Fees include fees billed for tax compliance services, including services such as tax planning, advice and compliance of federal, state, local and international tax; the review of tax returns; assistance with tax audits and appeals; tax-only valuation services including transfer pricing and cost segregation studies; expatriate tax assistance and compliance.

(4) All Other Fees primarily include fees billed for risk management advisory services of assessment and testing of security infrastructure controls; services providing information related to automotive market conditions; IT advisory services; and other advisory services.

Policies and Procedures of the Audit & Supervisory Board

Below is a summary of the current policies and procedures of the audit & supervisory board for the pre-approval of audit and permissible non-audit services performed by Toyota’s independent public accountants.

Under the policy, the Representative Directors submit a request for general pre-approval of audit and permissible non-audit services for the following fiscal year, which shall include details of the specific services and estimated fees for the services, to the audit & supervisory board, which reviews and determines whether or not to grant the request by the end of March of the fiscal year. Upon the general pre-approval of the audit & supervisory board, the Representative Directors are not required to obtain any specific pre-approval for audit and permissible non-audit services so long as those services fall within the scope of the general pre-approval provided.

The audit & supervisory board makes a further determination of whether or not to grant a request to revise the general pre-approval for the applicable fiscal year if such request is submitted by the Representative

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Directors. Such request may include (i) adding any audit or permissible non-audit services other than the ones listed in the general pre-approval and (ii) obtaining services that are listed in the general pre-approval but of which the total fee amount exceeds the amount affirmed by the general pre-approval. The determination of whether or not to grant a request to revise the general pre-approval noted in the foregoing may alternatively be made by an audit & supervisory board member (full time), who is designated in advance by a resolution of the audit & supervisory board, in which case such audit & supervisory board member (full time) shall report such decision at the next meeting of the audit & supervisory board. The performance of audit and permissible non-audit services and the payment of fees are subject to review by the audit & supervisory board at least once every fiscal half year.

ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

Toyota does not have an audit committee. Toyota is relying on the general exemption contained in Rule 10A-3(c)(3) under the Exchange Act, which provides an exemption from the NYSE’s listing standards relating to audit committees for foreign companies like Toyota that have an audit & supervisory board. Toyota’s reliance on Rule 10A-3(c)(3) does not, in its opinion, materially adversely affect the ability of its audit & supervisory board to act independently and to satisfy the other requirements of Rule 10A-3.

ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

The following table sets forth purchases of Toyota’s common stock by Toyota and its affiliated purchasers during fiscal 2015:

Period	(a) Total Number of Shares Purchased(1)		(b) Average Price Paid per Share (Yen)(1)		(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2)		(d) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs(2)
April 1, 2014 – April 30, 2014		1,263	¥	5,636.97		—		—
May 1, 2014 – May 31, 2014		1,834		5,528.62		—		—
June 1, 2014 – June 30, 2014		1,489		5,825.61		—		—
July 1, 2014 – July 31, 2014		3,906		6,073.88		13,583,300		—
August 1, 2014 – August 31, 2014		2,257		6,037.39		6,204,100		—
September 1, 2014 – September 30, 2014		2,823		6,262.16		7,828,700		—
October 1, 2014 – October 31, 2014		1,389		6,275.34		11,308,400		—
November 1, 2014 – November 30, 2014		3,530		6,806.50		7,375,800		—
December 1, 2014 – December 31, 2014		4,749		7,503.12		9,221,600		—
January 1, 2015 – January 31, 2015		2,159		7,559.22		—		—
February 1, 2015 – February 28, 2015		3,811		7,837.14		—		—
March 1, 2015 – March 31, 2015		5,178		8,260.70		—		—
Total		34,388		—		55,521,900		—

(1) A portion of the above purchases were made as a result of holders of shares constituting less than one unit, which is 100 shares of common stock, requesting Toyota to purchase shares that are a fraction of a unit, in accordance with Toyota’s share handling regulations. Toyota is required to comply with such requests pursuant to the Companies Act. See “Additional Information — Memorandum and Articles of Association — Japanese Unit Share System”.

(2) As announced on April 28, 2015, following the issuance of First Series Model AA Class Shares, Toyota plans to repurchase its own common shares in substantially the same number as the number of shares of

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First Series Model AA Class Shares issued. In addition, as announced on May 8, 2015, after the issuance of First Series Model AA Class Shares until March 31, 2016, Toyota plans to repurchase up to 40,000,000 shares of its own common shares for up to ¥300 billion.

ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT

Not applicable.

ITEM 16G. CORPORATE GOVERNANCE

Significant Differences in Corporate Governance Practices between Toyota and U.S. Companies Listed on the NYSE

Pursuant to home country practices exemptions granted by the NYSE, Toyota is permitted to follow certain corporate governance practices complying with Japanese laws, regulations and stock exchange rules in lieu of the NYSE’s listing standards. The SEC approved changes to the NYSE’s listing standards related to corporate governance practices of listed companies (the “NYSE Corporate Governance Rules”) in November 2003, as further amended in November 2004. Toyota is exempt from the approved changes, except for requirements that (a) Toyota’s audit & supervisory board satisfies the requirements of Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), (b) Toyota must disclose significant differences in its corporate governance practices as compared to those followed by domestic companies under the NYSE listing standards, (c) Toyota’s principal executive officer must notify the NYSE in writing after any executive officer of Toyota becomes aware of any non-compliance with (a) and (b), and (d) Toyota must submit annual and interim written affirmations to the NYSE. Toyota’s corporate governance practices and those followed by domestic companies under the NYSE Corporate Governance Rules have the following significant differences:

1. Members of the Board of Directors. Toyota currently does not have any members of the board of directors who will be deemed an “independent director” as required under the NYSE Corporate Governance Rules for U.S. listed companies. Unlike the NYSE Corporate Governance Rules, the Companies Act does not require Japanese companies with an audit & supervisory board such as Toyota to have any independent directors on its board of directors. While the NYSE Corporate Governance Rules require that the non-management directors of each listed company meet at regularly scheduled executive sessions without management, Toyota currently has no non-management member on its board of directors. Unlike the NYSE Corporate Governance Rules, the Companies Act does not require, and accordingly Toyota does not have, an internal corporate organ or committee comprised solely of independent directors.

Toyota currently has three outside members of the board of directors under the Companies Act. An “outside” member of the board of directors refers to:

(a) the person who is not, and has never been during the 10 year period before becoming an outside member of the board of directors, an executive director (a member of the board of directors who engages in the execution of business), executive officer, manager or employee (collectively, “Executive Director, etc.”) of Toyota or its subsidiaries;

(b) if the person was a member of the board of directors, accounting counselor (in the case that an accounting counselor is a legal entity, an employee of such entity who is in charge of its affairs) or audit & supervisory board member (excluding those who have ever been Executive Directors, etc.) of Toyota or any of its subsidiaries at any time during the 10 year period before becoming an outside member of the board of directors, such person who has not been an Executive Director, etc. of Toyota or any of its subsidiaries during the 10 year period before becoming a member of the board of directors, accounting counselor or audit & supervisory board member; and

(c) the person who is not a spouse or relative within the second degree of kinship of any member of the board of directors or manager or other key employee of Toyota.

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Such qualifications for an “outside” member of the board of directors are different from the director independence requirements under the NYSE Corporate Governance Rules.

In addition, pursuant to the regulations of the Japanese stock exchanges, Toyota is required to have one or more “independent director(s)/audit & supervisory board member(s),” defined under the relevant regulations of the Japanese stock exchanges as “outside directors” or “outside audit & supervisory board members” (as defined under the Companies Act), who are unlikely to have any conflicts of interests with Toyota’s general shareholders, and is also required to make efforts to have at least one “independent director(s)/audit & supervisory board member(s)” who is also a director. Each of the outside members of the board of directors of Toyota satisfies the “independent director/audit & supervisory board member” requirements under the regulations of the Japanese stock exchanges. Japan’s Corporate Governance Code provides that companies should appoint at least two “independent outside directors” as defined based on the criteria for assessing director independence established by Toyota in line with the independence standards of the Japanese stock exchanges. Each of the outside members of the board of directors of Toyota satisfies the “independent outside director” requirements under the criteria for assessing director independence established by Toyota. The definition of “independent director/audit & supervisory board member” and “independent outside director” is different from that of the definition of independent director under the NYSE Corporate Governance Rules.

2. Committees. Under the Companies Act, Toyota has elected to structure its corporate governance system as a company with audit & supervisory board members who are under a statutory duty to monitor, review and report on the management of the affairs of Toyota. Toyota, as with other Japanese companies with an audit & supervisory board, does not have certain committees that are required of U.S. listed companies subject to the NYSE Corporate Governance Rules, including those that are responsible for director nomination, corporate governance and executive compensation.

Pursuant to the Companies Act, Toyota’s board of directors nominates and submits a proposal for the appointment of members of the board of directors for shareholder approval. The shareholders vote on such nomination at the general shareholders’ meeting. The Companies Act requires that the limits or calculation formula and kind (in case that the remuneration, bonus and any other benefits in compensation for the execution of duties (“remuneration, etc.”) are to be paid in other than cash) of remuneration, etc. to be paid to directors as well as limits of remuneration, etc. to be paid to audit & supervisory board members must be determined by a resolution of the general shareholders’ meeting, unless their remuneration, etc. is provided for in the articles of incorporation. The distribution of remuneration, etc. among each member of the board of directors is broadly delegated to the board of directors and the distribution of remuneration among each audit & supervisory board member is determined by consultation among the audit & supervisory board members.

3. Audit Committee. Toyota avails itself of paragraph (c)(3) of Rule 10A-3 of the Exchange Act, which provides a general exemption from the audit committee requirements to a foreign private issuer with an audit & supervisory board, subject to certain requirements which continue to be applicable under Rule 10A-3.

Pursuant to the requirements of the Companies Act, Toyota elects its audit & supervisory board members through a resolution adopted at a general shareholders’ meeting. Toyota currently has six audit & supervisory board members, which exceeds the minimum number of audit & supervisory board members required pursuant to the Companies Act.

Unlike the NYSE Corporate Governance Rules, the Companies Act, among others, does not require audit & supervisory board members to establish an expertise in accounting or financial management nor are they required to present other special knowledge and experience. Therefore, none of Toyota’s audit & supervisory board members has “an expertise in accounting or financial management” as set forth in the NYSE Corporate Governance Rules. The Japanese Corporate Governance Code indicates that one or more audit & supervisory board members who have appropriate knowledge of finance and accounting matters should be appointed. Toyota has appointed persons who are able to provide opinions and advice regarding management based on their broader

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experience and discretion beyond finance and accounting. Under the Companies Act, the audit & supervisory board may determine the auditing policies and methods of investigating the conditions of Toyota’s business and assets, and may resolve other matters concerning the execution of the audit & supervisory board member’s duties. The audit & supervisory board also prepares auditors’ reports, gives consent to proposals of the nomination of audit & supervisory board members and makes decisions concerning proposals relating to the appointment and dismissal of accounting auditors.

Toyota currently has three outside audit & supervisory board members under the Companies Act. Under the Companies Act, at least half of the audit & supervisory board members must be an “outside” audit & supervisory board member, which is any person who satisfies all of the following requirements:

(a) the person has never been a member of the board of directors, accounting counselor (in the case that an accounting counselor is a legal entity, an employee of such entity who is in charge of its affairs), executive officer, manager or employee of Toyota or its subsidiaries during the 10 year period before becoming an outside audit & supervisory board member;

(b) if the person was an audit & supervisory board member of Toyota or any of its subsidiaries at any time during the 10 year period before becoming an outside audit & supervisory board member, such person has not been a member of the board of directors, accounting counselor (in the case that an accounting counselor is a legal entity, an employee of such entity who is in charge of its affairs), executive officer, manager or employee of Toyota or any of its subsidiaries during the 10 year period before becoming an audit & supervisory board member of Toyota or any of its subsidiaries; and

(c) the person is not a spouse or relative within the second degree of kinship of any member of the board of directors or manager or other key employee of Toyota.

Such qualifications for an “outside” audit & supervisory board member are different from the audit committee independence requirement under the NYSE Corporate Governance Rules.

Each of the outside audit & supervisory board members of Toyota satisfies the “independent director/audit & supervisory board member” requirements under the regulations of the Japanese stock exchanges, as described above in “1. Members of the Board of Directors.”

4. Corporate Governance Guidelines. Unlike the NYSE Corporate Governance Rules, Toyota is not required to adopt Japan’s Corporate Governance Code under Japanese laws and regulations, including the Companies Act, the Financial Instruments and Exchange Law of Japan and stock exchange rules. However, if Toyota does not comply with Japan’s Corporate Governance Code, it is required to explain the reasons why it does not do so in accordance with the regulations of the Japanese stock exchanges. In addition, Toyota is required to resolve at the board of directors matters relating to a system, which is required under the ordinance of the Ministry of Justice (“internal control system” or “naibu-tosei”), to ensure the execution of duties of the members of the board of directors to comply with laws, regulations and articles of incorporation, and any other systems to ensure the adequacy of the business, and to disclose such matters resolved, policies and the present status of its corporate governance in its business reports, annual securities report and certain other disclosure documents in accordance with the regulations under the Financial Instruments and Exchange Law and stock exchange rules in respect of timely disclosure.

5. Code of Business Conduct and Ethics. Similar to the NYSE Corporate Governance Rules, under Japan’s Corporate Governance Code, Toyota is encouraged to adopt a code of conduct regarding ethical business activities for members of the board of directors, officers and employees. Toyota has resolved matters relating to maintenance of an “internal control system”, or “naibu-tosei,” in order to ensure its employees comply with laws, regulations and the articles of incorporation, etc. pursuant to the Companies Act, and Toyota maintains guidelines and internal regulations such as “Guiding Principles at Toyota”, “Toyota Code of Conduct” and a code of ethics pursuant to Section 406 of the Sarbanes-Oxley Act. Please see “Code of Ethics” for additional information.

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6. Shareholder Approval of Equity Compensation Plans. Unlike the NYSE Corporate Governance Rules, under which material revisions to equity-compensation plans of listed companies are subject to shareholder approval, pursuant to the Companies Act, generally, the adoption of equity compensation plans for members of the board of directors is required to be approved by a majority of shareholders at the general shareholders’ meeting for remuneration, etc. other than in cash. In addition to such approval, if Toyota desires to adopt an equity-compensation plan under which stock acquisition rights are granted on specially favorable terms to the recipient (except where such rights are granted to all of its shareholders on a pro-rata basis at the same time), Toyota obtains approval by super-majority (as defined in the Companies Act) at the ordinary general shareholders’ meeting. Such approval is applicable only to stock acquisition rights to be granted within one year from the date of the approval.

ITEM 16H. MINE SAFETY DISCLOSURE

Not applicable.

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PART III

ITEM 17. FINANCIAL STATEMENTS

Not applicable.

ITEM 18. FINANCIAL STATEMENTS

The following financial statements are filed as part of this annual report on Form 20-F.

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TOYOTA MOTOR CORPORATION

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

	Page
Report of Independent Registered Public Accounting Firm		F-2
Consolidated balance sheets at March 31, 2014 and 2015		F-3
Consolidated statements of income for the years ended March 31, 2013, 2014 and 2015		F-5
Consolidated statements of comprehensive income for the years ended March 31, 2013, 2014 and 2015		F-6
Consolidated statements of shareholders’ equity for the years ended March  31, 2013, 2014 and 2015		F-7
Consolidated statements of cash flows for the years ended March 31, 2013, 2014 and 2015		F-9
Notes to consolidated financial statements		F-10

All financial statements schedules are omitted because they are not applicable or the required information is shown in the financial statements or the notes thereto.

Financial statements of 50% or less owned persons accounted for by the equity method have been omitted because the registrant’s proportionate share of the income from continuing operations before income taxes is less than 20% of consolidated income from continuing operations before income taxes and the investment in and advances to each company is less than 20% of consolidated total assets.

F-1

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of

Toyota Jidosha Kabushiki Kaisha

(“Toyota Motor Corporation”)

In our opinion, the consolidated financial statements listed in the accompanying index present fairly, in all material respects, the financial position of Toyota Motor Corporation and its subsidiaries at March 31, 2014 and 2015, and the results of their operations and their cash flows for each of the three years in the period ended March 31, 2015 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of March 31, 2015, based on criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Company’s management is responsible for these financial statements, for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Annual Report on Internal Control Over Financial Reporting appearing under Item 15(b). Our responsibility is to express opinions on these financial statements and on the Company’s internal control over financial reporting based on our integrated audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ PricewaterhouseCoopers Aarata

Nagoya, Japan

June 24, 2015

F-2

TOYOTA MOTOR CORPORATION

CONSOLIDATED BALANCE SHEETS

	Yen in millions
	March 31,
	2014			2015
Assets
Current assets
Cash and cash equivalents		2,041,170			2,284,557
Time deposits		180,207			149,321
Marketable securities		2,046,877			2,782,099
Trade accounts and notes receivable, less allowance for doubtful accounts of ¥18,780 million in 2014 and ¥40,849 million in 2015		2,036,232			2,108,660
Finance receivables, net		5,628,934			6,269,862
Other receivables		351,182			420,708
Inventories		1,894,704			2,137,618
Deferred income taxes		866,386			978,179
Prepaid expenses and other current assets		672,014			805,393
Total current assets		15,717,706			17,936,397
Noncurrent finance receivables, net		8,102,294			9,202,531
Investments and other assets
Marketable securities and other securities investments		6,765,043			7,632,126
Affiliated companies		2,429,778			2,691,460
Employees receivables		44,966			45,206
Other		736,388			926,391
Total investments and other assets		9,976,175			11,295,183
Property, plant and equipment
Land		1,314,040			1,354,815
Buildings		4,073,335			4,282,839
Machinery and equipment		10,381,285			10,945,377
Vehicles and equipment on operating leases		3,709,560			5,199,986
Construction in progress		286,571			581,412
Total property, plant and equipment, at cost		19,764,791			22,364,429
Less - Accumulated depreciation		(12,123,493	)		(13,068,710	)
Total property, plant and equipment, net		7,641,298			9,295,719
Total assets		41,437,473			47,729,830

The accompanying notes are an integral part of these consolidated financial statements.

F-3

TOYOTA MOTOR CORPORATION

CONSOLIDATED BALANCE SHEETS

	Yen in millions
	March 31,
	2014			2015
Liabilities
Current liabilities
Short-term borrowings		4,830,820			5,048,188
Current portion of long-term debt		2,949,663			3,915,304
Accounts payable		2,213,218			2,410,588
Other payables		845,426			913,013
Accrued expenses		2,313,160			2,668,666
Income taxes payable		594,829			348,786
Other current liabilities		933,569			1,126,951
Total current liabilities		14,680,685			16,431,496
Long-term liabilities
Long-term debt		8,546,910			10,014,395
Accrued pension and severance costs		767,618			880,293
Deferred income taxes		1,811,846			2,298,469
Other long-term liabilities		411,427			457,848
Total long-term liabilities		11,537,801			13,651,005
Total liabilities		26,218,486			30,082,501
Shareholders’ equity
Toyota Motor Corporation shareholders’ equity
Common stock, no par value, authorized: 10,000,000,000 shares in 2014 and 2015; issued: 3,447,997,492 shares in 2014 and 3,417,997,492 shares in 2015		397,050			397,050
Additional paid-in capital		551,308			547,054
Retained earnings		14,116,295			15,591,947
Accumulated other comprehensive income (loss)		528,161			1,477,545
Treasury stock, at cost, 278,231,473 shares in 2014 and 271,183,861 shares in 2015		(1,123,666	)		(1,225,465	)
Total Toyota Motor Corporation shareholders’ equity		14,469,148			16,788,131
Noncontrolling interests		749,839			859,198
Total shareholders’ equity		15,218,987			17,647,329
Commitments and contingencies
Total liabilities and shareholders’ equity		41,437,473			47,729,830

The accompanying notes are an integral part of these consolidated financial statements.

F-4

TOYOTA MOTOR CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

	Yen in millions
	For the years ended March 31,
	2013			2014			2015
Net revenues
Sales of products		20,914,150			24,312,644			25,612,836
Financing operations		1,150,042			1,379,267			1,621,685
Total net revenues		22,064,192			25,691,911			27,234,521
Costs and expenses
Cost of products sold		18,010,569			19,988,245			20,916,362
Cost of financing operations		630,426			812,894			925,314
Selling, general and administrative		2,102,309			2,598,660			2,642,281
Total costs and expenses		20,743,304			23,399,799			24,483,957
Operating income		1,320,888			2,292,112			2,750,564
Other income (expense)
Interest and dividend income		98,673			115,410			147,122
Interest expense		(22,967	)		(19,630	)		(22,871	)
Foreign exchange gain, net		5,551			50,260			88,140
Other income (loss), net		1,504			2,928			(70,127	)
Total other income (expense)		82,761			148,968			142,264
Income before income taxes and equity in earnings of affiliated companies		1,403,649			2,441,080			2,892,828
Provision for income taxes		551,686			767,808			893,469
Equity in earnings of affiliated companies		231,519			318,376			308,545
Net income		1,083,482			1,991,648			2,307,904
Less - Net income attributable to noncontrolling interests		(121,319	)		(168,529	)		(134,566	)
Net income attributable to Toyota Motor Corporation		962,163			1,823,119			2,173,338
	Yen
Net income attributable to Toyota Motor Corporation per share
- Basic		303.82			575.30			688.02
- Diluted		303.78			574.92			687.66
Cash dividends per share		90.00			165.00			200.00

The accompanying notes are an integral part of these consolidated financial statements.

F-5

TOYOTA MOTOR CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Yen in millions
	For the years ended March 31,
	2013			2014			2015
Net income		1,083,482			1,991,648			2,307,904
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments		461,754			301,889			404,352
Unrealized gains (losses) on securities		374,209			499,560			577,703
Pension liability adjustments		14,711			99,404			4,316
Total other comprehensive income (loss)		850,674			900,853			986,371
Comprehensive income		1,934,156			2,892,501			3,294,275
Less - Comprehensive income attributable to noncontrolling interests		(149,283	)		(185,098	)		(171,553	)
Comprehensive income attributable to Toyota Motor Corporation		1,784,873			2,707,403			3,122,722

The accompanying notes are an integral part of these consolidated financial statements.

F-6

TOYOTA MOTOR CORPORATION

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

	Yen in millions
	Common stock		Additional paid-in capital			Retained earnings			Accumulated other comprehensive income (loss)			Treasury stock, at cost			Total Toyota Motor Corporation shareholders’ equity			Noncontrolling interests			Total shareholders’ equity
Balances at March 31, 2012		397,050		550,650			11,917,074			(1,178,833	)		(1,135,680	)		10,550,261			516,217			11,066,478
Equity transaction with noncontrolling interests and other				675												675			4,961			5,636
Comprehensive income
Net income							962,163									962,163			121,319			1,083,482
Other comprehensive income (loss)
Foreign currency translation adjustments										434,638						434,638			27,116			461,754
Unrealized gains (losses) on securities										368,507						368,507			5,702			374,209
Pension liability adjustments										19,565						19,565			(4,854	)		14,711
Total comprehensive income																1,784,873			149,283			1,934,156
Dividends paid to Toyota Motor Corporation shareholders							(190,008	)								(190,008	)					(190,008	)
Dividends paid to noncontrolling interests																			(45,640	)		(45,640	)
Repurchase and reissuance of treasury stock				(285	)		(23	)					2,542			2,234						2,234
Balances at March 31, 2013		397,050		551,040			12,689,206			(356,123	)		(1,133,138	)		12,148,035			624,821			12,772,856
Equity transaction with noncontrolling interests and other				528												528			2,985			3,513
Comprehensive income
Net income							1,823,119									1,823,119			168,529			1,991,648
Other comprehensive income (loss)
Foreign currency translation adjustments										296,942						296,942			4,947			301,889
Unrealized gains (losses) on securities										493,750						493,750			5,810			499,560
Pension liability adjustments										93,592						93,592			5,812			99,404
Total comprehensive income																2,707,403			185,098			2,892,501
Dividends paid to Toyota Motor Corporation shareholders							(396,030	)								(396,030	)					(396,030	)
Dividends paid to noncontrolling interests																			(63,065	)		(63,065	)
Repurchase and reissuance of treasury stock				(260	)								9,472			9,212						9,212
Balances at March 31, 2014		397,050		551,308			14,116,295			528,161			(1,123,666	)		14,469,148			749,839			15,218,987

The accompanying notes are an integral part of these consolidated financial statements.

F-7

TOYOTA MOTOR CORPORATION

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (CONTINUED)

	Yen in millions
	Common stock		Additional paid-in capital			Retained earnings			Accumulated other comprehensive income (loss)		Treasury stock, at cost			Total Toyota Motor Corporation shareholders’ equity			Noncontrolling interests			Total shareholders’ equity
Balances at March 31, 2014		397,050		551,308			14,116,295			528,161		(1,123,666	)		14,469,148			749,839			15,218,987
Equity transaction with noncontrolling interests and other				(422	)										(422	)		7,101			6,679
Comprehensive income
Net income							2,173,338								2,173,338			134,566			2,307,904
Other comprehensive income (loss)
Foreign currency translation adjustments										380,448					380,448			23,904			404,352
Unrealized gains (losses) on securities										567,002					567,002			10,701			577,703
Pension liability adjustments										1,934					1,934			2,382			4,316
Total comprehensive income															3,122,722			171,553			3,294,275
Dividends paid to Toyota Motor Corporation shareholders							(554,933	)							(554,933	)					(554,933	)
Dividends paid to noncontrolling interests																		(69,295	)		(69,295	)
Repurchase of treasury stock												(360,233	)		(360,233	)					(360,233	)
Reissuance of treasury stock				(2,136	)		(23,290	)				137,275			111,849						111,849
Retirement of treasury stock				(1,696	)		(119,463	)				121,159			—						—
Balances at March 31, 2015		397,050		547,054			15,591,947			1,477,545		(1,225,465	)		16,788,131			859,198			17,647,329

The accompanying notes are an integral part of these consolidated financial statements.

F-8

TOYOTA MOTOR CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Yen in millions
	For the years ended March 31,
	2013			2014			2015
Cash flows from operating activities
Net income		1,083,482			1,991,648			2,307,904
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation		1,105,109			1,250,853			1,409,075
Provision for doubtful accounts and credit losses		27,367			49,718			78,969
Pension and severance costs, less payments		(20,429	)		20,654			(3,161	)
Losses on disposal of fixed assets		32,221			28,657			31,625
Unrealized losses on available-for-sale securities, net		2,104			6,197			2,578
Deferred income taxes		160,008			(56,279	)		(26,887	)
Equity in earnings of affiliated companies		(231,519	)		(318,376	)		(308,545	)
Changes in operating assets and liabilities, and other
Increase in accounts and notes receivable		(168,260	)		(121,926	)		(69,477	)
(Increase) decrease in inventories		50,483			(110,819	)		(171,001	)
Increase in other current assets		(47,033	)		(77,645	)		(43,355	)
Increase (decrease) in accounts payable		(209,284	)		65,312			150,058
Increase (decrease) in accrued income taxes		22,127			438,527			(246,043	)
Increase in other current liabilities		280,083			277,659			494,254
Other		364,857			201,855			79,759
Net cash provided by operating activities		2,451,316			3,646,035			3,685,753
Cash flows from investing activities
Additions to finance receivables		(10,004,928	)		(11,953,064	)		(13,126,596	)
Collection of finance receivables		9,063,011			10,990,546			12,426,475
Proceeds from sales of finance receivables		39,845			34,807			23,913
Additions to fixed assets excluding equipment leased to others		(854,561	)		(970,021	)		(1,146,318	)
Additions to equipment leased to others		(1,119,591	)		(1,708,670	)		(2,211,250	)
Proceeds from sales of fixed assets excluding equipment leased to others		39,191			39,191			41,547
Proceeds from sales of equipment leased to others		533,441			744,339			803,423
Purchases of marketable securities and security investments		(3,412,423	)		(4,738,278	)		(3,194,294	)
Proceeds from sales of marketable securities and security investments		35,178			538,894			113,348
Proceeds upon maturity of marketable securities and security investments		2,633,913			2,780,433			2,569,653
Payment for additional investments in affiliated companies, net of cash acquired		16,216			6,603			—
Changes in investments and other assets, and other		3,396			(101,028	)		(113,391	)
Net cash used in investing activities		(3,027,312	)		(4,336,248	)		(3,813,490	)
Cash flows from financing activities
Proceeds from issuance of long-term debt		3,191,223			3,890,310			5,029,018
Payments of long-term debt		(2,682,136	)		(2,988,923	)		(3,462,237	)
Increase (decrease) in short-term borrowings		201,261			467,976			(288,724	)
Dividends paid to Toyota Motor Corporation shareholders		(190,008	)		(396,030	)		(554,933	)
Dividends paid to noncontrolling interests		(45,640	)		(63,065	)		(69,295	)
Reissuance (repurchase) of treasury stock		2,542			9,212			(347,784	)
Net cash provided by financing activities		477,242			919,480			306,045
Effect of exchange rate changes on cash and cash equivalents		137,851			93,606			65,079
Net increase in cash and cash equivalents		39,097			322,873			243,387
Cash and cash equivalents at beginning of year		1,679,200			1,718,297			2,041,170
Cash and cash equivalents at end of year		1,718,297			2,041,170			2,284,557

The accompanying notes are an integral part of these consolidated financial statements.

F-9

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Nature of operations:

Toyota and its affiliated companies are primarily engaged in the design, manufacture, and sale of sedans, minivans, compact cars, sport-utility vehicles, trucks and related parts and accessories throughout the world. In addition, Toyota and its affiliated companies provide financing, vehicle and equipment leasing and certain other financial services primarily to its dealers and their customers to support the sales of vehicles and other products manufactured by Toyota and its affiliated companies.

2. Summary of significant accounting policies:

The parent company and its subsidiaries in Japan and its foreign subsidiaries maintain their records and prepare their financial statements in accordance with Japanese generally accepted accounting principles and those of their countries of domicile. Certain adjustments and reclassifications have been incorporated in the accompanying consolidated financial statements to conform to U.S.GAAP.

Significant accounting policies after reflecting adjustments for the above are as follows:

Basis of consolidation and accounting for investments in affiliated companies -

The consolidated financial statements include the accounts of the parent company, its majority-owned subsidiary companies and variable interest entities of which Toyota is the primary beneficiary. All significant intercompany transactions and accounts have been eliminated. Investments in affiliated companies in which Toyota exercises significant influence, but which it does not control, are stated at cost plus equity in undistributed earnings. Consolidated net income includes Toyota’s equity in current earnings of such companies, after elimination of unrealized intercompany profits. Investments in such companies are reduced to net realizable value if a decline in market value is determined other-than-temporary. Investments in non-public companies in which Toyota does not exercise significant influence (generally less than a 20% ownership interest) are stated at cost.

Estimates -

The preparation of Toyota’s consolidated financial statements in conformity with U.S.GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. The more significant estimates include: product warranties, liabilities accrued for recalls and other safety measures, allowance for doubtful accounts and credit losses, residual values for leased assets, impairment of long-lived assets, pension costs and obligations, fair value of derivative financial instruments, other-than-temporary losses on marketable securities, litigation liabilities and valuation allowance for deferred tax assets.

Translation of foreign currencies -

All asset and liability accounts of foreign subsidiaries and affiliated companies are translated into Japanese yen at appropriate year-end current exchange rates and all income and expense accounts of those subsidiaries are translated at the average exchange rates for each period. The foreign currency translation adjustments are included as a component of accumulated other comprehensive income.

Foreign currency receivables and payables are translated at appropriate year-end current exchange rates and the resulting transaction gains or losses are recorded in operations currently.

F-10

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Revenue recognition -

Revenues from sales of vehicles and parts are generally recognized upon delivery which is considered to have occurred when the dealer has taken title to the product and the risk and reward of ownership have been substantively transferred, except as described below.

Toyota’s sales incentive programs principally consist of cash payments to dealers calculated based on vehicle volume or a model sold by a dealer during a certain period of time. Toyota accrues these incentives as revenue reductions upon the sale of a vehicle corresponding to the program by the amount determined in the related incentive program.

Revenues from the sales of vehicles under which Toyota conditionally guarantees the minimum resale value are recognized on a pro rata basis from the date of sale to the first exercise date of the guarantee in a manner similar to operating lease accounting. The underlying vehicles of these transactions are recorded as assets and are depreciated in accordance with Toyota’s depreciation policy.

Revenues from retail financing contracts and finance leases are recognized using the effective yield method. Revenues from operating leases are recognized on a straight-line basis over the lease term.

The sale of certain vehicles includes a determinable amount for the contract, which entitles customers to free vehicle maintenance. Such revenues from free maintenance contracts are deferred and recognized as revenue over the period of the contract, which approximates the pattern of the related costs.

Other costs -

Advertising and sales promotion costs are expensed as incurred. Advertising costs were ¥330,870 million, ¥419,409 million and ¥435,150 million for the years ended March 31, 2013, 2014 and 2015, respectively.

Toyota generally warrants its products against certain manufacturing and other defects. Provisions for product warranties are provided for specific periods of time and/or usage of the product and vary depending upon the nature of the product, the geographic location of the sale and other factors. Toyota records a provision for estimated product warranty costs at the time the related sale is recognized based on estimates that Toyota will incur to repair or replace product parts that fail while under warranty. The amount of accrued estimated warranty costs is primarily based on historical experience as to product failures as well as current information on repair costs. The amount of warranty costs accrued also contains an estimate of warranty claim recoveries to be received from suppliers.

In addition to product warranties above, Toyota accrues for costs of recalls and other safety measures based on management’s estimates when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. Toyota employs an estimation model, to accrue at the time of vehicle sale, an amount that represents management’s best estimate of expenses related to future recalls and other safety measures. The estimation model for recalls and other safety measures takes into account Toyota’s historical experience of recalls and other safety measures.

Litigation liabilities are established to cover probable losses on various lawsuits based on the information currently available. Attorneys’ fees are expensed as incurred.

Research and development costs are expensed as incurred. Research and development costs were ¥807,454 million, ¥910,517 million and ¥1,004,547 million for the years ended March 31, 2013, 2014 and 2015, respectively.

F-11

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Cash and cash equivalents -

Cash and cash equivalents include all highly liquid investments with original maturities of three months or less, that are readily convertible to known amounts of cash and are so near maturity that they present insignificant risk of changes in value because of changes in interest rates.

Marketable securities -

Marketable securities consist of debt and equity securities. Debt and equity securities designated as available-for-sale are carried at fair value with unrealized gains or losses included as a component of accumulated other comprehensive income in shareholders’ equity, net of applicable taxes. Individual securities classified as available-for-sale are reduced to net realizable value for other-than-temporary declines in market value. In determining if a decline in value is other-than-temporary, Toyota considers the length of time and the extent to which the fair value has been less than the carrying value, the financial condition and prospects of the company and Toyota’s ability and intent to retain its investment in the company for a period of time sufficient to allow for any anticipated recovery in market value. Realized gains and losses, which are determined on the average-cost method, are reflected in the consolidated statements of income when realized.

Security investments in non-public companies -

Security investments in non-public companies are carried at cost as fair value is not readily determinable. If the value of a non-public security investment is estimated to have declined and such decline is judged to be other-than-temporary, Toyota recognizes the impairment of the investment and the carrying value is reduced to its fair value. Determination of impairment is based on the consideration of such factors as operating results, business plans and estimated future cash flows. Fair value is determined principally through the use of the latest financial information.

Finance receivables -

Finance receivables recorded on Toyota’s consolidated balance sheets are comprised of the unpaid principal balance, plus accrued interest, less charge-offs, net of any unearned income and deferred origination costs and the allowance for credit losses. Deferred origination costs are amortized so as to approximate a level rate of return over the term of the related contracts.

The determination of portfolio segments is based primarily on the qualitative consideration of the nature of Toyota’s business operations and finance receivables. The three portfolio segments within finance receivables are as follows:

Retail receivables portfolio segment -

The retail receivables portfolio segment consists of retail installment sales contracts acquired mainly from dealers (“auto loans”) including credit card loans. These contracts acquired must first meet specified credit standards. Thereafter, Toyota retains responsibility for contract collection and administration.

The contract periods of auto loans primarily range from 2 to 7 years. Toyota acquires security interests in the vehicles financed and has the right to repossess vehicles if customers fail to meet their contractual obligations. Almost all auto loans are non-recourse, which relieves the dealers from financial responsibility in the event of repossession.

F-12

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Toyota classifies retail receivables portfolio segment into one class based on common risk characteristics associated with the underlying finance receivables, the similarity of the credit risks, and the quantitative materiality.

Finance lease receivables portfolio segment -

Toyota acquires new vehicle lease contracts originated primarily through dealers. The contract periods of these primarily range from 2 to 5 years. Lease contracts acquired must first meet specified credit standards after which Toyota assumes ownership of the leased vehicle. Toyota is responsible for contract collection and administration during the lease period.

Toyota is generally permitted to take possession of the vehicle upon a default by the lessee. The residual value is estimated at the time the vehicle is first leased. Vehicles returned to Toyota at the end of their leases are sold by auction.

Toyota classifies finance lease receivables portfolio segment into one class based on common risk characteristics associated with the underlying finance receivables and the similarity of the credit risks.

Wholesale and other dealer loan receivables portfolio segment -

Toyota provides wholesale financing to qualified dealers to finance inventories. Toyota acquires security interests in vehicles financed at wholesale. In cases where additional security interests would be required, Toyota takes dealership assets or personal assets, or both, as additional security. If a dealer defaults, Toyota has the right to liquidate any assets acquired and seek legal remedies.

Toyota also makes term loans to dealers for business acquisitions, facilities refurbishment, real estate purchases and working capital requirements. These loans are typically secured with liens on real estate, other dealership assets and/or personal assets of the dealers.

Toyota classifies wholesale and other dealer loan receivables portfolio segment into three classes of wholesale, real estate and working capital, based on the risk characteristics associated with the underlying finance receivables.

A receivable account balance is considered impaired when, based on current information and events, it is probable that Toyota will be unable to collect all amounts due according to the terms of the contract. Factors such as payment history, compliance with terms and conditions of the underlying loan agreement and other subjective factors related to the financial stability of the borrower are considered when determining whether a loan is impaired. Impaired finance receivables include certain nonaccrual receivables for which a specific reserve has been assessed. An account modified as a troubled debt restructuring is considered to be impaired. A troubled debt restructuring occurs when an account is modified through a concession to a borrower experiencing financial difficulty.

All classes of wholesale and other dealer loan receivables portfolio segment are placed on nonaccrual status when full payment of principal or interest is in doubt, or when principal or interest is 90 days or more contractually past due, whichever occurs first. Collateral dependent loans are placed on nonaccrual status if collateral is insufficient to cover principal and interest. Interest accrued but not collected at the date a receivable is placed on nonaccrual status is reversed against interest income. In addition, the amortization of net deferred fees is suspended.

F-13

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Interest income on nonaccrual receivables is recognized only to the extent it is received in cash. Accounts are restored to accrual status only when interest and principal payments are brought current and future payments are reasonably assured. Receivable balances are written-off against the allowance for credit losses when it is probable that a loss has been realized. Retail receivables class and finance lease receivables class are not placed generally on nonaccrual status when principal or interest is 90 days or more past due. However, these receivables are generally written-off against the allowance for credit losses when payments due are no longer expected to be received or the account is 120 days contractually past due, whichever occurs first.

As of March 31, 2014 and 2015, finance receivables on nonaccrual status are as follows:

	Yen in millions
	March 31,
	2014		2015
Retail		5,962		7,629
Finance leases		780		5,562
Wholesale		1,406		11,573
Real estate		4,035		8,592
Working capital		46		446
		12,229		33,802

As of March 31, 2014 and 2015, finance receivables 90 days or more past due and accruing are as follows:

	Yen in millions
	March 31,
	2014		2015
Retail		23,352		28,147
Finance leases		3,504		3,954
		26,856		32,101

Allowance for credit losses -

Allowance for credit losses is established to cover probable losses on finance receivables and vehicles and equipment on operating leases, resulting from the inability of customers to make required payments. Provision for credit losses is included in selling, general and administrative expenses.

The allowance for credit losses is based on a systematic, ongoing review and evaluation performed as part of the credit-risk evaluation process, historical loss experience, the size and composition of the portfolios, current economic events and conditions, the estimated fair value and adequacy of collateral and other pertinent factors. Vehicles and equipment on operating leases are not within the scope of accounting guidance governing the disclosure of portfolio segments.

Retail receivables portfolio segment -

Toyota calculates allowance for credit losses to cover probable losses on retail receivables by applying reserve rates to such receivables. Reserve rates are calculated mainly by historical loss experience, current economic events and conditions and other pertinent factors.

F-14

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Finance lease receivables portfolio segment -

Toyota calculates allowance for credit losses to cover probable losses on finance lease receivables by applying reserve rates to such receivables. Reserve rates are calculated mainly by historical loss experience, current economic events and conditions and other pertinent factors such as used car markets.

Wholesale and other dealer loan receivables portfolio segment -

Toyota calculates allowance for credit losses to cover probable losses on wholesale and other dealer loan receivables by applying reserve rates to such receivables. Reserve rates are calculated mainly by financial conditions of the dealers, terms of collateral setting, current economic events and conditions and other pertinent factors.

Toyota establishes specific reserves to cover the estimated losses on individually impaired receivables within the wholesale and other dealer loan receivables portfolio segment. Specific reserves on impaired receivables are determined by the present value of expected future cash flows or the fair value of collateral when it is probable that such receivables will be unable to be fully collected. The fair value of the underlying collateral is used if the receivable is collateral-dependent. The receivable is determined collateral-dependent if the repayment of the loan is expected to be provided by the underlying collateral. For the receivables in which the fair value of the underlying collateral was in excess of the outstanding balance, no allowance was provided.

Troubled debt restructurings in the retail receivables and finance lease receivables portfolio segments are specifically identified as impaired and aggregated with their respective portfolio segments when determining the allowance for credit losses. Impaired loans in the retail receivables and finance lease receivables portfolio segments are insignificant for individual evaluation and Toyota has determined that allowance for credit losses for each of the retail receivables and finance lease receivables portfolio segments would not be materially different if they had been individually evaluated for impairment.

Specific reserves on impaired receivables within the wholesale and other dealer loan receivables portfolio segment are recorded by an increase to the allowance for credit losses based on the related measurement of impairment. Related collateral, if recoverable, is repossessed and sold and the account balance is written-off.

Any shortfall between proceeds received and the carrying cost of repossessed collateral is charged to the allowance. Recoveries are reversed from the allowance for credit losses.

Allowance for residual value losses -

Toyota is exposed to risk of loss on the disposition of off-lease vehicles to the extent that sales proceeds are not sufficient to cover the carrying value of the leased asset at lease termination. Toyota maintains an allowance to cover probable estimated losses related to unguaranteed residual values on its owned portfolio. The allowance is evaluated considering projected vehicle return rates and projected loss severity. Factors considered in the determination of projected return rates and loss severity include historical and market information on used vehicle sales, trends in lease returns and new car markets, and general economic conditions. Management evaluates the foregoing factors, develops several potential loss scenarios, and reviews allowance levels to determine whether reserves are considered adequate to cover the probable range of losses.

The allowance for residual value losses is maintained in amounts considered by Toyota to be appropriate in relation to the estimated losses on its owned portfolio. Upon disposal of the assets, the allowance for residual losses is adjusted for the difference between the net book value and the proceeds from sale.

F-15

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Inventories -

Inventories are valued at cost, not in excess of market, cost being determined on the “average-cost” basis, except for the cost of finished products carried by certain subsidiary companies which is determined on the “specific identification” basis or “last-in, first-out” (“LIFO”) basis. Inventories valued on the LIFO basis totaled ¥323,249 million and ¥402,180 million at March 31, 2014 and 2015, respectively. Had the “first-in, first-out” basis been used for those companies using the LIFO basis, inventories would have been ¥46,244 million and ¥39,165 million higher than reported at March 31, 2014 and 2015, respectively.

Property, plant and equipment -

Property, plant and equipment are stated at cost. Major renewals and improvements are capitalized; minor replacements, maintenance and repairs are charged to current operations. Depreciation of property, plant and equipment is mainly computed on the declining-balance method for the parent company and Japanese subsidiaries and on the straight-line method for foreign subsidiary companies at rates based on estimated useful lives of the respective assets according to general class, type of construction and use. The estimated useful lives range from 2 to 65 years for buildings and from 2 to 20 years for machinery and equipment.

Vehicles and equipment on operating leases to third parties are originated by dealers and acquired by certain consolidated subsidiaries. Such subsidiaries are also the lessors of certain property that they acquire directly. Vehicles and equipment on operating leases are depreciated primarily on a straight-line method over the lease term, generally from 2 to 5 years, to the estimated residual value. Incremental direct costs incurred in connection with the acquisition of operating lease contracts are capitalized and amortized on a straight-line method over the lease term.

Long-lived assets -

Toyota reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. An impairment loss would be recognized when the carrying amount of an asset group exceeds the estimated undiscounted cash flows expected to result from the use of the asset and its eventual disposition. The amount of the impairment loss to be recorded is calculated by the excess of the carrying value of the asset group over its fair value. Fair value is determined mainly using a discounted cash flow valuation method.

Goodwill and intangible assets -

Goodwill is not material to Toyota’s consolidated balance sheets.

Intangible assets consist mainly of software. Intangible assets with a definite life are amortized on a straight-line basis with estimated useful lives mainly of 5 years. Intangible assets with an indefinite life are tested for impairment whenever events or circumstances indicate that a carrying amount of an asset (asset group) may not be recoverable.

An impairment loss would be recognized when the carrying amount of an asset exceeds the estimated undiscounted cash flows used in determining the fair value of the asset. The amount of the impairment loss to be recorded is generally determined by the difference between the fair value of the asset using a discounted cash flow valuation method and the current book value.

F-16

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Employee benefit obligations -

Toyota has both defined benefit and defined contribution plans for employees’ retirement benefits. Retirement benefit obligations are measured by actuarial calculations in accordance with U.S.GAAP. The funded status of the defined benefit postretirement plans is recognized on the consolidated balance sheets as prepaid pension and severance costs or accrued pension and severance costs, and the funded status change is recognized in the year in which it occurs through other comprehensive income.

Environmental matters -

Environmental expenditures relating to current operations are expensed or capitalized as appropriate. Expenditures relating to existing conditions caused by past operations, which do not contribute to current or future revenues, are expensed. Liabilities for remediation costs are recorded when they are probable and reasonably estimable, generally no later than the completion of feasibility studies or Toyota’s commitment to a plan of action. The cost of each environmental liability is estimated by using current technology available and various engineering, financial and legal specialists within Toyota based on current law. Such liabilities do not reflect any offset for possible recoveries from insurance companies and are not discounted. There were no material changes in these liabilities for all periods presented.

Income taxes -

The provision for income taxes is computed based on the pretax income included in the consolidated statements of income. The asset and liability approach is used to recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized.

Derivative financial instruments -

Toyota employs derivative financial instruments, including forward foreign currency exchange contracts, foreign currency options, interest rate swaps, interest rate currency swap agreements and interest rate options to manage its exposure to fluctuations in interest rates and foreign currency exchange rates. All derivative financial instruments are recorded on the consolidated balance sheets at fair value, taking into consideration the effects of legally enforceable master netting agreements that allow us to net settle positive and negative positions and offset cash collateral held with the same counterparty on a net basis. Toyota does not use derivatives for speculation or trading purposes. Changes in the fair value of derivatives are recorded each period in current earnings or through other comprehensive income, depending on whether a derivative is designated as part of a hedge transaction and the type of hedge transaction. The ineffective portion of all hedges is recognized currently in operations.

Net income attributable to Toyota Motor Corporation per share -

Basic net income attributable to Toyota Motor Corporation per common share is calculated by dividing net income attributable to Toyota Motor Corporation by the weighted-average number of shares outstanding during the reported period. The calculation of diluted net income attributable to Toyota Motor Corporation per common share is similar to the calculation of basic net income attributable to Toyota Motor Corporation per share, except that the weighted-average number of shares outstanding includes the additional dilution from the assumed exercise of dilutive stock options.

F-17

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Stock-based compensation -

Toyota measures compensation expense for its stock-based compensation plan based on the grant-date fair value of the award, and accounts for the award.

Other comprehensive income -

Other comprehensive income refers to revenues, expenses, gains and losses that, under U.S.GAAP are included in comprehensive income, but are excluded from net income as these amounts are recorded directly as an adjustment to shareholders’ equity. Toyota’s other comprehensive income is primarily comprised of unrealized gains/losses on marketable securities designated as available-for-sale, foreign currency translation adjustments and adjustments attributed to pension liabilities associated with Toyota’s defined benefit pension plans.

Accounting changes -

In July 2013, the FASB issued updated guidance on uncertain tax positions. This guidance requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward for tax purposes, a similar tax loss, or a tax credit carryforward. Toyota adopted this guidance on April 1, 2014. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements.

Recent pronouncements to be adopted in future periods -

In May 2014, the FASB issued updated guidance on the recognition of revenue from contracts with customers. This guidance will supersede the current revenue recognition guidance. This guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Management is evaluating the impact of adopting this guidance on Toyota’s consolidated financial statements.

In February 2015, the FASB issued updated guidance that amends the analysis a reporting entity must perform to determine whether it should consolidate certain legal entities. This guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Management is evaluating the impact of adopting this guidance on Toyota’s consolidated financial statements.

In April 2015, the FASB issued updated guidance that requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. This guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Management is evaluating the impact of adopting this guidance on Toyota’s consolidated financial statements.

In April 2015, the FASB issued updated guidance to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement. This guidance is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. Management is evaluating the impact of adopting this guidance on Toyota’s consolidated financial statements.

Reclassifications -

Certain prior year amounts have been reclassified to conform to the presentations as of and for the year ended March 31, 2015.

F-18

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

3. Supplemental cash flow information:

Cash payments for income taxes were ¥331,007 million, ¥411,133 million and ¥1,145,808 million for the years ended March 31, 2013, 2014 and 2015, respectively. Interest payments during the years ended March 31, 2013, 2014 and 2015 were ¥325,575 million, ¥352,590 million and ¥369,770 million, respectively.

Capital lease obligations of ¥3,749 million, ¥3,422 million and ¥3,709 million were incurred for the years ended March 31, 2013, 2014 and 2015, respectively.

4. Acquisitions and dispositions:

During the years ended March 31, 2013, 2014 and 2015, Toyota made several acquisitions and dispositions, however the assets and liabilities acquired or transferred were not material.

5. Marketable securities and other securities investments:

Marketable securities and other securities investments include public and corporate bonds and common stocks for which the aggregate cost, gross unrealized gains and losses and fair value are as follows:

	Yen in millions
	March 31, 2014
	Cost		Gross unrealized gains		Gross unrealized losses		Fair value
Available-for-sale
Public and corporate bonds		5,879,336		290,964		5,377		6,164,923
Common stocks		619,811		1,377,653		268		1,997,196
Other		538,306		34,076		49		572,333
Total		7,037,453		1,702,693		5,694		8,734,452
Securities not practicable to determine fair value
Public and corporate bonds		433
Common stocks		77,035
Total		77,468
	Yen in millions
	March 31, 2015
	Cost		Gross unrealized gains		Gross unrealized losses		Fair value
Available-for-sale
Public and corporate bonds		6,848,348		337,341		4,738		7,180,951
Common stocks		621,750		2,083,164		100		2,704,814
Other		387,085		43,649		12		430,722
Total		7,857,183		2,464,154		4,850		10,316,487
Securities not practicable to determine fair value
Public and corporate bonds		20,404
Common stocks		77,334
Total		97,738

F-19

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Public and corporate bonds included in available-for-sale represent 50% of Japanese bonds, and 50% of U.S., European and other bonds as of March 31, 2014, and 43% of Japanese bonds, and 57% of U.S., European and other bonds as of March 31, 2015. Listed stocks on the Japanese stock markets represent 86% and 88% of common stocks which are included in available-for-sale as of March 31, 2014 and 2015, respectively. Public and corporate bonds include government bonds, and “Other” includes investment trusts.

Unrealized losses continuing over a 12 month period or more in the aggregate were not material at March 31, 2014 and 2015.

As of March 31, 2014 and 2015, maturities of public and corporate bonds included in available-for-sale are mainly from 1 to 10 years.

Proceeds from sales of available-for-sale securities were ¥35,178 million, ¥538,894 million and ¥113,348 million for the years ended March 31, 2013, 2014 and 2015, respectively. On those sales, gross realized gains were ¥1,048 million, ¥25,099 million and ¥17,912 million and gross realized losses were ¥31 million, ¥404 million and ¥161 million, respectively.

During the years ended March 31, 2013, 2014 and 2015, Toyota recognized impairment losses on available-for-sale securities of ¥2,104 million, ¥6,197 million and ¥2,578 million, respectively, which are included in “Other income (loss), net” and other in the accompanying consolidated statements of income.

In the ordinary course of business, Toyota maintains long-term investment securities, included in “Marketable securities and other securities investments” and issued by a number of non-public companies which are recorded at cost, as their fair values were not readily determinable. Management employs a systematic methodology to assess the recoverability of such investments by reviewing the financial viability of the underlying companies and the prevailing market conditions in which these companies operate to determine if Toyota’s investment in each individual company is impaired and whether the impairment is other-than-temporary. Toyota periodically performs this impairment test for significant investments recorded at cost. If the impairment is determined to be other-than-temporary, the carrying value of the investment is written-down by the impaired amount and the losses are recognized currently in operations.

F-20

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

6. Finance receivables:

Finance receivables consist of the following:

	Yen in millions
	March 31,
	2014			2015
Retail		10,523,364			12,015,844
Finance leases		1,071,179			1,158,361
Wholesale and other dealer loans		2,875,650			3,124,079
		14,470,193			16,298,284
Deferred origination costs		161,956			179,905
Unearned income		(754,539	)		(837,124	)
Allowance for credit losses
Retail		(89,439	)		(109,316	)
Finance leases		(30,585	)		(29,303	)
Wholesale and other dealer loans		(26,358	)		(30,053	)
Total allowance for credit losses		(146,382	)		(168,672	)
Total finance receivables, net		13,731,228			15,472,393
Less - Current portion		(5,628,934	)		(6,269,862	)
Noncurrent finance receivables, net		8,102,294			9,202,531

Finance receivables were geographically distributed as follows: in North America 57.1%, in Asia 11.4%, in Europe 10.8%, in Japan 8.9% and in Other 11.8% as of March 31, 2014, and in North America 59.3%, in Asia 12.8%, in Europe 9.5%, in Japan 7.9% and in Other 10.5% as of March 31, 2015.

The contractual maturities of retail receivables, the future minimum lease payments on finance leases and the contractual maturities of wholesale and other dealer loans at March 31, 2015 are summarized as follows:

	Yen in millions
Years ending March 31,	Retail		Finance leases		Wholesale and other dealer loans
2016		3,990,339		305,178		2,284,565
2017		2,947,412		225,863		282,667
2018		2,303,402		171,359		193,257
2019		1,548,457		94,781		145,660
2020		792,183		30,905		96,535
Thereafter		434,051		7,405		121,395
		12,015,844		835,491		3,124,079

F-21

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Finance leases consist of the following:

	Yen in millions
	March 31,
	2014			2015
Minimum lease payments		781,736			835,491
Estimated unguaranteed residual values		289,443			322,870
		1,071,179			1,158,361
Deferred origination costs		4,592			4,791
Less - Unearned income		(89,627	)		(98,915	)
Less - Allowance for credit losses		(30,585	)		(29,303	)
Finance leases, net		955,559			1,034,934

Toyota is exposed to credit risk on Toyota’s finance receivables. Credit risk is the risk of loss arising from the failure of customers or dealers to meet the terms of their contracts with Toyota or otherwise fail to perform as agreed. Toyota estimates allowance for credit losses by variety of credit-risk evaluation process to cover probable and estimable losses above.

The table below shows the amount of the finance receivables segregated into aging categories based on the number of days outstanding as of March 31, 2014 and 2015:

	Yen in millions
	March 31, 2014
	Retail		Finance leases		Wholesale		Real estate		Working capital
Current		10,366,261		1,062,194		1,434,534		739,659		700,819
30-59 days past due		105,056		3,396		8		525		—
60-89 days past due		22,824		1,490		—		70		—
90 days or greater past due		29,223		4,099		20		—		15
Total		10,523,364		1,071,179		1,434,562		740,254		700,834
	Yen in millions
	March 31, 2015
	Retail		Finance leases		Wholesale		Real estate		Working capital
Current		11,821,070		1,147,488		1,540,395		854,791		728,689
30-59 days past due		129,649		4,179		2		70		—
60-89 days past due		29,552		1,985		—		—		—
90 days or greater past due		35,573		4,709		—		26		106
Total		12,015,844		1,158,361		1,540,397		854,887		728,795

F-22

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

The tables below show the recorded investment for each credit quality of the finance receivable within the wholesale and other dealer loan receivables portfolio segment in the United States and other regions as of March 31, 2014 and 2015:

United States

The wholesale and other dealer loan receivables portfolio segment is primarily segregated into credit qualities below based on internal risk assessments by dealers.

Performing: Account not classified as either Credit Watch, At Risk or Default

Credit Watch: Account designated for elevated attention

At Risk: Account where there is an increased likelihood that default may exist based on qualitative and quantitative factors

Default: Account is not currently meeting contractual obligations or we have temporarily waived certain contractual requirements

	Yen in millions
	March 31, 2014
	Wholesale		Real estate		Working capital		Total
Performing		836,703		390,218		169,027		1,395,948
Credit Watch		131,934		88,032		16,233		236,199
At Risk		2,441		1,247		2,556		6,244
Default		58		—		616		674
Total		971,136		479,497		188,432		1,639,065
	Yen in millions
	March 31, 2015
	Wholesale		Real estate		Working capital		Total
Performing		960,542		454,451		197,369		1,612,362
Credit Watch		136,537		101,221		21,197		258,955
At Risk		7,230		4,476		3,806		15,512
Default		4,340		482		273		5,095
Total		1,108,649		560,630		222,645		1,891,924

Other regions

Credit qualities of the wholesale and other dealer loan receivables portfolio segment in other regions are also monitored based on internal risk assessments by dealers on a consistent basis as in the United States. These accounts classified as “Credit Watch” or “At Risk” were not significant in other regions, and consequently the tables below summarize information for two categories, “Performing” and “Default”.

	Yen in millions
	March 31, 2014
	Wholesale		Real estate		Working capital		Total
Performing		460,946		259,056		511,855		1,231,857
Default		2,480		1,701		547		4,728
Total		463,426		260,757		512,402		1,236,585

F-23

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

	Yen in millions
	March 31, 2015
	Wholesale		Real estate		Working capital		Total
Performing		428,889		292,007		505,675		1,226,571
Default		2,859		2,250		475		5,584
Total		431,748		294,257		506,150		1,232,155

The tables below summarize information about impaired finance receivables:

	Yen in millions
	Recorded investment				Unpaid principal balance				Individually evaluated allowance
	March 31,				March 31,				March 31,
	2014		2015		2014		2015		2014		2015
Impaired account balances individually evaluated for impairment with an allowance:
Wholesale		4,745		11,810		4,745		11,810		483		2,387
Real estate		4,476		8,136		4,476		8,136		1,421		2,054
Working capital		2,977		4,881		2,977		4,881		2,720		4,376
Total		12,198		24,827		12,198		24,827		4,624		8,817
Impaired account balances individually evaluated for impairment without an allowance:
Wholesale		5,217		13,644		5,217		13,644
Real estate		9,257		10,935		9,257		10,935
Working capital		384		312		384		312
Total		14,858		24,891		14,858		24,891
Impaired account balances aggregated and evaluated for impairment:
Retail		34,179		32,907		33,661		32,541
Finance leases		177		118		168		104
Total		34,356		33,025		33,829		32,645
Total impaired account balances:
Retail		34,179		32,907		33,661		32,541
Finance leases		177		118		168		104
Wholesale		9,962		25,454		9,962		25,454
Real estate		13,733		19,071		13,733		19,071
Working capital		3,361		5,193		3,361		5,193
Total		61,412		82,743		60,885		82,363

F-24

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

	Yen in millions
	Average impaired finance receivables				Interest income recognized
	For the years ended March 31,				For the years ended March 31,
	2014		2015		2014		2015
Total impaired account balances:
Retail		37,997		33,722		2,760		2,389
Finance leases		175		155		6		4
Wholesale		14,464		13,977		100		110
Real estate		15,201		14,634		501		439
Working capital		4,591		3,813		200		110
Total		72,428		66,301		3,567		3,052

The amount of finance receivables modified as a troubled debt restructuring for the year ended March 31, 2015 was not significant for all classes of finance receivables. Finance receivables modified as troubled debt restructurings for the year ended March 31, 2015 and for which there was a payment default were not significant for all classes of such receivables.

7. Other receivables:

Other receivables relate to arrangements with certain component manufacturers whereby Toyota procures inventory for these component manufactures and is reimbursed for the related purchases.

8. Inventories:

Inventories consist of the following:

	Yen in millions
	March 31,
	2014		2015
Finished goods		1,159,762		1,365,818
Raw materials		384,635		401,040
Work in process		258,133		270,113
Supplies and other		92,174		100,647
Total		1,894,704		2,137,618

F-25

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

9. Vehicles and equipment on operating leases:

Vehicles and equipment on operating leases consist of the following:

	Yen in millions
	March 31,
	2014			2015
Vehicles		3,674,969			5,169,524
Equipment		129,029			163,195
Less - Deferred income and other		(94,438	)		(132,733	)
		3,709,560			5,199,986
Less - Accumulated depreciation		(808,764	)		(1,080,936	)
Less - Allowance for credit losses		(7,220	)		(9,366	)
Vehicles and equipment on operating leases, net		2,893,576			4,109,684

Rental income from vehicles and equipment on operating leases was ¥476,935 million, ¥586,983 million and ¥726,515 million for the years ended March 31, 2013, 2014 and 2015, respectively. Future minimum rentals from vehicles and equipment on operating leases are due in installments as follows:

Years ending March 31,	Yen in millions
2016		728,864
2017		461,905
2018		200,318
2019		50,092
2020		11,587
Thereafter		1,633
Total minimum future rentals		1,454,399

The future minimum rentals as shown above should not be considered indicative of future cash collections.

10. Allowance for doubtful accounts and credit losses:

The net changes in the allowance for doubtful accounts relating to trade accounts and notes receivable for the years ended March 31, 2013, 2014 and 2015 are as follows:

	Yen in millions
	For the years ended March 31,
	2013			2014			2015
Allowance for doubtful accounts at beginning of year		44,097			46,144			47,518
Provision for doubtful accounts, net of reversal		1,745			3,405			(1,598	)
Write-offs		(457	)		(1,162	)		(289	)
Other		759			(869	)		4,779
Allowance for doubtful accounts at end of year		46,144			47,518			50,410

“Other” includes the impact of currency translation adjustments for the years ended March 31, 2013, 2014 and 2015.

F-26

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

A portion of the allowance for doubtful accounts balance at March 31, 2014 and 2015 totaling ¥28,738 million and ¥9,561 million, respectively, is attributed to certain non-current receivable balances which are reported as “Other” assets in the consolidated balance sheets.

The net changes in the allowance for credit losses relating to finance receivables and vehicles and equipment on operating leases for the years ended March 31, 2013, 2014 and 2015 are as follows:

	Yen in millions
	For the years ended March 31,
	2013			2014			2015
Allowance for credit losses at beginning of year		140,363			147,049			153,602
Provision for credit losses, net of reversal		25,622			46,313			80,567
Charge-offs		(56,701	)		(65,359	)		(84,310	)
Recoveries		14,690			16,662			18,173
Other		23,075			8,937			10,006
Allowance for credit losses at end of year		147,049			153,602			178,038

“Other” primarily includes the impact of currency translation adjustments for the years ended March 31, 2013, 2014 and 2015.

The net changes in the allowance for credit losses above relating to retail receivables portfolio segment, finance lease receivables portfolio segment and wholesale and other dealer loan receivables portfolio segment for the years ended March 31, 2013, 2014 and 2015 are as follows:

	Yen in millions
	For the year ended March 31, 2013
	Retail			Finance leases			Wholesale and other dealer loans
Allowance for credit losses at beginning of year		77,353			30,637			24,238
Provision for credit losses, net of reversal		29,079			(4,063	)		(2,006	)
Charge-offs		(48,528	)		(2,775	)		(110	)
Recoveries		12,795			590			3
Other		13,159			4,539			4,118
Allowance for credit losses at end of year		83,858			28,928			26,243

	Yen in millions
	For the year ended March 31, 2014
	Retail			Finance leases			Wholesale and other dealer loans
Allowance for credit losses at beginning of year		83,858			28,928			26,243
Provision for credit losses, net of reversal		42,055			1,847			(807	)
Charge-offs		(55,733	)		(2,554	)		(626	)
Recoveries		14,051			587			16
Other		5,208			1,777			1,532
Allowance for credit losses at end of year		89,439			30,585			26,358

F-27

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

	Yen in millions
	For the year ended March 31, 2015
	Retail			Finance leases			Wholesale and other dealer loans
Allowance for credit losses at beginning of year		89,439			30,585			26,358
Provision for credit losses, net of reversal		70,129			(858	)		2,531
Charge-offs		(71,403	)		(2,568	)		(603	)
Recoveries		15,008			497			78
Other		6,143			1,647			1,689
Allowance for credit losses at end of year		109,316			29,303			30,053

11. Affiliated companies and variable interest entities:

Investments in and transactions with affiliated companies -

Summarized financial information for affiliated companies accounted for by the equity method is shown below:

	Yen in millions
	March 31,
	2014		2015
Current assets		10,813,254		11,380,649
Noncurrent assets		10,172,524		11,890,150
Total assets		20,985,778		23,270,799
Current liabilities		7,120,877		7,330,762
Long-term liabilities and noncontrolling interests		5,217,723		5,965,242
Affiliated companies accounted for by the equity method shareholders’ equity		8,647,178		9,974,795
Total liabilities and shareholders’ equity		20,985,778		23,270,799
Toyota’s share of affiliated companies accounted for by the equity method shareholders’ equity		2,429,576		2,691,222
Number of affiliated companies accounted for by the equity method at end of period		54		54

	Yen in millions
	For the years ended March 31,
	2013		2014		2015
Net revenues		24,242,046		28,289,687		30,163,457
Gross profit		2,620,892		3,385,048		3,614,946
Net income attributable to affiliated companies accounted for by the equity method		705,249		963,003		966,133
Equity in earnings of affiliated companies attributable to Toyota Motor Corporation		231,519		318,376		308,545

F-28

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Entities comprising a significant portion of Toyota’s investment in affiliated companies and percentage of ownership are presented below:

	Percentage of ownership
	March 31,
Name of affiliated companies	2014			2015
Denso Corporation		24.9	%		24.9	%
Toyota Industries Corporation		24.7	%		24.6	%
Aisin Seiki Co., Ltd.		23.4	%		23.3	%
Toyota Tsusho Corporation		22.0	%		22.0	%
Toyoda Gosei Co., Ltd.		43.0	%		43.0	%

Certain affiliated companies accounted for by the equity method with carrying amounts of ¥1,811,245 million and ¥2,010,249 million at March 31, 2014 and 2015, respectively, were quoted on various established markets at an aggregate value of ¥2,320,128 million and ¥2,889,079 million, respectively. Toyota evaluated its investments in affiliated companies, considering the length of time and the extent to which the quoted market prices have been less than the carrying amounts, the financial condition and near-term prospects of the affiliated companies and Toyota’s ability and intent to retain those investments in the companies for a period of time. Toyota did not recognize any impairment loss for the years ended March 31, 2013, 2014 and 2015.

Account balances and transactions with affiliated companies are presented below:

	Yen in millions
	March 31,
	2014		2015
Trade accounts and notes receivable, and other receivables		253,312		266,999
Accounts payable and other payables		599,334		635,878

	Yen in millions
	For the years ended March 31,
	2013		2014		2015
Net revenues		1,926,854		1,854,708		1,785,238
Purchases		4,020,138		4,289,583		5,065,613

Dividends from affiliated companies accounted for by the equity method for the years ended March 31, 2013, 2014 and 2015 were ¥126,977 million, ¥147,039 million and ¥174,485 million, respectively.

Toyota does not have any significant related party transactions other than transactions with affiliated companies in the ordinary course of business.

Variable Interest Entities -

Toyota enters into securitization transactions using special-purpose entities, that are considered variable interest entities (“VIEs”). Although the finance receivables and vehicles on operating leases related to securitization transactions have been legally sold to the VIEs, Toyota has both the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance and the obligation to absorb losses of the VIEs or the right to receive benefits from the VIEs that could potentially be significant to the VIEs. As a result, Toyota is considered the primary beneficiary of the VIEs and therefore consolidates the VIEs.

F-29

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Related to securitization transactions, ¥1,439,796 million and ¥1,845,092 million retail finance receivables, ¥16,447 million and ¥144,729 million vehicles on operating leases, ¥84,052 million and ¥112,004 million restricted cash and ¥1,205,293 million and ¥1,572,185 million secured debt were included in Toyota’s consolidated financial statements as of March 31, 2014 and 2015, respectively. The creditors of the VIEs do not have recourse to Toyota’s general credit with the exception of debts guaranteed by Toyota. Risks to which Toyota is exposed including credit, interest rate, and/or prepayment risks are not incremental compared with the situation before Toyota enters into securitization transactions.

As for VIEs other than those specified above, neither the aggregate size nor Toyota’s involvements are material to Toyota’s consolidated financial statements.

12. Short-term borrowings and long-term debt:

Short-term borrowings at March 31, 2014 and 2015 consist of the following:

	Yen in millions
	March 31,
	2014		2015
Loans, principally from banks, with a weighted-average interest at March 31, 2014 and March 31, 2015 of 2.57% and of 2.83% per annum, respectively		1,165,580		1,167,792
Commercial paper with a weighted-average interest at March 31, 2014 and March 31, 2015 of 0.49% and of 0.41% per annum, respectively		3,665,240		3,880,396
		4,830,820		5,048,188

As of March 31, 2015, Toyota has unused short-term lines of credit amounting to ¥2,070,086 million of which ¥729,454 million related to commercial paper programs. Under these programs, Toyota is authorized to obtain short-term financing at prevailing interest rates for periods not in excess of 360 days.

F-30

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Long-term debt at March 31, 2014 and 2015 comprises the following:

	Yen in millions
	March 31,
	2014			2015
Unsecured loans, representing obligations principally to banks, due 2014 to 2029 in 2014 and due 2015 to 2029 in 2015 with interest ranging from 0.00% to 39.50% per annum in 2014 and from 0.01% to 39.50% per annum in 2015		3,368,711			3,712,598
Secured loans, representing obligations principally to finance receivables securitization due 2014 to 2030 in 2014 and due 2015 to 2030 in 2015 with interest ranging from 0.10% to 12.00% per annum in 2014 and from 0.10% to 2.92% per annum in 2015		1,226,080			1,594,489
Medium-term notes of consolidated subsidiaries, due 2014 to 2047 in 2014 and due 2015 to 2047 in 2015 with interest ranging from 0.10% to 9.40% per annum in 2014 and from 0.13% to 9.40% per annum in 2015		5,355,176			6,740,355
Unsecured notes of parent company, due 2014 to 2023 in 2014 and due 2015 to 2024 in 2015 with interest ranging from 0.19% to 3.00% per annum in 2014 and from 0.19% to 3.00% per annum in 2015		400,000			380,000
Unsecured notes of consolidated subsidiaries, due 2014 to 2031 in 2014 and due 2015 to 2032 in 2015 with interest ranging from 0.08% to 41.79% per annum in 2014 and from 0.03% to 41.79% per annum in 2015		1,124,810			1,469,218
Secured notes of consolidated subsidiaries, due 2016 to 2018 in 2015 with interest ranging from 8.40% to 9.55% per annum in 2015		—			13,580
Long-term capital lease obligations, due 2014 to 2030 in 2014 and due 2015 to 2030 in 2015 with interest ranging from 0.50% to 14.73% per annum in 2014 and from 0.50% to 14.73% per annum in 2015		21,796			19,459
		11,496,573			13,929,699
Less - Current portion due within one year		(2,949,663	)		(3,915,304	)
		8,546,910			10,014,395

As of March 31, 2015, approximately 48%, 12%, 8% and 32% of long-term debt are denominated in U.S. dollars, Japanese yen, Australian dollars and other currencies, respectively.

As of March 31, 2015, property, plant and equipment with a book value of ¥192,329 million and other assets aggregating ¥1,875,174 million were pledged as collateral mainly for certain debt obligations of subsidiaries. These other assets principally consist of securitized finance receivables.

The aggregate amounts of annual maturities of long-term debt during the next five years are as follows:

Years ending March 31,	Yen in millions
2016		3,915,304
2017		2,380,969
2018		2,867,620
2019		1,690,587
2020		1,718,136

F-31

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Standard agreements with certain banks include provisions that collateral (including sums on deposit with such banks) or guarantees will be furnished upon the banks’ request and that any collateral furnished, pursuant to such agreements or otherwise, will be applicable to all present or future indebtedness to such banks. During the year ended March 31, 2015, Toyota has not received any significant requests from these banks.

As of March 31, 2015, Toyota has unused long-term lines of credit amounting to ¥8,980,430 million.

13. Product warranties and recalls and other safety measures:

Toyota provides product warranties for certain defects mainly resulting from manufacturing based on warranty contracts with its customers at the time of sale of products. Toyota accrues estimated warranty costs to be incurred in the future in accordance with the warranty contracts. In addition to product warranties, Toyota initiates recalls and other safety measures to repair or to replace parts which might be expected to fail from products safety perspectives or customer satisfaction standpoints. Toyota accrues for costs of recalls and other safety measures at the time of vehicle sale based on the amount estimated from historical experience.

Liabilities for product warranties and liabilities for recalls and other safety measures have been combined into a single table showing an aggregate liability for quality assurances due to the fact that both are liabilities for costs to repair or replace defects of vehicles and the amounts incurred for recalls and other safety measures may affect the amounts incurred for product warranties and vice versa.

Liabilities for quality assurances are included in “Accrued expenses” in the consolidated balance sheets.

The net changes in liabilities for quality assurances above for the years ended March 31, 2013, 2014 and 2015 consist of the following:

	Yen in millions
	For the years ended March 31,
	2013			2014			2015
Liabilities for quality assurances at beginning of year		839,834			1,003,023			1,154,021
Payments made during year		(344,279	)		(383,572	)		(509,488	)
Provision for quality assurances		491,542			524,442			686,006
Changes relating to pre-existing quality assurances		(8,383	)		(7,248	)		(25,619	)
Other		24,309			17,376			23,996
Liabilities for quality assurances at end of year		1,003,023			1,154,021			1,328,916

“Other” primarily includes the impact of currency translation adjustments and the impact of consolidation and deconsolidation of certain entities due to changes in ownership interest.

F-32

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

The table below shows the net changes in liabilities for recalls and other safety measures which are comprised in liabilities for quality assurances above for the years ended March 31, 2013, 2014 and 2015.

	Yen in millions
	For the years ended March 31,
	2013			2014			2015
Liabilities for recalls and other safety measures at beginning of year		468,697			566,406			680,475
Payments made during year		(180,925	)		(207,652	)		(357,447	)
Provision for recalls and other safety measures		270,883			315,574			421,618
Other		7,751			6,147			10,404
Liabilities for recalls and other safety measures at end of year		566,406			680,475			755,050

14. Other payables:

Other payables are mainly related to purchases of property, plant and equipment and non-manufacturing purchases.

15. Income taxes:

The components of income before income taxes comprise the following:

	Yen in millions
	For the years ended March 31,
	2013		2014		2015
Income before income taxes:
Parent company and domestic subsidiaries		651,852		1,621,013		1,685,909
Foreign subsidiaries		751,797		820,067		1,206,919
		1,403,649		2,441,080		2,892,828

The provision for income taxes consists of the following:

	Yen in millions
	For the years ended March 31,
	2013		2014			2015
Current income tax expense:
Parent company and domestic subsidiaries		178,662		634,458			552,122
Foreign subsidiaries		213,016		189,629			368,234
Total current		391,678		824,087			920,356
Deferred income tax expense (benefit):
Parent company and domestic subsidiaries		140,041		(122,898	)		(77,653	)
Foreign subsidiaries		19,967		66,619			50,766
Total deferred		160,008		(56,279	)		(26,887	)
Total provision		551,686		767,808			893,469

Toyota is subject to a number of different income taxes which, in the aggregate, indicate a statutory rate in Japan of approximately 37.6%, 37.6% and 35.2% for the years ended March 31, 2013, 2014 and 2015, respectively. The statutory tax rates in effect for the year in which the temporary differences are expected to

F-33

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

reverse are used to calculate the tax effects of temporary differences which are expected to reverse in the future years. Reconciliation of the differences between the statutory tax rate and the effective income tax rate is as follows:

	For the years ended March 31,
	2013			2014			2015
Statutory tax rate		37.6	%		37.6	%		35.2	%
Increase (reduction) in taxes resulting from:
Non-deductible expenses		0.6			2.2			1.5
Deferred tax liabilities on undistributed earnings of foreign subsidiaries		1.8			1.5			1.0
Deferred tax liabilities on undistributed earnings of affiliated companies accounted for by the equity method		4.1			3.0			2.5
Valuation allowance		1.7			(4.3	)		(0.5	)
Tax credits		(3.1	)		(6.5	)		(5.3	)
The difference between the statutory tax rate in Japan and that of foreign subsidiaries		(4.8	)		(3.2	)		(2.4	)
Unrecognized tax benefits adjustments		0.1			0.0			3.2
Revision to reduce deferred tax assets and liabilities at the fiscal year-end due to changes in tax rates		0.0			0.9			(1.9	)
Other		1.3			0.3			(2.4	)
Effective income tax rate		39.3	%		31.5	%		30.9	%

“Unrecognized tax benefits adjustments” for the year ended March 31, 2015 reflects a charge for the settlement of a pre 2012 tax position in a foreign jurisdiction.

Significant components of deferred tax assets and liabilities are as follows:

	Yen in millions
	March 31,
	2014			2015
Deferred tax assets
Accrued pension and severance costs		179,159			184,215
Accrued expenses and liabilities for quality assurances		523,473			573,246
Other accrued employees’ compensation		126,721			126,366
Operating loss carryforwards for tax purposes		164,070			259,896
Tax credit carryforwards		51,046			42,059
Property, plant and equipment and other assets		213,799			220,226
Other		307,443			288,012
Gross deferred tax assets		1,565,711			1,694,020
Less - Valuation allowance		(189,894	)		(169,811	)
Total deferred tax assets		1,375,817			1,524,209
Deferred tax liabilities
Unrealized gains on securities, net		(608,428	)		(810,192	)
Undistributed earnings of foreign subsidiaries		(37,556	)		(27,692	)
Undistributed earnings of affiliated companies accounted for by the equity method		(663,249	)		(686,692	)
Basis difference of acquired assets		(35,261	)		(31,946	)
Lease transactions		(828,911	)		(1,162,540	)
Other		(39,286	)		(21,597	)
Gross deferred tax liabilities		(2,212,691	)		(2,740,659	)
Net deferred tax liability		(836,874	)		(1,216,450	)

F-34

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

The deferred tax assets and liabilities above that comprise the net deferred tax liability are included in the consolidated balance sheets as follows:

	Yen in millions
	March 31,
	2014			2015
Deferred tax assets
Deferred income taxes (Current assets)		866,386			978,179
Investments and other assets - Other		133,537			132,548
Deferred tax liabilities
Other current liabilities		(24,951	)		(28,708	)
Deferred income taxes (Long-term liabilities)		(1,811,846	)		(2,298,469	)
Net deferred tax liability		(836,874	)		(1,216,450	)

The factors used to assess the likelihood of realization of the deferred tax assets are the future reversal of existing taxable temporary differences, the future taxable income and available tax planning strategies that are prudent and feasible. All available evidence, both positive and negative, is considered to determine whether, based on the weight of that evidence, a valuation allowance is needed for deferred tax assets which are not more-likely-than-not to be realized.

The accounting for deferred tax assets represents Toyota’s current best estimate based on all available evidence. Unanticipated events or changes could result in re-evaluating the realizability of deferred tax assets.

Operating loss carryforwards for tax purposes as of March 31, 2015 in Japan and foreign countries were ¥22,162 million and ¥758,890 million, respectively, and are available as an offset against future taxable income. The majority of these carryforwards in Japan and foreign countries expire in years 2016 to 2024 and expire in years 2016 to 2034, respectively. Tax credit carryforwards as of March 31, 2015 in Japan and foreign countries were ¥24,453 million and ¥17,606 million, respectively, and the majority of these carryforwards in Japan and foreign countries expire in years 2016 to 2018 and expire in years 2016 to 2035, respectively.

The valuation allowance mainly relates to deferred tax assets of operating loss and foreign tax credit carryforwards for tax purposes that are not expected to be realized. The net changes in the total valuation allowance for deferred tax assets for the years ended March 31, 2013, 2014 and 2015 consist of the following:

	Yen in millions
	For the years ended March 31,
	2013			2014			2015
Valuation allowance at beginning of year		309,268			284,835			189,894
Additions		38,285			23,390			34,485
Deductions		(70,986	)		(128,928	)		(50,247	)
Other		8,268			10,597			(4,321	)
Valuation allowance at end of year		284,835			189,894			169,811

“Other” includes the impact of consolidation and deconsolidation of certain entities due to changes in ownership interest and currency translation adjustments during the years ended March 31, 2013, 2014 and 2015.

F-35

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Because management intends to reinvest undistributed earnings of foreign subsidiaries to the extent not expected to be remitted in the foreseeable future, management has made no provision for income taxes on those undistributed earnings aggregating ¥3,174,864 million as of March 31, 2015. Toyota estimates an additional tax provision of ¥151,989 million would be required if the full amount of those undistributed earnings were remitted.

A summary of the gross unrecognized tax benefits changes for the years ended March 31, 2013, 2014 and 2015 is as follows:

	Yen in millions
	For the years ended March 31,
	2013			2014			2015
Balance at beginning of year		16,901			22,447			19,393
Additions based on tax positions related to the current year		2,401			310			593
Additions for tax positions of prior years		4,339			491			94,852
Reductions for tax positions of prior years		(1,619	)		(1,273	)		(4,015	)
Reductions for tax positions related to lapse of statute of limitations		—			—			(58	)
Reductions for settlements		(2,776	)		(3,771	)		(98,929	)
Other		3,201			1,189			1,808
Balance at end of year		22,447			19,393			13,644

The amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was not material at March 31, 2013, 2014 and 2015, respectively. Toyota does not believe it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within the next twelve months.

Interest and penalties related to income tax liabilities are included in “Other income (loss), net”. The amounts of interest and penalties accrued as of and recognized for the years ended March 31, 2013, 2014 and 2015, were not material.

Toyota remains subject to income tax examination for the tax returns related to the years beginning on and after April 1, 2008 and January 1, 2000, with various tax jurisdictions in Japan and foreign countries, respectively.

16. Shareholders’ equity:

Changes in the number of shares of common stock issued have resulted from the following:

	For the years ended March 31,
	2013		2014		2015
Common stock issued
Balance at beginning of year		3,447,997,492		3,447,997,492		3,447,997,492
Issuance during the year		—		—		—
Purchase and retirement		—		—		(30,000,000	)
Balance at end of year		3,447,997,492		3,447,997,492		3,417,997,492

The Companies Act provides that an amount equal to 10% of distributions from surplus paid by the parent company and its Japanese subsidiaries be appropriated as a capital reserve or a retained earnings reserve. No further appropriations are required when the total amount of the capital reserve and the retained earnings reserve reaches 25% of stated capital.

F-36

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

The retained earnings reserve included in retained earnings as of March 31, 2014 and 2015 were ¥180,177 million and ¥186,555 million, respectively. The Companies Act provides that the retained earnings reserve of the parent company and its Japanese subsidiaries is restricted and unable to be used for dividend payments, and is excluded from the calculation of the profit available for dividend.

The amounts of statutory retained earnings of the parent company available for dividend payments to shareholders were ¥6,890,426 million and ¥7,635,250 million as of March 31, 2014 and 2015, respectively. In accordance with customary practice in Japan, the distributions from surplus are not accrued in the financial statements for the corresponding period, but are recorded in the subsequent accounting period after shareholders’ approval has been obtained. Retained earnings at March 31, 2015 include amounts representing year-end cash dividends of ¥393,352 million, ¥125 per share, which were approved at the Ordinary General Shareholders’ Meeting, held on June 16, 2015.

Retained earnings at March 31, 2015 include ¥1,880,835 million relating to equity in undistributed earnings of affiliated companies accounted for by the equity method.

At the Meeting of the Board of Directors held on March 26, 2014, Toyota Motor Corporation (“TMC”) resolved to reissue 30,000 thousand shares of treasury stock at ¥1 per share by way of third-party allotment, to repurchase up to 60,000 thousand shares of TMC’s common stock at a total purchase price of up to ¥360,000 million and to retire 30,000 thousand shares of treasury stock.

The reissuance of treasury stock was subject to the approval at Ordinary General Shareholders’ Meeting held in June 2014, and the repurchase of TMC’s common stock and retirement of treasury stock were each subject to the approval of the reissuance of treasury stock at such Ordinary General Shareholders’ Meeting. The delegation to TMC’s Board of Directors of the power to decide the terms of such reissuance was approved at such Ordinary General Shareholders’ Meeting held on June 17, 2014.

Presented below is additional information regarding the reissuance, repurchase and retirement of treasury stock.

Reissuance of treasury stock

Reason for reissuing treasury stock -

TMC resolved at the Meeting of the Board of Directors held on March 26, 2014 to establish Toyota Mobility Foundation, a General Incorporated Foundation (the “Foundation”). The reissuance of treasury stock was made by way of third-party allotment to a trust that was established by TMC to provide funding for the activities of the Foundation through dividends, etc. on TMC’s common stock.

Details of matters relating to reissuance -

Number of shares reissued	30,000,000 shares
Price of reissuance	¥1 per share
Amount of proceeds	¥30 million

Repurchase of treasury stock

Reason for repurchasing treasury stock -

The repurchase was made to avoid the dilution of TMC’s shares triggered by the reissuance of treasury stock described above, and to effect capital efficiency and agile capital policy in view of the management environment.

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TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Details of matters relating to repurchase -

Number of shares repurchased	55,521,900 shares
Total purchase price for repurchase of shares	¥359,994 million

Retirement of treasury stock

Reason for retiring treasury stock -

The retirement was made to relieve concerns regarding the dilution of TMC’s share value due to reissuance of treasury stock in the future.

Details of matters relating to retirement -

Number of shares retired 30,000,000 shares

The amount on retirement of treasury stock and the amount of the difference between fair value and book value of treasury stock on reissuance for the Foundation were treated as a reduction in additional paid-in capital and retained earnings and the amount of the difference between amount of proceeds and fair value of treasury stock on reissuance was included in Other income (expense). The fair value of treasury stock was measured using a dividend discount model due to the restrictions on transfer in the reissued stock for the Foundation. As a result, treasury stock, additional paid-in capital, retained earnings and Other income (expense) decreased by ¥246,807million, ¥4,624million, ¥142,753million and ¥99,400million, respectively.

F-38

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

17. Accumulated other comprehensive income:

Changes in accumulated other comprehensive income (loss) are as follows:

	Yen in millions
	Foreign currency translation adjustments			Unrealized gains (losses) on securities			Pension liability adjustments			Accumulated other comprehensive income (loss)
Balance at March 31, 2012		(1,248,118	)		298,306			(229,021	)		(1,178,833	)
Other comprehensive income (loss) before reclassifications, net of taxes of ¥(12,664) million, ¥(176,417) million, ¥(6,624) million and ¥(195,705) million		461,754			348,011			7,207			816,972
Reclassifications, net of taxes of ¥— million, ¥(17,497) million, ¥(4,335) million and ¥(21,832) million		—			26,198			7,504			33,702
Other comprehensive income (loss), net of tax		461,754			374,209			14,711			850,674
Less - Other comprehensive income attributable to noncontrolling interests		(27,116	)		(5,702	)		4,854			(27,964	)
Balance at March 31, 2013		(813,480	)		666,813			(209,456	)		(356,123	)
Other comprehensive income (loss) before reclassifications, net of taxes of ¥(25,139) million, ¥(255,959) million, ¥(44,987) million and ¥(326,085) million		301,889			507,566			91,507			900,962
Reclassifications, net of taxes of ¥— million, ¥5,209 million, ¥(4,682) million and ¥527 million		—			(8,006	)		7,897			(109	)
Other comprehensive income (loss), net of tax		301,889			499,560			99,404			900,853
Less - Other comprehensive income attributable to noncontrolling interests		(4,947	)		(5,810	)		(5,812	)		(16,569	)
Balance at March 31, 2014		(516,538	)		1,160,563			(115,864	)		528,161
Other comprehensive income (loss) before reclassifications, net of taxes of ¥(8,742) million, ¥(309,767) million, ¥2,853 million and ¥(315,656) million		404,352			596,417			621			1,001,390
Reclassifications, net of taxes of ¥— million, ¥11,013 million, ¥(2,153) million and ¥8,860 million		—			(18,714	)		3,695			(15,019	)
Other comprehensive income (loss), net of tax		404,352			577,703			4,316			986,371
Less - Other comprehensive income attributable to noncontrolling interests		(23,904	)		(10,701	)		(2,382	)		(36,987	)
Balance at March 31, 2015		(136,090	)		1,727,565			(113,930	)		1,477,545

F-39

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Reclassifications for the years ended March 31, 2014 and 2015 consist of the following:

	Yen in millions
	For the years ended March 31,						Affected line items in the consolidated statements of income
	2014			2015
Unrealized gains (losses) on securities:
		(29	)		(7,727	)	Financing operations
		5,079			(14,552	)	Foreign exchange gain, net
		(18,469	)		(7,446	)	Other income (loss), net
		(13,419	)		(29,725	)	Income before income taxes and equity in earnings of affiliated companies
		5,209			11,013		Provision for income taxes
		204			(2	)	Equity in earnings of affiliated companies
		(8,006	)		(18,714	)	Net income
Pension liability adjustments:
Recognized net actuarial loss		17,786			10,194		*1
Amortization of prior service costs		(5,207	)		(4,346	)	*1
		12,579			5,848		Income before income taxes and equity in earnings of affiliated companies
		(4,682	)		(2,153	)	Provision for income taxes
		7,897			3,695		Net income
Total reclassifications, net of tax		(109	)		(15,019	)

Amounts of reclassifications in parentheses indicate gains in the consolidated statements of income.

*1: These components are included in the computation of net periodic pension cost. See note 19 to the consolidated financial statements for additional information.

18. Stock-based compensation:

In June 1997, the parent company’s shareholders approved a stock option plan for board members. In June 2001, the shareholders approved an amendment of the plan to include both board members and key employees. Each year until June 2010, since the plans’ inception, the shareholders have approved the authorization for the grant of options for the purchase of the parent company’s common stock. Authorized shares for each year that remain ungranted are unavailable for grant in future years. Stock options granted in and after August 2006 have terms of 8 years and an exercise price equal to 1.025 times the closing price of Toyota’s common stock on the date of grant. These options generally vest 2 years from the date of grant.

For the years ended March 31, 2013 and 2014, Toyota recognized stock-based compensation expenses for stock options of ¥325 million and ¥23 million, respectively, as selling, general and administrative expenses.

F-40

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

The following table summarizes Toyota’s stock option activity:

				Yen				Yen in millions
	Number of shares			Weighted- average exercise price		Weighted- average remaining contractual life in years		Aggregate intrinsic value
Options outstanding at March 31, 2012		12,530,000			4,910		4.55		1,065
Granted		—			—
Exercised		(645,000	)		3,328
Canceled		(1,036,000	)		5,907
Options outstanding at March 31, 2013		10,849,000			4,909		3.56		5,921
Granted		—			—
Exercised		(2,390,100	)		4,043
Canceled		(1,128,000	)		6,373
Options outstanding at March 31, 2014		7,330,900			4,965		2.52		8,646
Granted		—			—
Exercised		(2,603,900	)		4,834
Canceled		(1,223,500	)		6,200
Options outstanding at March 31, 2015		3,503,500			4,632		2.05		13,143
Options exercisable at March 31, 2013		10,849,000			4,909		3.56		5,921
Options exercisable at March 31, 2014		7,330,900			4,965		2.52		8,646
Options exercisable at March 31, 2015		3,503,500			4,632		2.05		13,143

The total intrinsic value of options exercised for the years ended March 31, 2013, 2014 and 2015 was ¥364 million, ¥4,793 million and ¥5,313 million, respectively.

Cash received from the exercise of stock options for the years ended March 31, 2013, 2014 and 2015 was ¥2,147 million ¥9,663 million and ¥12,501 million, respectively.

The following table summarizes information for options outstanding and options exercisable at March 31, 2015:

	Outstanding						Exercisable
Exercise price           range	Number of          shares		Weighted-         average          exercise price		Weighted- average          remaining         life		Number of          shares		Weighted-         average          exercise price
Yen			Yen		Years				Yen
3,183 – 5,000		2,770,300		3,931		2.50		2,770,300		3,931
5,001 – 7,278		733,200		7,278		0.33		733,200		7,278
3,183 – 7,278		3,503,500		4,632		2.05		3,503,500		4,632

F-41

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

19. Employee benefit plans:

Pension and severance plans -

Upon terminations of employment, employees of the parent company and subsidiaries in Japan are entitled, under the retirement plans of each company, to lump-sum indemnities or pension payments, based on current rates of pay and lengths of service or the number of “points” mainly determined by those. Under normal circumstances, the minimum payment prior to retirement age is an amount based on voluntary retirement. Employees receive additional benefits on involuntary retirement, including retirement at the age limit.

Effective October 1, 2004, the parent company amended its retirement plan to introduce a “point” based retirement benefit plan. Under the new plan, employees are entitled to lump-sum or pension payments determined based on accumulated “points” vested in each year of service.

There are three types of “points” that vest in each year of service consisting of “service period points” which are attributed to the length of service, “job title points” which are attributed to the job title of each employee, and “performance points” which are attributed to the annual performance evaluation of each employee. Under normal circumstances, the minimum payment prior to retirement age is an amount reflecting an adjustment rate applied to represent voluntary retirement. Employees receive additional benefits upon involuntary retirement, including retirement at the age limit.

Effective October 1, 2005, the parent company partly amended its retirement plan and introduced the quasi cash-balance plan under which benefits are determined based on the variable-interest crediting rate rather than the fixed-interest crediting rate as was in the pre-amended plan.

The parent company and most subsidiaries in Japan have contributory funded defined benefit pension plans, which are pursuant to the Corporate Defined Benefit Pension Plan Law (CDBPPL). The contributions to the plans are funded with several financial institutions in accordance with the applicable laws and regulations. These pension plan assets consist principally of common stocks, government bonds and insurance contracts.

Most foreign subsidiaries have pension plans or severance indemnity plans covering substantially all of their employees under which the cost of benefits are currently invested or accrued. The benefits for these plans are based primarily on lengths of service and current rates of pay.

Toyota uses a March 31 measurement date for its benefit plans.

F-42

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Information regarding Toyota’s defined benefit plans is as follows:

	Yen in millions
	March 31,
	Japanese plans						Foreign plans
	2014			2015			2014			2015
Change in benefit obligation
Benefit obligation at beginning of year		1,594,411			1,657,520			633,160			705,583
Service cost		64,549			73,256			36,908			41,147
Interest cost		24,518			21,746			32,153			37,993
Plan participants’ contributions		856			871			297			575
Plan amendments		(427	)		(381	)		96			3,217
Net actuarial (gain) loss		35,306			51,198			(30,012	)		116,787
Acquisition and other		—			(18,523	)		48,388			91,097
Benefits paid		(61,693	)		(64,462	)		(15,407	)		(19,469	)
Benefit obligation at end of year		1,657,520			1,721,225			705,583			976,930
Change in plan assets
Fair value of plan assets at beginning of year		1,090,258			1,244,466			479,239			580,982
Actual return on plan assets		133,964			212,908			56,300			59,800
Acquisition and other		—			(11,341	)		42,694			74,171
Employer contributions		56,386			38,917			14,801			14,660
Plan participants’ contributions		856			871			297			575
Benefits paid		(36,998	)		(38,019	)		(12,349	)		(16,660	)
Fair value of plan assets at end of year		1,244,466			1,447,802			580,982			713,528
Funded status		413,054			273,423			124,601			263,402

Amounts recognized in the consolidated balance sheets as of March 31, 2014 and 2015 are comprised of the following:

	Yen in millions
	March 31,
	Japanese plans						Foreign plans
	2014			2015			2014			2015
Accrued expenses (Accrued pension and severance costs)		25,088			26,906			2,509			2,411
Accrued pension and severance costs		573,301			595,598			194,317			284,695
Investments and other assets - Other (Prepaid pension and severance costs)		(185,335	)		(349,081	)		(72,225	)		(23,704	)
Net amount recognized		413,054			273,423			124,601			263,402

F-43

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Amounts recognized in accumulated other comprehensive income (loss) as of March 31, 2014 and 2015 are comprised of the following:

	Yen in millions
	March 31,
	Japanese plans						Foreign plans
	2014			2015			2014			2015
Net actuarial loss		(248,751	)		(110,948	)		(46,278	)		(133,594	)
Prior service costs		48,221			43,879			(1,659	)		(4,499	)
Net transition obligation		—			—			—			—
Net amount recognized		(200,530	)		(67,069	)		(47,937	)		(138,093	)

The accumulated benefit obligation for all defined benefit pension plans was ¥1,593,424 million and ¥1,647,345 million in Japanese plans, ¥617,042 million and ¥874,629 million in Foreign plans at March 31, 2014 and 2015, respectively.

The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for which the accumulated benefit obligations exceed plan assets are as follows:

	Yen in millions
	March 31,
	Japanese plans				Foreign plans
	2014		2015		2014		2015
Projected benefit obligation		792,445		838,224		175,238		341,416
Accumulated benefit obligation		732,695		805,107		153,254		324,160
Fair value of plan assets		204,343		217,738		19,136		65,533

Components of the net periodic pension cost are as follows:

	Yen in millions
	For the years ended March 31,
	Japanese plans									Foreign plans
	2013			2014			2015			2013			2014			2015
Service cost		60,261			64,549			73,256			27,943			36,908			41,147
Interest cost		27,804			24,518			21,746			24,300			32,153			37,993
Expected return on plan assets		(22,352	)		(26,768	)		(31,255	)		(23,177	)		(34,059	)		(40,784	)
Amortization of prior service costs		(8,033	)		(5,566	)		(4,723	)		369			359			377
Recognized net actuarial loss		16,619			12,562			7,302			2,884			5,224			2,892
Amortization of net transition obligation		—			—			—			—			—			—
Net periodic pension cost		74,299			69,295			66,326			32,319			40,585			41,625

F-44

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) are as follows:

	Yen in millions
	For the years ended March 31,
	Japanese plans									Foreign plans
	2013			2014			2015			2013			2014			2015
Net actuarial gain (loss)		32,122			71,890			130,455			(15,804	)		52,253			(97,772	)
Recognized net actuarial loss		16,619			12,562			7,302			2,884			5,224			2,892
Prior service costs		3,462			427			381			43			(96	)		(3,217	)
Amortization of prior service costs		(8,033	)		(5,566	)		(4,723	)		369			359			377
Amortization of net transition obligation		—			—			—			—			—			—
Other		(173	)		—			46			(8,162	)		(7,605	)		7,564
Total recognized in other comprehensive income (loss)		43,997			79,313			133,461			(20,670	)		50,135			(90,156	)

“Other” includes the impact of consolidation and deconsolidation of certain entities due to changes in ownership interest and currency translation adjustments during the years ended March 31, 2013, 2014 and 2015.

The estimated prior service costs and net actuarial loss that will be amortized from accumulated other comprehensive income (loss) into net periodic pension cost during the year ending March 31, 2016 are ¥(4,700) million and ¥5,700 million in Japanese plans, ¥400 million and ¥6,300 million in Foreign plans, respectively.

Weighted-average assumptions used to determine benefit obligations as of March 31, 2014 and 2015 are as follows:

	March 31,
	Japanese plans						Foreign plans
	2014			2015			2014			2015
Discount rate		1.4	%		1.1	%		4.8	%		4.0	%
Rate of compensation increase		2.1	%		2.5	%		4.5	%		4.4	%

As of March 31, 2014 and 2015, the parent company and certain subsidiaries in Japan employ “point” based retirement benefit plans and do not use the rates of compensation increase to determine benefit obligations.

Weighted-average assumptions used to determine net periodic pension cost for the years ended March 31, 2013, 2014 and 2015 are as follows:

	For the years ended March 31,
	Japanese plans									Foreign plans
	2013			2014			2015			2013			2014			2015
Discount rate		2.0	%		1.7	%		1.4	%		5.0	%		4.5	%		4.8	%
Expected return on plan assets		2.5	%		2.6	%		2.5	%		7.0	%		6.9	%		6.7	%
Rate of compensation increase		2.3	%		2.2	%		2.1	%		4.5	%		4.6	%		4.5	%

During the years ended March 31, 2013, 2014 and 2015, the parent company and certain subsidiaries in Japan employ “point” based retirement benefit plans and do not use the rates of compensation increase to determine net periodic pension cost.

F-45

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

The expected rate of return on plan assets is determined after considering several applicable factors including, the composition of plan assets held, assumed risks of asset management, historical results of the returns on plan assets, Toyota’s principal policy for plan asset management, and forecasted market conditions.

Toyota’s policy and objective for plan asset management is to maximize returns on plan assets to meet future benefit payment requirements under risks which Toyota considers permissible. Asset allocations under the plan asset management are determined based on plan asset management policies of each plan which are established to achieve the optimized asset compositions in terms of the long-term overall plan asset management. In Japanese plans, excepting equity securities contributed by Toyota, approximately 50% of the plan assets is invested in equity securities, approximately 30% is invested in debt securities, and the rest of them is invested in insurance contracts and other products. In Foreign plans, excepting equity securities contributed by Toyota, approximately 60% of the plan assets is invested in equity securities, approximately 30% is invested in debt securities, and the rest of them is invested in other products. When actual allocations are not in line with target allocations, Toyota rebalances its investments in accordance with the policies. Prior to making individual investments, Toyota performs in-depth assessments of corresponding factors including category of products, industry type, currencies and liquidity of each potential investment under consideration to mitigate concentrations of risks such as market risk and foreign currency exchange rate risk. To assess performance of the investments, Toyota establishes bench mark return rates for each individual investment, combines these individual bench mark rates based on the asset composition ratios within each asset category, and compares the combined rates with the corresponding actual return rates on each asset category.

The following table summarizes the fair value of classes of plan assets as of March 31, 2014 and 2015. See note 26 to the consolidated financial statements for three levels of input which are used to measure fair value.

Japanese plans

	Yen in millions
	March 31, 2014
	Level 1		Level 2		Level 3		Total
Equity securities
Common stocks		511,828		—		—		511,828
Commingled funds		—		185,599		—		185,599
		511,828		185,599		—		697,427
Debt securities
Government bonds		90,071		—		—		90,071
Commingled funds		—		229,421		—		229,421
Other		—		24,028		322		24,350
		90,071		253,449		322		343,842
Insurance contracts		—		132,810		—		132,810
Other		18,838		3,789		47,760		70,387
Total		620,737		575,647		48,082		1,244,466

F-46

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

	Yen in millions
	March 31, 2015
	Level 1		Level 2		Level 3		Total
Equity securities
Common stocks		603,293		—		—		603,293
Commingled funds		—		163,543		—		163,543
		603,293		163,543		—		766,836
Debt securities
Government bonds		91,348		—		—		91,348
Commingled funds		—		247,261		—		247,261
Other		—		23,267		233		23,500
		91,348		270,528		233		362,109
Insurance contracts		—		175,068		—		175,068
Other		23,549		70,133		50,107		143,789
Total		718,190		679,272		50,340		1,447,802

Foreign plans

	Yen in millions
	March 31, 2014
	Level 1		Level 2		Level 3		Total
Equity securities
Common stocks		221,988		—		—		221,988
Commingled funds		—		125,840		—		125,840
		221,988		125,840		—		347,828
Debt securities
Government bonds		54,086		—		—		54,086
Commingled funds		—		45,887		—		45,887
Other		3,004		44,964		—		47,968
		57,090		90,851		—		147,941
Insurance contracts		—		—		—		—
Other		31,053		6,294		47,866		85,213
Total		310,131		222,985		47,866		580,982

F-47

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

	Yen in millions
	March 31, 2015
	Level 1		Level 2		Level 3		Total
Equity securities
Common stocks		244,542		—		—		244,542
Commingled funds		—		177,115		—		177,115
		244,542		177,115		—		421,657
Debt securities
Government bonds		67,534		—		—		67,534
Commingled funds		—		71,712		—		71,712
Other		3,691		52,501		—		56,192
		71,225		124,213		—		195,438
Insurance contracts		—		—		—		—
Other		16,839		12,764		66,830		96,433
Total		332,606		314,092		66,830		713,528

The following is description of the assets, information about the valuation techniques used to measure fair value, key inputs and significant assumptions:

Quoted market prices for identical securities are used to measure fair value of common stocks. Common stocks include 71% of Japanese stocks and 29% of foreign stocks as of March 31, 2014, and 77% of Japanese stocks and 23% of foreign stocks as of March 31, 2015 in Japanese plans. Common stocks include mainly foreign stocks as of March 31, 2014 and 2015 in Foreign plans.

Quoted market prices for identical securities are used to measure fair value of government bonds. Government bonds include 44% of Japanese government bonds and 56% of foreign government bonds as of March 31, 2014, and 36% of Japanese government bonds and 64% of foreign government bonds as of March 31, 2015 in Japanese plans. Government bonds include mainly foreign government bonds as of March 31, 2014 and 2015 in Foreign plans.

Commingled funds are beneficial interests of collective trust. The fair values of commingled funds are measured using the net asset value (“NAV”) provided by the administrator of the fund, and are categorized by the ability to redeem investments at the measurement day.

The fair values of insurance contracts are measured using contracted amount with accrued interest.

“Other” consists of cash equivalents, other private placement investment funds and other assets. The fair values of other private placement investment funds are measured using the NAV provided by the administrator of the fund, and are categorized by the ability to redeem investments at the measurement day.

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TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

The following tables summarize the changes in Level 3 plan assets measured at fair value for the years ended March 31, 2013, 2014 and 2015:

Japanese plans

	Yen in millions
	For the years ended March 31,
	2013							2014							2015
	Debt securities			Other		Total		Debt securities			Other		Total		Debt securities			Other		Total
Balance at beginning of year		591			40,065		40,656		441			41,535		41,976		322			47,760		48,082
Actual return on plan assets		3			438		441		2			3,583		3,585		2			1,169		1,171
Purchases, sales and settlements		(153	)		1,032		879		(121	)		2,642		2,521		(91	)		1,178		1,087
Other		—			—		—		—			—		—		—			—		—
Balance at end of year		441			41,535		41,976		322			47,760		48,082		233			50,107		50,340

Foreign plans

	Yen in millions
	For the years ended March 31,
	2013		2014		2015
	Other		Other		Other
Balance at beginning of year		31,377		40,607		47,866
Actual return on plan assets		2,472		791		4,699
Purchases, sales and settlements		2,599		1,987		7,698
Other		4,159		4,481		6,567
Balance at end of year		40,607		47,866		66,830

Toyota expects to contribute ¥37,836 million in Japanese plans and ¥13,452 million in Foreign plans to its pension plans in the year ending March 31, 2016.

The following pension benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

	Yen in millions
Years ending March 31,	Japanese plans		Foreign plans
2016		69,606		12,977
2017		69,709		13,896
2018		70,611		14,947
2019		77,296		16,375
2020		78,321		17,604
from 2021 to 2025		416,805		108,976
Total		782,348		184,775

Postretirement benefits other than pensions and postemployment benefits -

Toyota’s U.S. subsidiaries provide certain health care and life insurance benefits to eligible retired employees. In addition, Toyota provides benefits to certain former or inactive employees after employment, but

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TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

before retirement. These benefits are provided through various insurance companies, health care providers and others. The costs of these benefits are recognized over the period the employee provides credited service to Toyota. Toyota’s obligations under these arrangements are not material.

20. Derivative financial instruments:

Toyota employs derivative financial instruments, including foreign exchange forward contracts, foreign currency options, interest rate swaps, interest rate currency swap agreements and interest rate options to manage its exposure to fluctuations in interest rates and foreign currency exchange rates. Toyota does not use derivatives for speculation or trading.

Fair value hedges -

Toyota enters into interest rate swaps and interest rate currency swap agreements mainly to convert its fixed-rate debt to variable-rate debt. Toyota uses interest rate swap agreements in managing interest rate risk exposure. Interest rate swap agreements are executed as either an integral part of specific debt transactions or on a portfolio basis. Toyota uses interest rate currency swap agreements to hedge exposure to currency exchange rate fluctuations on principal and interest payments for borrowings denominated in foreign currencies. Notes and loans payable issued in foreign currencies are hedged by concurrently executing interest rate currency swap agreements, which involve the exchange of foreign currency principal and interest obligations for each functional currency obligations at agreed-upon currency exchange and interest rates.

For the years ended March 31, 2013, 2014 and 2015, the ineffective portion of Toyota’s fair value hedge relationships was not material. For fair value hedging relationships, the components of each derivative’s gain or loss are included in the assessment of hedge effectiveness.

Undesignated derivative financial instruments -

Toyota uses foreign exchange forward contracts, foreign currency options, interest rate swaps, interest rate currency swap agreements, and interest rate options, to manage its exposure to foreign currency exchange rate fluctuations and interest rate fluctuations from an economic perspective, and for which Toyota is unable to or has elected not to apply hedge accounting.

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TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Fair value and gains or losses on derivative financial instruments -

The following table summarizes the fair values of derivative financial instruments as of March 31, 2014 and 2015:

	Yen in millions
	March 31,
	2014			2015
Derivative assets
Derivative financial instruments designated as hedging instruments
Interest rate and currency swap agreements
Prepaid expenses and other current assets		1,254			527
Investments and other assets - Other		36,572			2,880
Total		37,826			3,407
Undesignated derivative financial instruments
Interest rate and currency swap agreements
Prepaid expenses and other current assets		23,182			57,915
Investments and other assets - Other		159,644			242,404
Total		182,826			300,319
Foreign exchange forward and option contracts
Prepaid expenses and other current assets		7,052			35,594
Investments and other assets - Other		—			—
Total		7,052			35,594
Total derivative assets		227,704			339,320
Counterparty netting		(85,331	)		(117,794	)
Collateral received		(78,554	)		(76,891	)
Carrying value of derivative assets		63,819			144,635
Derivative liabilities
Derivative financial instruments designated as hedging instruments
Interest rate and currency swap agreements
Other current liabilities		(1,442	)		(4,793	)
Other long-term liabilities		—			(401	)
Total		(1,442	)		(5,194	)
Undesignated derivative financial instruments
Interest rate and currency swap agreements
Other current liabilities		(32,569	)		(94,801	)
Other long-term liabilities		(132,161	)		(253,428	)
Total		(164,730	)		(348,229	)
Foreign exchange forward and option contracts
Other current liabilities		(9,468	)		(7,307	)
Other long-term liabilities		(5	)		(1	)
Total		(9,473	)		(7,308	)
Total derivative liabilities		(175,645	)		(360,731	)
Counterparty netting		85,331			117,794
Collateral posted		61,680			213,937
Carrying value of derivative liabilities		(28,634	)		(29,000	)

F-51

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

The following table summarizes the notional amounts of derivative financial instruments as of March 31, 2014 and 2015:

	Yen in millions
	March 31,
	2014				2015
	Designated derivative financial instruments		Undesignated derivative financial instruments		Designated derivative financial instruments		Undesignated derivative financial instruments
Interest rate and currency swap agreements		151,704		15,135,193		85,561		18,634,479
Foreign exchange forward and option contracts		—		1,965,611		—		2,625,106
Total		151,704		17,100,804		85,561		21,259,585

The following table summarizes the gains and losses on derivative financial instruments and hedged items reported in the consolidated statements of income for the years ended March 31, 2013, 2014 and 2015:

	Yen in millions
	For the years ended March 31,
	2013					2014					2015
	Gains or (losses) on derivative financial instruments			Gains or (losses) on hedged items		Gains or (losses) on derivative financial instruments			Gains or (losses) on hedged items		Gains or (losses) on derivative financial instruments			Gains or (losses) on hedged items
Derivative financial instruments designated as hedging instruments
Interest rate and currency swap agreements
Cost of financing operations		(23,965	)		24,738		(2,719	)		3,106		(15,488	)		15,595
Undesignated derivative financial instruments
Interest rate and currency swap agreements
Cost of financing operations		(24,204	)				199					(57,015	)
Foreign exchange gain (loss), net		1,617					(2,862	)				6,459
Foreign exchange forward and option contracts
Cost of financing operations		(4,572	)				20,333					31,738
Foreign exchange gain (loss), net		(49,239	)				(930	)				(4,108	)

Undesignated derivative financial instruments are used to manage economic risks of fluctuations in foreign currency exchange rates and interest rates of certain receivables and payables. Those economic risks are offset by changes in the fair value of undesignated derivative financial instruments.

Cash flows from transactions of derivative financial instruments are included in cash flows from operating activities in the consolidated statements of cash flows.

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TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Credit risk related contingent features -

Toyota enters into International Swaps and Derivatives Association Master Agreements with counterparties. These Master Agreements contain a provision requiring either Toyota or the counterparty to settle the contract or to post assets to the other party in the event of a ratings downgrade below a specified threshold.

The aggregate fair value amount of derivative financial instruments that contain credit risk related contingent features that are in a net liability position after being offset by cash collateral as of March 31, 2015 is ¥13,994 million. The aggregate fair value amount of assets that are already posted as cash collateral as of March 31, 2015 is ¥203,568 million. If the ratings of Toyota decline below specified thresholds, the maximum amount of assets to be posted or for which Toyota could be required to settle the contracts is ¥13,994 million as of March 31, 2015.

21. Other financial instruments:

Toyota has certain financial instruments, including financial assets and liabilities which arose in the normal course of business. These financial instruments are executed with creditworthy financial institutions, and virtually all foreign currency contracts are denominated in U.S. dollars, euros and other currencies of major developed countries. Financial instruments involve, to varying degrees, market risk as instruments are subject to price fluctuations, and elements of credit risk in the event a counterparty should default. In the unlikely event the counterparties fail to meet the contractual terms of a foreign currency or an interest rate instrument, Toyota’s risk is limited to the fair value of the instrument. Although Toyota may be exposed to losses in the event of non-performance by counterparties on financial instruments, it does not anticipate significant losses due to the nature of its counterparties. Counterparties to Toyota’s financial instruments represent, in general, international financial institutions. Additionally, Toyota does not have a significant exposure to any individual counterparty. Toyota believes that the overall credit risk related to its financial instruments is not significant.

The following table summarizes the estimated fair values of Toyota’s financial instruments, excluding marketable securities, other securities investments, investments and other assets in affiliated companies and derivative financial instruments. See note 26 to the consolidated financial statements for three levels of input which are used to measure fair value.

	Yen in millions
	March 31, 2014
	Carrying amount			Estimated fair value
				Level 1		Level 2			Level 3			Total
Assets (Liabilities)
Cash and cash equivalents		2,041,170			1,639,624		401,546			—			2,041,170
Time deposits		180,207			—		180,207			—			180,207
Total finance receivables, net		12,775,669			—		—			13,058,756			13,058,756
Other receivables		351,182			—		—			351,182			351,182
Short-term borrowings		(4,830,820	)		—		(4,830,820	)		—			(4,830,820	)
Long-term debt including the current portion		(11,474,777	)		—		(10,410,754	)		(1,204,668	)		(11,615,422	)

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TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

	Yen in millions
	March 31, 2015
				Estimated fair value
	Carrying amount			Level 1		Level 2			Level 3			Total
Assets (Liabilities)
Cash and cash equivalents		2,284,557			1,936,070		348,487			—			2,284,557
Time deposits		149,321			—		149,321			—			149,321
Total finance receivables, net		14,437,459			—		—			14,656,825			14,656,825
Other receivables		420,708			—		—			420,708			420,708
Short-term borrowings		(5,048,188	)		—		(5,044,376	)		(3,812	)		(5,048,188	)
Long-term debt including the current portion		(13,910,240	)		—		(12,589,871	)		(1,568,144	)		(14,158,015	)

Cash and cash equivalents and time deposits -

In the normal course of business, substantially all cash and cash equivalents and time deposits are highly liquid and are carried at amounts which approximate fair value due to its short duration. Cash equivalents and time deposits include negotiable certificate of deposit measured at fair value on a recurring basis. Where money market funds produce a daily net asset value in an active market, this value is used to determine the fair value of the fund investment, and the investment is classified in Level 1. All other types of cash and cash equivalents and time deposits are classified in Level 2.

Finance receivables, net -

The fair values of finance receivables are estimated by discounting expected cash flows to present value using internal assumptions, including prepayment speeds, expected credit losses and collateral value. Certain impaired finance receivables are measured at fair value on a nonrecurring basis based on collateral values.

As unobservable inputs are utilized, finance receivables are classified in Level 3.

Other receivables -

Other receivables are short-term receivables. These receivables are carried at amounts which approximate fair value, and the difference between the carrying amount and the fair value is not material. These receivables are classified in Level 3.

Short-term borrowings and long-term debt -

The fair values of short-term borrowings and long-term debt including the current portion, except for secured loans provided by securitization transactions using special-purpose entities, are estimated based on the discounted amounts of future cash flows using Toyota’s current borrowing rates for similar liabilities. As these inputs are observable, these debts are classified in Level 2.

The fair values of the secured loans provided by securitization transactions are estimated based on current market rates and credit spreads for debt with similar maturities. Internal assumptions including prepayment speeds and expected credit losses are used to estimate the timing of cash flows to be paid on the underlying securitized assets. As these valuations utilize unobservable inputs, the secured loans are classified in Level 3. See note 12 to the consolidated financial statements for information regarding the secured loans.

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TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

22. Lease commitments:

Toyota leases certain assets under capital lease and operating lease arrangements.

An analysis of leased assets under capital leases is as follows:

	Yen in millions
	March 31,
	2014			2015
Class of property
Building		15,828			15,872
Machinery and equipment		30,770			30,764
Less - Accumulated depreciation		(24,985	)		(27,647	)
		21,613			18,989

Amortization expenses under capital leases for the years ended March 31, 2013, 2014 and 2015 were ¥5,265 million, ¥5,151 million and ¥4,348 million, respectively.

Future minimum lease payments under capital leases together with the present value of the net minimum lease payments as of March 31, 2015 are as follows:

Years ending March 31,	Yen in millions
2016		4,558
2017		3,442
2018		2,585
2019		2,258
2020		1,757
Thereafter		10,498
Total minimum lease payments		25,098
Less - Amount representing interest		(5,639	)
Present value of net minimum lease payments		19,459
Less - Current obligations		(3,743	)
Long-term capital lease obligations		15,716

Rental expenses under operating leases for the years ended March 31, 2013, 2014 and 2015 were ¥90,081 million, ¥94,613 million and ¥98,479 million, respectively.

The minimum rental payments required under operating leases relating primarily to land, buildings and equipment having initial or remaining non-cancelable lease terms in excess of one year at March 31, 2015 are as follows:

Years ending March 31,	Yen in millions
2016		14,765
2017		12,343
2018		10,540
2019		7,361
2020		5,461
Thereafter		25,904
Total minimum future rentals		76,374

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TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

23. Other commitments and contingencies, concentrations and factors that may affect future operations:

Commitments

Commitments outstanding as of March 31, 2015 for the purchase of property, plant and equipment, other assets and services totaled ¥325,555 million.

Guarantees

Toyota enters into contracts with Toyota dealers to guarantee customers’ payments of their installment payables that arise from installment contracts between customers and Toyota dealers, as and when requested by Toyota dealers. Guarantee periods are set to match maturity of installment payments, and as of March 31, 2015, range from 1 month to 35 years; however, they are generally shorter than the useful lives of products sold. Toyota is required to execute its guarantee primarily when customers are unable to make required payments.

The maximum potential amount of future payments as of March 31, 2015 is ¥2,238,185 million. Liabilities for guarantees totaling ¥6,531 million have been provided as of March 31, 2015. Under these guarantee contracts, Toyota is entitled to recover any amount paid by Toyota from the customers whose original obligations Toyota has guaranteed.

Legal proceedings

From time-to-time, Toyota issues vehicle recalls and takes other safety measures including safety campaigns relating to its vehicles. In 2009 and 2010, Toyota issued safety campaigns related to the risk of floor mat entrapment of accelerator pedals and vehicle recalls related to slow-to-return or sticky accelerator pedals. Following some of these recalls and other safety measures, a large number of putative class actions and individual lawsuits were brought against Toyota, alleging that certain Toyota, Lexus and Scion vehicles contained defects that led to unintended acceleration. The class actions and individual lawsuits related to economic loss were resolved by a settlement which was approved by the United States District Court for the Central District of California in July 2013, and the settlement of those claims is final.

There were also several government investigations related to unintended acceleration. The last of these to be resolved was the investigation initiated by the U.S. Attorney for the Southern District of New York in February 2010. In March 2014, Toyota announced that it entered into a deferred prosecution agreement (“DPA”) with the U.S. Attorney’s Office to resolve its investigation. The DPA provided for a $1.2 billion payment to the U.S. government, and Toyota recorded a $1.2 billion charge against earnings in fiscal 2014. Pursuant to the DPA, an independent monitor was appointed to review and assess policies and procedures relating to Toyota’s safety communications process, its process for sharing vehicle accident information internally and its process for preparing and sharing certain technical reports.

In 2010, there was a recall related to the software program that controls the antilock braking system in certain models including the Prius, which led to putative class action lawsuits on behalf of owners of recalled vehicles and owners of vehicles which were not recalled. These cases were consolidated into two actions, one in the United States District Court for the Central District of California and one in the Los Angeles County Superior Court. In January 2013, the United States District Court for the Central District of California denied the plaintiff’s motion for class certification and granted summary judgment in Toyota’s favor resolving the claims related to the recalled vehicles, and in July 2013, the United States District Court for the Central District of California denied the plaintiff’s motion for class certification and granted summary judgment in Toyota’s favor regarding the claims related to the non-recalled vehicles. Proceedings involving the recalled vehicles in both courts have concluded. The ruling of the United States District Court for the Central District of California related to the non-recalled vehicles has been appealed.

F-56

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Product liability personal injury claims related to the floor mat entrapment of accelerator pedals and slow-to-return or sticky accelerator pedal cases are pending in several consolidated cases in federal and state courts, as well as in individual cases in various other states. The judges in the consolidated federal action and the consolidated California state action have approved an Intensive Settlement Process (“ISP”) for such claims in those actions. Under the ISP, all individual claims within the consolidated actions are stayed pending completion of a process to assess whether they can be resolved on terms acceptable to the parties. Cases not resolved after completion of the ISP will then proceed to discovery and toward trial. Toyota has offered the ISP process to plaintiffs in other consolidated actions and in individual cases, as well.

Toyota has been named as a defendant in 27 economic loss class action lawsuits, which have been consolidated for pretrial purposes in the United States District Court for the Southern District of Florida, arising out of allegations that Takata airbags installed in Toyota vehicles are defective. These lawsuits are at a very early stage.

Toyota also has various other legal actions, other governmental proceedings and other claims pending against it, including other product liability claims in the United States.

Beyond the amounts accrued with respect to all aforementioned matters, Toyota is unable to estimate a range of reasonably possible loss, if any, for the pending legal matters because (i) many of the proceedings are in evidence gathering stages, (ii) significant factual issues need to be resolved, (iii) the legal theory or nature of the claims is unclear, (iv) the outcome of future motions or appeals is unknown and/or (v) the outcomes of other matters of these types vary widely and do not appear sufficiently similar to offer meaningful guidance. Based upon information currently available to Toyota, however, Toyota believes that its losses from these matters, if any, beyond the amounts accrued, would not have a material adverse effect on Toyota’s financial position, results of operations or cash flows.

Toyota purchases materials that are equivalent to approximately 10% of material costs from a supplier which is an affiliated company.

The parent company has a concentration of labor supply in employees working under collective bargaining agreements and a substantial portion of these employees are working under the agreement that will expire on December 31, 2017.

24. Segment data:

The operating segments reported below are the segments of Toyota for which separate financial information is available and for which operating income/loss amounts are evaluated regularly by executive management in deciding how to allocate resources and in assessing performance.

The major portions of Toyota’s operations on a worldwide basis are derived from the Automotive and Financial Services business segments. The Automotive segment designs, manufactures and distributes sedans, minivans, compact cars, sport-utility vehicles, trucks and related parts and accessories. The Financial Services segment consists primarily of financing, and vehicle and equipment leasing operations to assist in the merchandising of the parent company and its affiliated companies products as well as other products. The All Other segment includes the design, manufacturing and sales of housing, telecommunications and other businesses.

F-57

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

The following tables present certain information regarding Toyota’s industry or geographic segments and overseas revenues by destination as of and for the years ended March 31, 2013, 2014 and 2015.

Segment operating results and assets -

As of and for the year ended March 31, 2013:

	Yen in millions
	Automotive		Financial Services		All Other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Net revenues
Sales to external customers		20,378,762		1,150,042		535,388		—			22,064,192
Inter-segment sales and transfers		40,338		20,628		531,073		(592,039	)		—
Total		20,419,100		1,170,670		1,066,461		(592,039	)		22,064,192
Operating expenses		19,474,396		854,850		1,012,845		(598,787	)		20,743,304
Operating income		944,704		315,820		53,616		6,748			1,320,888
Assets		13,179,741		16,231,473		1,310,115		4,761,988			35,483,317
Investment in equity method investees		2,033,040		4,925		6,968		57,651			2,102,584
Depreciation expenses		745,880		336,528		22,701		—			1,105,109
Capital expenditure		937,695		1,005,326		29,286		1,845			1,974,152

As of and for the year ended March 31, 2014:

	Yen in millions
	Automotive		Financial Services		All Other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Net revenues
Sales to external customers		23,733,855		1,379,267		578,789		—			25,691,911
Inter-segment sales and transfers		47,549		41,780		572,491		(661,820	)		—
Total		23,781,404		1,421,047		1,151,280		(661,820	)		25,691,911
Operating expenses		21,842,626		1,126,156		1,087,010		(655,993	)		23,399,799
Operating income		1,938,778		294,891		64,270		(5,827	)		2,292,112
Assets		14,275,376		18,943,587		1,597,297		6,621,213			41,437,473
Investment in equity method investees		2,343,217		7,129		9,418		69,812			2,429,576
Depreciation expenses		789,266		437,896		23,691		—			1,250,853
Capital expenditure		1,044,510		1,624,944		39,930		(30,693	)		2,678,691

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TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

As of and for the year ended March 31, 2015:

	Yen in millions
	Automotive		Financial Services		All Other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Net revenues
Sales to external customers		25,006,224		1,621,685		606,612		—			27,234,521
Inter-segment sales and transfers		55,905		39,464		649,179		(744,548	)		—
Total		25,062,129		1,661,149		1,255,791		(744,548	)		27,234,521
Operating expenses		22,736,819		1,299,316		1,190,141		(742,319	)		24,483,957
Operating income		2,325,310		361,833		65,650		(2,229	)		2,750,564
Assets		15,897,022		22,378,941		1,889,433		7,564,434			47,729,830
Investment in equity method investees		2,588,127		8,801		10,000		84,294			2,691,222
Depreciation expenses		819,280		564,619		25,176		—			1,409,075
Capital expenditure		1,262,670		2,086,481		39,503		(31,086	)		3,357,568

Geographic Information -

As of and for the year ended March 31, 2013:

	Yen in millions
	Japan		North America		Europe		Asia		Other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Net revenues
Sales to external customers		7,910,456		6,167,821		2,003,113		4,058,629		1,924,173		—			22,064,192
Inter-segment sales and transfers		4,910,562		116,604		80,000		326,847		170,092		(5,604,105	)		—
Total		12,821,018		6,284,425		2,083,113		4,385,476		2,094,265		(5,604,105	)		22,064,192
Operating expenses		12,244,683		6,062,500		2,056,651		4,009,421		1,960,521		(5,590,472	)		20,743,304
Operating income		576,335		221,925		26,462		376,055		133,744		(13,633	)		1,320,888
Assets		12,296,731		11,841,471		2,199,256		3,305,319		2,616,164		3,224,376			35,483,317
Long-lived assets		2,929,346		2,633,067		288,288		590,021		410,517		—			6,851,239

F-59

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

As of and for the year ended March 31, 2014:

	Yen in millions
	Japan		North America		Europe		Asia		Other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Net revenues
Sales to external customers		8,532,875		7,938,615		2,614,070		4,475,382		2,130,969		—			25,691,911
Inter-segment sales and transfers		5,764,595		178,484		110,889		402,290		205,672		(6,661,930	)		—
Total		14,297,470		8,117,099		2,724,959		4,877,672		2,336,641		(6,661,930	)		25,691,911
Operating expenses		12,787,305		7,791,047		2,666,731		4,481,935		2,294,073		(6,621,292	)		23,399,799
Operating income		1,510,165		326,052		58,228		395,737		42,568		(40,638	)		2,292,112
Assets		13,231,184		13,720,958		2,576,806		4,013,429		2,731,695		5,163,401			41,437,473
Long-lived assets		2,945,247		3,276,273		318,872		725,924		374,982		—			7,641,298

As of and for the year ended March 31, 2015:

	Yen in millions
	Japan		North America		Europe		Asia		Other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Net revenues
Sales to external customers		8,338,881		9,430,450		2,690,803		4,531,178		2,243,209		—			27,234,521
Inter-segment sales and transfers		6,064,986		247,146		157,491		450,062		206,029		(7,125,714	)		—
Total		14,403,867		9,677,596		2,848,294		4,981,240		2,449,238		(7,125,714	)		27,234,521
Operating expenses		12,832,391		9,093,077		2,767,176		4,559,458		2,337,729		(7,105,874	)		24,483,957
Operating income		1,571,476		584,519		81,118		421,782		111,509		(19,840	)		2,750,564
Assets		14,466,432		16,961,700		2,640,054		4,753,850		2,903,474		6,004,320			47,729,830
Long-lived assets		3,062,463		4,632,536		301,736		874,207		424,777		—			9,295,719

“Other” consists of Central and South America, Oceania, Africa and the Middle East.

Revenues are attributed to geographies based on the country location of the parent company or the subsidiary that transacted the sale with the external customer.

There are no any individually material countries with respect to revenues, and long-lived assets included in other foreign countries.

Unallocated amounts included in assets represent assets held for corporate purposes, which mainly consist of cash and cash equivalents and marketable securities. Such corporate assets were ¥5,599,970 million, ¥7,659,617 million and ¥8,742,168 million, as of March 31, 2013, 2014 and 2015, respectively.

F-60

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Transfers between industry or geographic segments are made at amounts which Toyota’s management believes approximate arm’s-length transactions. In measuring the reportable segments’ income or losses, operating income consists of revenue less operating expenses.

Overseas revenues by destination -

The following information shows revenues that are attributed to countries based on location of customers, excluding customers in Japan. In addition to the disclosure requirements under U.S.GAAP, Toyota discloses this information in order to provide financial statements users with valuable information.

	Yen in millions
	For the years ended March 31,
	2013		2014		2015
North America		6,790,453		7,919,832		9,405,305
Europe		1,901,118		2,495,829		2,555,368
Asia		3,940,175		4,252,632		4,231,077
Other		3,929,775		4,616,944		4,947,169

“Other” consists of Central and South America, Oceania, Africa and the Middle East, etc.

F-61

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Certain financial statements data on non-financial services and financial services businesses -

The financial data below presents separately Toyota’s non-financial services and financial services businesses.

Balance sheets -

	Yen in millions
	March 31,
	2014			2015
Assets
Non-Financial Services Businesses
Current assets
Cash and cash equivalents		1,411,860			1,680,994
Marketable securities		1,770,142			2,251,581
Trade accounts and notes receivable, less allowance for doubtful accounts		2,102,495			2,178,984
Inventories		1,894,536			2,137,021
Prepaid expenses and other current assets		1,689,497			1,898,558
Total current assets		8,868,530			10,147,138
Investments and other assets		9,524,349			10,765,747
Property, plant and equipment		4,886,194			5,346,553
Total Non-Financial Services Businesses assets		23,279,073			26,259,438
Financial Services Business
Current assets
Cash and cash equivalents		629,310			603,563
Marketable securities		276,735			530,518
Finance receivables, net		5,628,934			6,269,862
Prepaid expenses and other current assets		903,022			1,007,249
Total current assets		7,438,001			8,411,192
Noncurrent finance receivables, net		8,102,294			9,202,531
Investments and other assets		648,188			816,052
Property, plant and equipment		2,755,104			3,949,166
Total Financial Services Business assets		18,943,587			22,378,941
Eliminations		(785,187	)		(908,549	)
Total assets		41,437,473			47,729,830

Assets in the non-financial services include unallocated corporate assets.

F-62

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

	Yen in millions
	March 31,
	2014			2015
Liabilities
Non-Financial Services Businesses
Current liabilities
Short-term borrowings		587,809			567,566
Current portion of long-term debt		131,215			116,496
Accounts payable		2,180,190			2,372,354
Accrued expenses		2,218,495			2,567,998
Income taxes payable		583,115			338,680
Other current liabilities		1,283,730			1,437,114
Total current liabilities		6,984,554			7,400,208
Long-term liabilities
Long-term debt		526,498			564,746
Accrued pension and severance costs		756,229			866,930
Other long-term liabilities		1,506,806			1,872,881
Total long-term liabilities		2,789,533			3,304,557
Total Non-Financial Services Businesses liabilities		9,774,087			10,704,765
Financial Services Business
Current liabilities
Short-term borrowings		4,610,449			4,849,826
Current portion of long-term debt		2,834,445			3,830,413
Accounts payable		45,687			45,195
Accrued expenses		108,953			116,868
Income taxes payable		11,714			10,106
Other current liabilities		685,278			802,666
Total current liabilities		8,296,526			9,655,074
Long-term liabilities
Long-term debt		8,084,565			9,526,991
Accrued pension and severance costs		11,389			13,363
Other long-term liabilities		840,218			1,091,616
Total long-term liabilities		8,936,172			10,631,970
Total Financial Services Business liabilities		17,232,698			20,287,044
Eliminations		(788,299	)		(909,308	)
Total liabilities		26,218,486			30,082,501
Total Toyota Motor Corporation shareholders’ equity		14,469,148			16,788,131
Noncontrolling interests		749,839			859,198
Total shareholders’ equity		15,218,987			17,647,329
Total liabilities and shareholders’ equity		41,437,473			47,729,830

F-63

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Statements of income -

	Yen in millions
	For the years ended March 31,
	2013			2014			2015
Non-Financial Services Businesses
Net revenues		20,943,634			24,343,613			25,643,508
Costs and expenses
Cost of revenues		18,034,256			20,004,553			20,933,168
Selling, general and administrative		1,899,997			2,334,404			2,319,262
Total costs and expenses		19,934,253			22,338,957			23,252,430
Operating income		1,009,381			2,004,656			2,391,078
Other income (expense), net		79,837			140,067			136,797
Income before income taxes and equity in earnings of affiliated companies		1,089,218			2,144,723			2,527,875
Provision for income taxes		436,223			669,173			763,445
Equity in earnings of affiliated companies		230,078			316,612			306,749
Net income		883,073			1,792,162			2,071,179
Less - Net income attributable to noncontrolling interests		(119,359	)		(164,709	)		(130,172	)
Net income attributable to Toyota Motor Corporation - Non-Financial Services Businesses		763,714			1,627,453			1,941,007
Financial Services Business
Net revenues		1,170,670			1,421,047			1,661,149
Costs and expenses
Cost of revenues		633,306			840,905			955,380
Selling, general and administrative		221,544			285,251			343,936
Total costs and expenses		854,850			1,126,156			1,299,316
Operating income		315,820			294,891			361,833
Other income (expense), net		(970	)		1,451			3,190
Income before income taxes and equity in earnings of affiliated companies		314,850			296,342			365,023
Provision for income taxes		116,033			98,589			130,049
Equity in earnings of affiliated companies		1,441			1,764			1,796
Net income		200,258			199,517			236,770
Less - Net income attributable to noncontrolling interests		(1,961	)		(3,819	)		(4,417	)
Net income attributable to Toyota Motor Corporation - Financial Services Business		198,297			195,698			232,353
Eliminations		152			(32	)		(22	)
Net income attributable to Toyota Motor Corporation		962,163			1,823,119			2,173,338

F-64

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Statements of cash flows -

	Yen in millions									Yen in millions
	For the year ended March 31, 2013									For the year ended March 31, 2014
	Non-Financial Services Businesses			Financial Services Business			Consolidated			Non-Financial Services Businesses			Financial Services Business			Consolidated
Cash flows from operating activities
Net income		883,073			200,258			1,083,482			1,792,162			199,517			1,991,648
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation		768,581			336,528			1,105,109			812,957			437,896			1,250,853
Provision for doubtful accounts and credit losses		1,745			25,622			27,367			3,405			46,313			49,718
Pension and severance costs, less payments		(23,514	)		3,085			(20,429	)		21,842			(1,188	)		20,654
Losses on disposal of fixed assets		32,005			216			32,221			27,925			732			28,657
Unrealized losses on available-for-sale securities, net		2,104			—			2,104			560			5,636			6,197
Deferred income taxes		89,834			70,743			160,008			(108,318	)		51,995			(56,279	)
Equity in earnings of affiliated companies		(230,078	)		(1,441	)		(231,519	)		(316,612	)		(1,764	)		(318,376	)
Changes in operating assets and liabilities, and other		472,514			32,066			292,973			1,010,360			(269,875	)		672,963
Net cash provided by operating activities		1,996,264			667,077			2,451,316			3,244,281			469,262			3,646,035
Cash flows from investing activities
Additions to finance receivables		—			(16,877,678	)		(10,004,928	)		—			(20,598,521	)		(11,953,064	)
Collection of and proceeds from sales of finance receivables		—			15,784,681			9,102,856			—			19,612,456			11,025,353
Additions to fixed assets excluding equipment leased to others		(839,756	)		(14,805	)		(854,561	)		(956,232	)		(13,789	)		(970,021	)
Additions to equipment leased to others		(129,070	)		(990,521	)		(1,119,591	)		(97,515	)		(1,611,155	)		(1,708,670	)
Proceeds from sales of fixed assets excluding equipment leased to others		38,051			1,140			39,191			38,311			880			39,191
Proceeds from sales of equipment leased to others		68,571			464,870			533,441			35,995			708,344			744,339
Purchases of marketable securities and security investments		(2,980,821	)		(431,602	)		(3,412,423	)		(4,227,802	)		(510,476	)		(4,738,278	)
Proceeds from sales of and maturity of marketable securities and security investments		2,285,566			383,525			2,669,091			2,813,373			505,954			3,319,327
Payment for additional investments in affiliated companies, net of cash acquired		16,216			—			16,216			6,603			—			6,603
Changes in investments and other assets, and other		17,206			(77,848	)		3,396			(125,353	)		(4,607	)		(101,028	)
Net cash used in investing activities		(1,524,037	)		(1,758,238	)		(3,027,312	)		(2,512,620	)		(1,910,914	)		(4,336,248	)
Cash flows from financing activities
Proceeds from issuance of long-term debt		182,114			3,089,484			3,191,223			121,723			3,780,228			3,890,310
Payments of long-term debt		(328,380	)		(2,415,566	)		(2,682,136	)		(169,233	)		(2,831,116	)		(2,988,923	)
Increase (decrease) in short-term borrowings		(162,782	)		388,416			201,261			21,808			465,731			467,976
Dividends paid to Toyota Motor Corporation shareholders		(190,008	)		—			(190,008	)		(396,030	)		—			(396,030	)
Dividends paid to noncontrolling interests		(45,640	)		—			(45,640	)		(63,065	)		—			(63,065	)
Reissuance (repurchase) of treasury stock		2,542			—			2,542			9,212			—			9,212
Net cash provided by (used in) financing activities		(542,154	)		1,062,334			477,242			(475,585	)		1,414,843			919,480
Effect of exchange rate changes on cash and cash equivalents		72,700			65,151			137,851			48,375			45,231			93,606
Net increase in cash and cash equivalents		2,773			36,324			39,097			304,451			18,422			322,873
Cash and cash equivalents at beginning of year		1,104,636			574,564			1,679,200			1,107,409			610,888			1,718,297
Cash and cash equivalents at end of year		1,107,409			610,888			1,718,297			1,411,860			629,310			2,041,170

F-65

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

	Yen in millions
	For the year ended March 31, 2015
	Non-Financial Services Businesses			Financial Services Business			Consolidated
Cash flows from operating activities
Net income		2,071,179			236,770			2,307,904
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation		844,456			564,619			1,409,075
Provision for doubtful accounts and credit losses		(1,598	)		80,567			78,969
Pension and severance costs, less payments		(5,263	)		2,102			(3,161	)
Losses on disposal of fixed assets		31,601			24			31,625
Unrealized losses on available-for-sale securities, net		2,565			13			2,578
Deferred income taxes		(114,122	)		87,260			(26,887	)
Equity in earnings of affiliated companies		(306,749	)		(1,796	)		(308,545	)
Changes in operating assets and liabilities, and other		356,269			(191,791	)		194,195
Net cash provided by operating activities		2,878,338			777,768			3,685,753
Cash flows from investing activities
Additions to finance receivables		—			(22,325,159	)		(13,126,596	)
Collection of and proceeds from sales of finance receivables		—			21,668,847			12,450,388
Additions to fixed assets excluding equipment leased to others		(1,133,102	)		(13,216	)		(1,146,318	)
Additions to equipment leased to others		(137,985	)		(2,073,265	)		(2,211,250	)
Proceeds from sales of fixed assets excluding equipment leased to others		40,032			1,515			41,547
Proceeds from sales of equipment leased to others		40,878			762,545			803,423
Purchases of marketable securities and security investments		(2,530,591	)		(663,703	)		(3,194,294	)
Proceeds from sales of and maturity of marketable securities and security investments		2,198,799			484,202			2,683,001
Payment for additional investments in affiliated companies, net of cash acquired		—			—			—
Changes in investments and other assets, and other		(114,094	)		(9,669	)		(113,391	)
Net cash used in investing activities		(1,636,063	)		(2,167,903	)		(3,813,490	)
Cash flows from financing activities
Proceeds from issuance of long-term debt		119,449			4,960,157			5,029,018
Payments of long-term debt		(100,627	)		(3,373,842	)		(3,462,237	)
Increase (decrease) in short-term borrowings		(47,026	)		(259,931	)		(288,724	)
Dividends paid to Toyota Motor Corporation shareholders		(554,933	)		—			(554,933	)
Dividends paid to noncontrolling interests		(69,295	)		—			(69,295	)
Reissuance (repurchase) of treasury stock		(347,784	)		—			(347,784	)
Net cash provided by (used in) financing activities		(1,000,216	)		1,326,384			306,045
Effect of exchange rate changes on cash and cash equivalents		27,075			38,004			65,079
Net increase (decrease) in cash and cash equivalents		269,134			(25,747	)		243,387
Cash and cash equivalents at beginning of year		1,411,860			629,310			2,041,170
Cash and cash equivalents at end of year		1,680,994			603,563			2,284,557

F-66

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

25. Per share amounts:

Reconciliations of the differences between basic and diluted net income attributable to Toyota Motor Corporation per share for the years ended March 31, 2013, 2014 and 2015 are as follows:

	Yen in millions			Thousands of shares		Yen
	Net income attributable to Toyota Motor Corporation			Weighted- average shares		Net income attributable to Toyota Motor Corporation per share
For the year ended March 31, 2013
Basic net income attributable to Toyota Motor Corporation per common share		962,163			3,166,909		303.82
Effect of dilutive securities
Assumed exercise of dilutive stock options		(32	)		246
Diluted net income attributable to Toyota Motor Corporation per common share		962,131			3,167,155		303.78
For the year ended March 31, 2014
Basic net income attributable to Toyota Motor Corporation per common share		1,823,119			3,168,989		575.30
Effect of dilutive securities
Assumed exercise of dilutive stock options		(85	)		1,922
Diluted net income attributable to Toyota Motor Corporation per common share		1,823,034			3,170,911		574.92
For the year ended March 31, 2015
Basic net income attributable to Toyota Motor Corporation per common share		2,173,338			3,158,851		688.02
Effect of dilutive securities
Assumed exercise of dilutive stock options		(42	)		1,578
Diluted net income attributable to Toyota Motor Corporation per common share		2,173,296			3,160,429		687.66

Stock options that were not included in the computation of diluted net income attributable to Toyota Motor Corporation per share for the years ended March 31, 2013, 2014 and 2015 were 8,682 thousand shares, 2,415 thousand shares and 733 thousand shares, respectively, because the options’ exercise prices were greater than the average market price per common share during the period.

In addition to the disclosure requirements under U.S.GAAP, Toyota discloses the information below in order to provide financial statements users with valuable information.

F-67

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

The following table shows Toyota Motor Corporation shareholders’ equity per share as of March 31, 2014 and 2015. Toyota Motor Corporation shareholders’ equity per share amounts are calculated by dividing Toyota Motor Corporation shareholders’ equities’ amount at the end of each period by the number of shares issued and outstanding, excluding treasury stock at the end of the corresponding period.

	Yen in millions		Thousands of shares		Yen
	Toyota Motor Corporation Shareholders’ equity		Shares issued and outstanding at the end of the year (excluding treasury stock)		Toyota Motor Corporation Shareholders’ equity per share
As of March 31, 2014		14,469,148		3,169,766		4,564.74
As of March 31, 2015		16,788,131		3,146,814		5,334.96

26. Fair value measurements:

In accordance with U.S.GAAP, Toyota classifies fair value into three levels of input as follows which are used to measure it.

Level 1:	Quoted prices in active markets for identical assets or liabilities
Level 2:	Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the valuation of assets or liabilities
Level 3:	Valuation of assets or liabilities using unobservable inputs which reflect the reporting entity’s assumptions

The following table summarizes the fair values of the assets and liabilities measured at fair value on a recurring basis as of March 31, 2014 and 2015. Transfers between levels of the fair value are recognized at the end of their respective reporting periods:

	Yen in millions
	March 31, 2014
	Level 1		Level 2			Level 3		Total
Assets
Cash equivalents		311,582		401,546			—		713,128
Marketable securities and other securities investments
Public and corporate bonds		5,234,856		920,975			9,092		6,164,923
Common stocks		1,997,196		—			—		1,997,196
Other		54,383		517,950			—		572,333
Derivative financial instruments		—		220,160			7,544		227,704
Total		7,598,017		2,060,631			16,636		9,675,284
Liabilities
Derivative financial instruments		—		(175,645	)		—		(175,645	)
Total		—		(175,645	)		—		(175,645	)

F-68

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

	Yen in millions
	March 31, 2015
	Level 1		Level 2			Level 3		Total
Assets
Cash equivalents		145,923		348,487			—		494,410
Marketable securities and other securities investments
Public and corporate bonds		6,129,824		1,038,810			12,317		7,180,951
Common stocks		2,704,814		—			—		2,704,814
Other		61,538		369,184			—		430,722
Derivative financial instruments		—		338,310			1,010		339,320
Total		9,042,099		2,094,791			13,327		11,150,217
Liabilities
Derivative financial instruments		—		(360,731	)		—		(360,731	)
Total		—		(360,731	)		—		(360,731	)

The following is description of the assets and liabilities measured at fair value, information about the valuation techniques used to measure fair value, key inputs and significant assumptions:

Cash equivalents -

Cash equivalents include money market funds and other investments with original maturities of three months or less. Cash equivalents classified in Level 2 include negotiable certificate of deposit with original maturities of three months or less. These are measured at fair value using primarily observable interest rates in the market.

Marketable securities and other securities investments -

Marketable securities and other securities investments include public and corporate bonds, common stocks and other investments. Public and corporate bonds include government bonds and represent 50% of Japanese bonds, and 50% of U.S., European and other bonds as of March 31, 2014, and 43% of Japanese bonds, and 57% of U.S., European and other bonds as of March 31, 2015. Listed stocks on the Japanese stock markets represent 86% and 88% of common stocks as of March 31, 2014 and 2015, respectively. Toyota uses primarily quoted market prices for identical assets to measure fair value of these securities. “Other” includes investment trusts. Generally, Toyota uses quoted market prices for similar assets or quoted non-active market prices for identical assets to measure fair value of these securities. These assets are classified in Level 2.

Derivative financial instruments -

See note 20 to the consolidated financial statements about derivative financial instruments. Toyota primarily estimates the fair value of derivative financial instruments using industry-standard valuation models that require observable inputs including interest rates and foreign exchange rates, and the contractual terms. The usage of these models does not require significant judgment to be applied. These derivative financial instruments are classified in Level 2. In other certain cases when market data is not available, key inputs to the fair value measurement include quotes from counterparties, and other market data. Toyota assesses the reasonableness of changes of the quotes using observable market data. These derivative financial instruments are classified in Level 3. Toyota’s derivative fair value measurements consider assumptions about counterparty and Toyota’s own non-performance risk, using such as credit default probabilities.

F-69

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

The following table summarizes the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the periods ended March 31, 2013, 2014 and 2015:

	Yen in millions
	For the year ended March 31, 2013
	Marketable securities and other securities investments			Derivative financial instruments			Total
Balance at beginning of year		1,684			4,739			6,423
Total gains (losses)
Included in income (loss)		24			2,118			2,142
Included in other comprehensive income (loss)		58			—			58
Purchases and issuances		3,607			—			3,607
Settlements		(1,563	)		(2,343	)		(3,906	)
Other		3,079			613			3,692
Balance at end of year		6,889			5,127			12,016
	Yen in millions
	For the year ended March 31, 2014
	Marketable securities and other securities investments			Derivative financial instruments			Total
Balance at beginning of year		6,889			5,127			12,016
Total gains (losses)
Included in income (loss)		(28	)		3,460			3,432
Included in other comprehensive income (loss)		(228	)		—			(228	)
Purchases and issuances		2,575			—			2,575
Settlements		(1,555	)		(1,579	)		(3,134	)
Other		1,439			536			1,975
Balance at end of year		9,092			7,544			16,636
	Yen in millions
	For the year ended March 31, 2015
	Marketable securities and other securities investments			Derivative financial instruments			Total
Balance at beginning of year		9,092			7,544			16,636
Total gains (losses)
Included in income (loss)		(33	)		(5,953	)		(5,986	)
Included in other comprehensive income (loss)		227			—			227
Purchases and issuances		4,055			—			4,055
Settlements		(2,914	)		(1,169	)		(4,083	)
Other		1,890			588			2,478
Balance at end of year		12,317			1,010			13,327

F-70

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

“Included in income (loss)” in marketable securities and other securities investments and derivative financial instruments are included in “Other income (loss), net” and “Cost of financing operations” in the accompanying consolidated statements of income, respectively.

In the reconciliation table above, derivative financial instruments are presented net of assets and liabilities. “Other” includes the currency translation adjustments for the years ended March 31, 2013, 2014 and 2015.

As of March 31, 2015, the Level 3 assets and liabilities measured at fair value on a recurring basis are not significant.

Certain assets and liabilities are measured at fair value on a nonrecurring basis. During the years ended March 31, 2014 and 2015, Toyota measured certain finance receivables at fair value of ¥22,432 million and ¥40,901 million based on the collateral value, resulting in gain of ¥220 million and loss of ¥2,790 million, respectively. This fair value measurement on a nonrecurring basis is classified in Level 3. See note 21 to the consolidated financial statements for the fair value measurement. These Level 3 financial assets are not significant.

27. Restructuring charges and asset impairments:

In February 2014, TMC and Toyota Motor Corporation Australia Ltd., its production and sales subsidiary in Australia, decided to end their vehicle and engine production in Australia by the end of 2017. In fiscal 2014, Toyota recorded costs and expenses of ¥83,073 million relating to the end of production in Australia in the automotive segment. These costs and expenses consist primarily of long-lived assets impairment charges of ¥47,190 million and other restructuring charges of ¥35,883 million. In fiscal 2015, Toyota recorded additional charges which were not material. Toyota expects to incur additional charges each year from fiscal 2016 through the year 2017 which are not material to Toyota.

28. Significant subsequent events:

Issuance of Class Shares -

At the Meeting of the Board of Directors on April 28, 2015, TMC resolved to submit to shareholders, at TMC’s Ordinary General Meeting of Shareholders held on June 16, 2015 (the “Ordinary General Meeting of Shareholders”), agenda to partially amend its articles of incorporation pertaining to the establishment of the First Series Model AA Class Shares (the “First Series Model AA Class Shares”) through the Fifth Series of Model AA Class Shares (individually and collectively, “Model AA Class Shares”), and to delegate to the Board of Directors the power to decide matters pertaining to the offering of the First Series Model AA Class Shares. At the Meeting of the Board of Directors, TMC also resolved to issue the First Series Model AA Class Shares through a public offering, subject to the above agenda being approved at the Ordinary General Meeting of Shareholders. Since the above agenda was approved at the Ordinary General Meeting of Shareholders, the Board of Directors resolved the offering terms of the First Series Model AA Class Shares pursuant to the above delegation.

To avoid the dilution of its common shares (“Common Shares”) as a result of the issuance of the First Series Model AA Class Shares, TMC at the Meeting of the Board of Directors resolved to repurchase the Common Shares.

F-71

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Presented below is additional information regarding the issuance of First Series Model AA Class Shares and repurchase of common share in response to issuance of the First Series Model AA Class Shares.

(1) Issuance of the First Series Model AA Class Shares

Reason for issuing Model AA Class Shares -

Fundings for research and development for next-generation innovation, including the development of fuel battery vehicles, research on infrastructure and development of computerized and sophisticated intelligence mobility technology.

Details of Model AA Class Shares -

Name of shares to be offered for subscription	Model AA Class Shares
Total number of authorized shares	150,000,000 shares (aggregate number of First Series Model AA Class Shares through Fifth Series Model AA Class Shares, maximum)
Voting rights	Model AA Class Shares shall have voting rights. The number of shares constituting one unit (tangen) of shares of TMC shall be 100.
Transfer restrictions	Model AA Class Shares shall have transfer restrictions.

F-72

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Details of offering terms for the First Series Model AA Class Shares -

Expected issuance date (Payment date)	July 24, 2015
Method of offering	Public offering in Japan
Number of shares to be issued	TMC has already resolved that the number of shares to be issued is up to a maximum of 50 million shares and a minimum of 30 million shares. The specific number of shares to be issued has not yet been determined and will be determined on any date from July 2, 2015 to July 7, 2015 (the “Issue Price Determination Date”).
Issue Price	For determination of the Issue Price, an approach similar to the book-building approach specified in Article 25 of the Rules Regarding Underwriting of Securities prescribed by the Japan Securities Dealers Association will apply, and the Issue Price will then be determined in comprehensive consideration of demand based on the provisional range (*), the price level of the Common Shares to which the value of the First Series Model AA Class Shares are expected to be significantly linked, the risk of price volatility, etc.
	* The provisional range for the Issue Price shall be calculated by multiplying the closing price of regular trading of Common Shares on the Tokyo Stock Exchange on the Issue Price Determination Date (the closing price on the previous day, in the event there is no closing price on the Issue Price Determination Date) by any number through 1.26 to 1.30. Any fractions of less than one yen shall be disregarded.
Dividends	Dividends per First Series Model AA Class Share shall be 0.5% of the Issue Price regarding the fiscal year of TMC in which the issuance date of the First Series Model AA Class Shares falls. From and after the second fiscal year, the dividends shall incrementally increase by 0.5% annually until the fifth fiscal year. From and after the fifth fiscal year, the dividends shall be 2.5% of the Issue Price.
Shareholder’s right	After a date falling approximately five years following the date of issuance, shareholders of the First Series Model AA Class Shares shall have conversion right into Common Shares and cash put options.
TMC’s right	After a date falling approximately five years following the date of issuance, TMC shall have cash call options.

The First Series Model AA Class Shares will not be treated as shareholders’ equity because the shareholders of the First Series Model AA Class Shares will have cash put options and hence, the First Series Model AA Class Shares will be reported as a separate line item between liabilities and shareholders’ equity.

F-73

TOYOTA MOTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(2) Repurchase of share in response to the issuance of the First Series Model AA Class Shares

At the Meeting of the Board of Directors held on June 16, 2015, TMC resolved to repurchase the Common Shares pursuant to Article 156 of the Companies Act as applied to Article 165, Paragraph 3 of the Companies Act, as set forth below.

Reason for repurchasing shares -

To avoid the dilution of the Common Shares as a result of the issuance of the First Series Model AA Class Shares.

Details of matters relating to repurchase -

Kind of stock to be repurchased	Common stock of TMC
Number of shares to be repurchased	50,000,000 shares (maximum)
Total purchase price for repurchase of shares	¥600,000 million (maximum)
Method of acquisition	Purchase in the market
Period of repurchase	From July 27, 2015 to March 31, 2016

Repurchase of share -

At the Meeting of the Board of Directors held on May 8, 2015, TMC resolved to repurchase the Common Shares pursuant to Article 156 of the Companies Act as applied to Article 165, Paragraph 3 of the Companies Act, as set forth below.

Reason for repurchasing shares -

To return capital to shareholders in addition to promoting capital efficiency and agile capital policy in view of the business environment.

Details of matters relating to repurchase -

Kind of stock to be repurchased	Common stock of TMC
Number of shares to be repurchased	40,000,000 shares (maximum)
Total purchase price for repurchase of shares	¥300,000 million (maximum)
Method of acquisition	Purchase in the market
Period of repurchase	After the issuance of the First Series Model AA Class Shares, until March 31, 2016

F-74

ITEM 19. EXHIBITS

Index to Exhibits

1.1	Amended and Restated Articles of Incorporation of the Registrant (English translation)
1.2	Amended and Restated Regulations of the Board of Directors of the Registrant (English translation)
1.3	Amended and Restated Regulations of the Audit & Supervisory Board of the Registrant (English translation)
2.1	Amended and Restated Share Handling Regulations of the Registrant (English translation)
2.2	Form of Deposit Agreement among the Registrant, The Bank of New York (predecessor of The Bank of New York Mellon), as depositary, and the owners and beneficial owners from time to time of American Depositary Receipts, including the form of American Depositary Receipt (incorporated by reference to Exhibit 1 to Toyota’s Registration Statement on Form F-6, filed with the SEC on November 7, 2006 (file no. 333-138477))
2.3	Form of ADR (included in Exhibit 2.2)
8.1	List of Principal Subsidiaries (See “Organizational Structure” in “Item 4. Information on the Company”)
11.1	Code of Ethics of the Registrant applicable to its members of the board of directors and managing officers, including its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions (English translation)
12.1	Certifications of the Registrant’s Chairman of the Board of Directors and Executive Vice President, Member of the Board pursuant to Section 302 of the Sarbanes-Oxley Act
13.1	Certifications of the Registrant’s Chairman of the Board of Directors and Executive Vice President, Member of the Board pursuant to Section 906 of the Sarbanes-Oxley Act
15.1	Consent of Independent Registered Public Accounting Firm
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema
101.CAL	XBRL Taxonomy Extension Calculation Linkbase
101.DEF	XBRL Taxonomy Extension Definition Linkbase
101.LAB	XBRL Taxonomy Extension Label Linkbase
101.PRE	XBRL Taxonomy Extension Presentation Linkbase

134

SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

TOYOTA MOTOR CORPORATION
By:	/s/    TETSUYA OTAKE
Name:	Tetsuya Otake
Title:	Managing Officer

Date: June 24, 2015

EX-1.1

Exhibit 1.1

(English Translation)

ARTICLES OF INCORPORATION

TOYOTA MOTOR CORPORATION

ARTICLES OF INCORPORATION OF TOYOTA MOTOR CORPORATION

(As amended on June 16, 2015)

CHAPTER I. GENERAL PROVISIONS

Article 1. (Trade Name)

The name of the Corporation shall be “Toyota Jidosha Kabushiki Kaisha” to be expressed in English as “TOYOTA MOTOR CORPORATION”.

Article 2. (Purpose)

The purpose of the Corporation shall be to engage in the following businesses:

(1) the manufacture, sale, leasing and repair of motor vehicles, industrial vehicles, ships, aircraft, other transportation machinery and apparatus, spacecraft and space machinery and apparatus, and parts thereof;

(2) the manufacture, sale, leasing and repair of industrial machinery and apparatus and other general machinery and apparatus, and parts thereof;

(3) the manufacture, sale, leasing and repair of electrical machinery and apparatus, and parts thereof;

(4) the manufacture, sale, leasing and repair of measuring machinery and apparatus, and medical machinery and apparatus, and parts thereof;

(5) the manufacture and sale of ceramics and products of synthetic resins, and materials thereof;

(6) the manufacture, sale and repair of construction materials and equipment, furnishings and fixtures for residential buildings;

(7) the planning, designing, supervision, execution and undertaking of construction works, civil engineering works, land development, urban development and regional development;

(8) the sale, purchase, leasing, brokerage and management of real estate;

(9) the service of information processing, information communications and information supply, and the development, sale and leasing of software;

(10) the design and development of product sales systems that utilize networks such as the Internet; sale, leasing, maintenance of computers included within such systems, and sales of products by utilizing such systems;

(11) the inland transportation, marine transportation, air transportation, stevedoring, warehousing and tourism businesses;

(12) the printing, publishing, advertising and publicity, general leasing, security and workers dispatch businesses;

(13) the credit card operations, purchase and sale of securities, investment consulting, investment trust operation, and other financial services;

(14) the operation and management of such facilities as parking lots, showrooms, educational facilities, medical care facilities, sports facilities, marinas, airfields, food and drink stands and restaurants, lodging facilities, retail stores and others;

(15) the non-life insurance agency business and life insurance agency business;

(16) the production and processing by using biotechnology of agricultural products including trees, and the sale of such products;

(17) the sale of goods related to each of the preceding items and mineral oil;

(18) the conducting of engineering, consulting, invention and research relating to each of the preceding items and the utilization of such invention and research; and

(19) any businesses incidental to or related to any of the preceding items.

Article 3. (Location of Principal Office)

The principal office of the Corporation shall be located in Toyota City, Aichi Prefecture, Japan.

Article 4. (Public Notices)

Public notices of the Corporation shall be given electronically; provided, however, that in the case that an electronic public notice is impracticable due to an accident or any other unavoidable reason, public notices of the Corporation shall be given in the newspaper “The Nihon Keizai Shimbun”.

CHAPTER II. SHARES

Article 5. (Total Number of Authorized Shares, etc)

The total number of shares which the Corporation is authorized to issue shall be ten billion (10,000,000,000), and the total number of authorized shares in each class of class shares shall be as set forth below; provided, however, that the aggregate number of shares authorized to be issued with respect to First Series Model AA Class Shares through Fifth Series Model AA Class Shares shall not exceed one hundred fifty million (150,000,000).

Common Shares:

ten billion (10,000,000,000) shares

First Series Model AA Class Shares:

fifty million (50,000,000) shares

Second Series Model AA Class Shares:

fifty million (50,000,000) shares

Third Series Model AA Class Shares:

fifty million (50,000,000) shares

Fourth Series Model AA Class Shares:

fifty million (50,000,000) shares

Fifth Series Model AA Class Shares:

fifty million (50,000,000) shares

Article 6. (Number of Shares Constituting One Unit (tangen) and Rights to Shares

Constituting Less than One Unit (tangen) )

1. The number of shares constituting one unit (tangen) of shares of the Corporation shall be one hundred (100) with respect to Common Shares and each class of Model AA Class Shares.

2. The shareholders of the Corporation are not entitled to exercise any rights to shares constituting less than one unit (tangen) of shares held by the shareholders, other than the following:

(1) the rights provided for in each Item of Article 189, Paragraph 2 of the Companies Act (Kaisha-hou); and

(2) the rights provided for in Article 166, Paragraph 1 of the Companies Act, in respect of the right provided for in Article 18 of the Articles of Incorporation.

Article 7. (Acquisition of Own Shares)

The Corporation may acquire its own shares by a resolution of the Board of Directors in accordance with the provisions of Article 165, Paragraph 2 of the Companies Act.

Article 8. (Absence of seller put options when the Corporation acquires Model AA Class Shares)

If the Corporation decides to acquire some or all of the Model AA Class Shares held by any holder of Model AA Class Shares (“Model AA Class Shareholder”) under an agreement with such Model AA Class Shareholder pursuant to a resolution of the general meeting of shareholders, and further decides to notify such Model AA Class Shareholder of matters prescribed in any item of Article 157, Paragraph 1 of the Companies Act, the provisions of Article 160, Paragraphs 2 and 3 of such act shall not apply.

Article 9. (Transfer Agent)

1. The Corporation shall have a transfer agent (Kabunushimeibo-Kanrinin).

2. The transfer agent and the location of its office shall be designated by a resolution of the Board of Directors, and public notice thereof shall be given.

The register of shareholders and the register of stock acquisition rights shall be kept at the office of the transfer agent. The entry or recording into the register of shareholders and the register of stock acquisition rights, the purchase of shares constituting less than one unit (tangen) and any other matters related to the shares and stock acquisition rights shall be handled by the transfer agent and not by the Corporation.

Article 10. (Share Handling Regulations)

The procedures for and fees for the entry or recording into the register of shareholders and the register of stock acquisition rights, purchasing shares constituting less than one unit (tangen) and any other matters relating to the handling of shares and stock acquisition rights shall be subject to the Share Handling Regulations established by the Board of Directors.

Article 11. (Record Date)

1. The Corporation shall deem any shareholder entered or recorded in the final register of shareholders as of March 31 in such year to be a shareholder entitled to exercise its rights at the ordinary general meeting of shareholders for that business year.

2. The preceding paragraph shall apply mutatis mutandis to class meetings, where the relevant class meeting is to be held on the same date as an ordinary general meeting of shareholders.

3. In addition to the case provided for in the preceding two (2) paragraphs, the Corporation may, after giving prior public notice, fix a date as the record date, where it deems it necessary to do so.

CHAPTER III. MODEL AA CLASS SHARES

Article 12. (AA Dividends)

1. In the event that the Corporation pays dividends from surplus as provided for in Article 46, Paragraph 1 of these Articles, it shall pay in cash year-end dividends from surplus in the amount specified below (“AA Dividends”) to Model AA Class Shareholders or registered pledgees of Model AA Class Shares (“AA Registered Pledgees”) entered or recorded in the final register of shareholders as of the record date for the dividends, in preference to holders of Common Shares (“Common Shareholders”) or registered pledgees of Common Shares (“Common Share Registered Pledgees”), respectively; provided that if AA Interim Dividends, as provided for in Article 13 of these Articles, have been paid during the fiscal year in which the record date falls, the amount of the AA Interim Dividends so paid shall be deducted from such AA Dividends.

First Series Model AA Class Shares through Fifth Series Model AA Class Shares: An amount per Model AA Class Share calculated by multiplying the amount per relevant Model AA Class Share paid to the Corporation as consideration by a rate to be determined by the Board of Directors prior to the issuance of each Model AA Class Share (subject to a maximum of 5%).

2. If the amount of the dividends from surplus paid in cash to Model AA Class Shareholders or AA Registered Pledgees is less than the prescribed amount of AA Dividends in any fiscal year, the amount of the shortfall per Model AA Class Share (“Cumulative Unpaid Dividends”) shall be carried forward and accumulated in the following fiscal year and thereafter. With respect to the Cumulative Unpaid Dividends, dividends from surplus shall be paid in cash to Model AA Class Shareholders or AA Registered Pledgees until such payment reaches the amount of the Cumulative Unpaid Dividends per Model AA Class Share, in preference to the payment of dividends from surplus as provided in the preceding paragraph or Article 13 of these Articles.

3. No distribution of dividends from surplus shall be made to any Model AA Class Shareholder or AA Registered Pledgee in excess of the amount of AA Dividends, except for a distribution from surplus in the process of a corporate split (kyushu-bunkatsu) by the Corporation pursuant to Article 758, Item 8 (ii) or Article 760, Item 7 (ii) of the Companies Act, or a distribution from surplus in the process of a corporate split (shinsetsu-bunkatsu) by the Corporation pursuant to Article 763, Paragraph 1, Item 12 (ii) or Article765 Paragraph 1, Item 8 (ii) of such act, in which case, the distribution from surplus shall be made to all Model AA Class Shareholders or AA Registered Pledgees simultaneously and in the same proportion as that made to any Common Shareholders or Common Share Registered Pledgees.

Article 13. (AA Interim Dividends)

In the event that the Corporation pays dividends from surplus as provided in Article 46, Paragraph 2 of these Articles, the Corporation shall pay an amount equivalent to one-half of the prescribed amount of AA Dividends in cash as interim dividends (“AA Interim Dividends”) per Model AA Class Share to Model AA Class Shareholders or AA Registered Pledgees entered or recorded in the final register of shareholders as of the record date with respect to such AA Interim Dividends, in preference to Common Shareholders or Common Share Registered Pledgees.

Article 14. (Distribution of residual assets)

1. In the event of a distribution by the Corporation of its residual assets, the Corporation shall pay the amount set forth below in cash to Model AA Class Shareholders or AA Registered Pledgees, in preference to Common Shareholders or Common Share Registered Pledgees, respectively.

First Series Model AA Class Shares through Fifth Series Model AA Class Shares: An amount per Model AA Class Share determined by resolution of the board of directors or an amount calculated under a formula determined by resolution of the board of directors, in either case based on the amount per relevant Model AA Class Share paid to the Corporation as consideration (“Base Price”).

2. No distribution of residual assets shall be made to Model AA Class Shareholders or AA Registered Pledgees other than as provided in the preceding item.

Article 15. (Voting rights)

Model AA Class Shareholders shall have voting rights exercisable at general meetings of shareholders of the Corporation.

Article 16. (Consolidation of shares, stock split or gratis allotment of shares)

1. The Corporation shall effect any consolidation of shares or stock split simultaneously and in the same proportion with respect to Common Shares and Model AA Class Shares.

2. If the Corporation grants its shareholders rights to receive any allotment of shares offered for subscription or stock acquisition rights offered for subscription, the Corporation shall grant Common Shareholders rights to

receive Common Shares or stock acquisition rights for Common Shares and shall grant Model AA Class Shareholders rights to receive Model AA Class Shares of the Series held by such shareholders or stock acquisition rights for such Model AA Class Shares, as the case may be, simultaneously and in the same proportion.

3. If the Corporation makes a gratis allotment to its shareholders of shares or stock acquisition rights, the Corporation shall make the gratis allotment to Common Shareholders of Common Shares or stock acquisition rights for Common Shares, and shall make the gratis allotment to Model AA Class Shareholders of Model AA Class Shares of the Series held by such shareholders or stock acquisition rights for such Model AA Class Shares, as the case may be, simultaneously and in the same proportion.

Article 17. (Shareholder’s conversion right into Common Shares)

Model AA Class Shareholders may, at certain times specified therefor in resolutions of the board of directors to be adopted upon issuance of First Series Model AA Class Shares through Fifth Series Model AA Class Shares, demand that the Corporation acquire some or all of the relevant Model AA Class Shares held by such Model AA Class Shareholders in exchange for Common Shares, in numbers determined by formula specified in such resolutions. Any fractions of less than one share among Common Shares to be delivered in exchange for such Model AA Class Shares shall be disregarded, in which case payment of money, as provided in Article 167, Paragraph 3 of the Companies Act, shall not be made.

Article 18. (Shareholder’s cash put option)

Model AA Class Shareholders may, at certain times specified as put option periods in resolutions of the board of directors to be adopted upon issuance of First Series Model AA Class Shares through Fifth Series Model AA Class Shares, demand that the Corporation acquire some or all of the relevant Model AA Class Shares in exchange for cash in an amount equivalent to the Base Price. If the demand for acquisition exceeds the amount available for distribution as of the date of demand for such acquisition, as specified in Article 461, Paragraph 2 of the Companies Act, Model AA Class Shares to be acquired by the Corporation shall be determined by resolution of its board of directors, and the cash put option in respect of Model AA Class Shares not so acquired shall be deemed not to have been exercised.

Article 19. (Corporation’s cash call option)

After the lapse of the period specified in resolutions of the board of directors to be adopted upon issuance of First Series Model AA Class Shares through Fifth Series Model AA Class Shares following the issue of the relevant Model AA Class Shares, at an acquisition date separately determined by resolution of the board of directors of the Corporation, the Corporation may acquire all of the relevant Series of Model AA Class Shares in exchange for cash in an amount equivalent to the Base Price.

Article 20. (Priority)

Each Model AA Class Share shall rank pari passu with every other Model AA Class Share in respect of the AA Dividends, the AA Interim Dividends, the distributions from surplus provided for in the exceptions to Article 12, Paragraph 3, and the distribution of residual assets.

Article 21. (Restrictions on transfer)

1. Acquisition of Model AA Class Shares by means of transfer will require the approval of the board of directors of the Corporation.

2. In the event that a tender offer as provided in Article 27-2, Paragraph 6 of the Financial Instruments and Exchange Act is commenced for Model AA Class Shares and any Model AA Class Shareholder tenders its Model AA Class Shares, upon the delivery of Model AA Class Shares or other transfer upon settlement, the Board of Directors shall be deemed to have given approval as set forth in the preceding paragraph.

Article 22. (Prescription Period)

The provisions of Article 46, Paragraph 4 and Article 47 of these Articles shall apply mutatis mutandis to the payment of AA Dividends and AA Interim Dividends.

CHAPTER IV. GENERAL MEETINGS OF SHAREHOLDERS

Article 23. (Ordinary General Meetings and Extraordinary General Meetings of Shareholders)

1. The ordinary general meeting of shareholders of the Corporation shall be convened in June of each year.

Extraordinary general meetings of shareholders may be called whenever necessary.

2. Each general meeting of shareholders may be convened at the place where the principal office of the Corporation is located, or at a place adjacent thereto, or in Nagoya City.

Article 24. (Resolutions)

1. All resolutions of a general meeting of shareholders shall be adopted by a majority of the votes of the shareholders present at the meeting who are entitled to vote, unless otherwise provided by laws and regulations or these Articles of Incorporation of the Corporation.

2. Special resolutions as specified by Article 309, Paragraph 2 of the Companies Act shall be adopted by not less than two-thirds (2/3) of the votes of the shareholders present at the meeting who hold shares representing in aggregate not less than one-third (1/3) of the voting rights of all shareholders who are entitled to vote.

Article 25. (Chairman of General Meeting)

1. The Chairman of the Board or the President of the Corporation shall preside as chairman at a general meeting of shareholders.

2. In the event that the positions of both the Chairman of the Board and the President are vacant or that both of them are prevented from so presiding as chairman, another Director of the Corporation shall preside in their place according to the order of precedence previously established by the Board of Directors.

Article 26. (Exercise of Voting Rights by Proxy)

1. A shareholder may exercise its voting rights by proxy, provided, however, that the proxy shall be a shareholder of the Corporation who is entitled to exercise its own voting rights.

2. In cases where the preceding paragraph applies, the shareholder or its proxy shall file with the Corporation a document establishing the proxy’s power of representation for each general meeting of shareholders.

3. The Corporation may refuse a shareholder having two (2) or more proxies attend a general meeting of shareholders.

Article 27. (Deemed Delivery of Reference Documents, etc. for General Meeting of Shareholders)

Upon convening a general meeting of shareholders, the Corporation may deem that the information which is required to be described or indicated in reference documents for the general meeting of shareholders, business reports, financial statements and consolidated financial statements shall be provided to the shareholders, in the event that it is disclosed, pursuant to laws and regulations, through the method by which shareholders may receive such information through an electronic means.

Articles 28. (Resolutions at class meetings)

1. The provisions of Articles 25, 26 and 27 of these Articles shall apply mutatis mutandis to class meetings.

2. The provisions of Article 24, Paragraph 1 of these Articles shall apply mutatis mutandis to the resolutions of class meetings made pursuant to Article 324, Paragraph 1 of the Companies Act.

3. The provisions of Article 24, Paragraph 2 of these Articles shall apply mutatis mutandis to the resolutions of class meetings made pursuant to Article 324, Paragraph 2 of the Companies Act.

4. No resolution of a class meeting of Model AA Class Shareholders shall be required in respect of any act prescribed in any item of Article 322, Paragraph 1 of the Companies Act, unless otherwise specifically provided by law or regulation.

5. No resolution of a class meeting of Model AA Class Shareholders shall be required under the provisions of Article 199, Paragraph 4 or Article 238, Paragraph 4 of the Companies Act.

CHAPTER V. MEMBERS OF THE BOARD OF DIRECTORS AND BOARD OF DIRECTORS

Article 29. (Number of Directors)

The Corporation shall have no more than twenty (20) Directors.

Article 30. (Election of Directors)

1. Directors shall be elected by a resolution of a general meeting of shareholders.

2. A resolution for the election of Directors shall be adopted by a majority vote of the shareholders present at the meeting who hold shares representing in aggregate not less than one-third (1/3) of the voting rights of all the shareholders who are entitled to vote.

3. The election of Directors shall not be made by cumulative voting.

Article 31. (Term of Office of Directors)

1. The term of office of Directors shall expire at the closing of the ordinary general meeting of shareholders to be held for the last business year of the Corporation ending within one (1) year after their election.

2. The term of office of any Director elected in order to increase the number of Directors or to fill a vacancy shall be the balance of the term of office of the other Directors who hold office at the time of his/her election.

Article 32. (Board of Directors)

1. The Corporation shall have a Board of Directors.

2. Notice of a meeting of the Board of Directors shall be dispatched to each Director and each Audit & Supervisory Board Member at least three (3) days before the date of the meeting. In case of urgency, however, such period may be shortened.

3. With respect to matters to be resolved by the Board of Directors, the Corporation shall deem that such matters were approved by a resolution of the Board of Directors when all the Directors express their agreement in writing or by electronic records. Provided, however, that this provision shall not apply when any Audit & Supervisory Board Member expresses his/her objection to such matters.

4. In addition to the preceding two (2) paragraphs, the management of the Board of Directors shall be subject to the Regulations of the Board of Directors established by the Board of Directors.

Article 33. (Representative Directors and Executive Directors)

1. The Board of Directors shall designate one or more Representative Directors by its resolution.

2. The Board of Directors may appoint one Chairman of the Board, one President and one or more Vice Chairmen of the Board and Executive Vice Presidents by its resolution.

Article 34. (Honorary Chairmen and Senior Advisors)

The Board of Directors may appoint Honorary Chairmen and Senior Advisors by its resolution.

Article 35. (Exemption from Liability of Directors)

In accordance with the provisions of Article 426, Paragraph 1 of the Companies Act, the Corporation may, by a resolution of the Board of Directors, exempt Directors (including former Directors) from liabilities provided for in Article 423, Paragraph 1 of the Companies Act within the limits stipulated by laws and regulations.

Article 36. (Limited Liability Agreement with members of the Board of Directors)

In accordance with the provisions of Article 427, Paragraph 1 of the Companies Act, the Corporation may enter into an agreement with Members of the Board of Directors (excluding Executive Members of the Board of Directors, etc.) limiting liabilities provided for in Article 423, Paragraph 1 of the Companies Act; provided, however, that the limit of the liability under the agreement shall be the minimum amount of liability stipulated by laws and regulations.

CHAPTER VI. AUDIT & SUPERVISORY BOARD MEMBERS AND

AUDIT & SUPERVISORY BOARD

Article 37. (Establishment of Audit & Supervisory Board Members and Number of Audit & Supervisory Board Members)

The Corporation shall have no more than seven (7) Audit & Supervisory Board Members.

Article 38. (Election of Audit & Supervisory Board Members)

1. Audit & Supervisory Board Members shall be elected by a resolution of a general meeting of shareholders.

2. A resolution for the election of Audit & Supervisory Board Members shall be adopted by a majority vote of the shareholders present at the meeting who hold shares representing in aggregate not less than one-third (1/3) of the voting rights of all the shareholders who are entitled to vote.

Article 39. (Term of Office of Audit & Supervisory Board Members)

1. The term of office of Audit & Supervisory Board Members shall expire at the closing of the ordinary general meeting of shareholders to be held for the last business year of the Corporation ending within four (4) years after their election.

2. The term of office of any Audit & Supervisory Board Member elected to fill a vacancy shall be the balance of the term of office of the Audit & Supervisory Board Member whom he/she succeeds.

Article 40. (Audit & Supervisory Board)

1. The Corporation shall have an Audit & Supervisory Board.

2. Notice of a meeting of the Audit & Supervisory Board shall be dispatched to each Audit & Supervisory Board Members at least three (3) days before the date of the meeting. In case of urgency, however, such period may be shortened.

3. In addition to the provisions of the preceding paragraph, the management of the Audit & Supervisory Board shall be subject to the Regulations of the Audit & Supervisory Board established by the Audit & Supervisory Board.

Article 41. (Full-time Audit & Supervisory Board Member)

The Audit & Supervisory Board shall, by its resolution, select one or more full-time Audit & Supervisory Board Members.

Article 42. (Exemption from Liability of Audit & Supervisory Board Members)

In accordance with the provisions of Article 426, Paragraph 1 of the Companies Act, the Corporation may, by a resolution of the Board of Directors, exempt Audit & Supervisory Board Members (including former Audit & Supervisory Board Members) from liabilities provided for in Article 423, Paragraph 1 of the Companies Act within the limits stipulated by laws and regulations.

Article 43. (Limited Liability Agreement with Audit & Supervisory Board Members)

In accordance with the provisions of Article 427, Paragraph 1 of the Companies Act, the Corporation may enter into an agreement with Audit & Supervisory Board Members limiting liabilities provided for in Article 423, Paragraph 1 of the Companies Act; provided, however, that the limit of the liability under the agreement shall be the minimum amount of liability stipulated by laws and regulations.

CHAPTER VII. ACCOUNTING AUDITOR

Article 44. (Accounting Auditor)

The Corporation shall have an Accounting Auditor(kaikeikansa-nin).

CHAPTER VIII. ACCOUNTS

Article 45. (Business Year)

The business year of the Corporation shall be one (1) year from April 1 of each year until March 31 of the following year.

Article 46. (Dividends from Surplus, etc.)

1. Dividends from Surplus of the Corporation shall be paid to the shareholders or registered share pledgees entered or recorded in the final register of shareholders as of March 31 of each year.

2. The Corporation may, by a resolution of the Board of Directors, distribute dividends from surplus as provided for in Article 454, Paragraph 5 of the Companies Act to the shareholders or registered share pledgees entered or recorded in the final register of shareholders as of September 30 of each year.

3. In addition to the preceding two (2) paragraphs, the Corporation may, by a resolution of the Board of Directors, decide on matters provided for in each Item of Article 459, Paragraph 1 of the Companies Act.

4. No interest shall be paid on unpaid dividends from surplus.

Article 47. (Dispensation from Payment of Dividends from Surplus, etc.)

In the case where the dividends from surplus are paid by cash, the Corporation shall not be obliged to pay any dividends from surplus after three (3) years have expired from the date of tender thereof.

EX-1.2

Exhibit 1.2

(TRANSLATION)

REGULATIONS OF

THE BOARD OF DIRECTORS

OF

TOYOTA MOTOR CORPORATION

Established: February 27, 1952

As last amended on June 17, 2015

(Aa004-18)

Article 1. (Regulations of the Board of Directors)

Except as provided for in laws, ordinances or the Articles of Incorporation, matters relating to the Board of Directors of Toyota Motor Corporation (the “Company”) shall be governed by the provisions of these Regulations.

Article 2. (Purpose and Composition)

1. The Board of Directors shall be composed of all the Members of the Board of Directors and shall make decisions on the execution of business, supervise the execution of the duties of Members of the Board of Directors, and designate and dismiss the Representative Directors.

2. Audit & Supervisory Board Members shall be present and, whenever necessary, give their opinions at a meeting of the Board of Directors.

3. Senior Managing Officers and Managing Officers shall be present only to the extent required to give explanation for matters to be resolved and to be reported in case of such attendance permitted by Board of Directors related to the matters to be resolved and reported. However, Senior Managing Officers and Managing Officers are not able to participate in resolutions.

Article 3. (Person to Convene Meeting and Notice of Meeting)

1. A meeting of the Board of Directors shall be convened by the Chairman of the Board of Directors or the President, Member of the Board of Directors. In the event that the positions of both the Chairman of the Board of Directors and the President, Member of the Board of Directors are vacant or that both of them are prevented from convening, such meeting shall be convened by the Vice Chairman of the Board of Directors, the Executive Vice President, Member of the Board of Directors or other Members of the Board of Directors in that order and according to their rank, if there are multiple persons holding the same position.

2. Notice of convening a meeting of the Board of Directors shall be dispatched to each Member of the Board of Directors and each Audit & Supervisory Board Member at least three (3) days before the date of the meeting. In the case of urgency, however, such period may be shortened.

3. A meeting of the Board of Directors may be held without following the convening procedure, if consented to by all the Members of the Board of Directors and the Audit & Supervisory Board Members.

Article 4. (Chairmanship and Method of Adopting Resolutions)

1. The Chairman of the Board of Directors or the President, Member of the Board of Directors shall preside as chairman at a meeting of the Board of Directors. In the event that the positions of both the Chairman of the Board of Directors and the President, Member of the Board of Directors are vacant or that both of them are prevented from so presiding as chairman, the Vice Chairman of the Board of Directors, the Executive Vice President, Member of the Board of Directors or other Member of the Board of Directors shall preside as chairman in that order and according to their rank in the case that there are multiple persons holding the same position.

2. Resolutions of the Board of Directors shall be adopted at meetings at which a majority of the Members of the Board of Directors who are entitled to vote shall be present by a majority of the Members of the Board of Directors so present.

3. With respect to matters to be resolved by the Board of Directors, the Company shall deem that such matters were approved by a resolution of the Board of Directors when all the Members of the Board of Directors express their agreement in writing or by electronic records. Provided, however, that this provision shall not apply when any Audit & Supervisory Board Member expresses his/her objection to such matters.

4. With respect to matters to be reported to the Board of Directors, Members of the Board of Directors, Audit & Supervisory Board Members or Accounting Auditors shall not be required to report such matters to the Board of Directors when such matters are notified to all the Members of the Board of Directors and Audit & Supervisory Board Members.

Article 5. (Matters to be Resolved)

The following matters shall be subject to the resolution of the Board of Directors:

(1) Matters provided for in the Companies Act or other laws or ordinances;

(2) Matters provided for in the Articles of Incorporation;

(3) Matters delegated to the Board of Directors by resolution of a general meeting of shareholders; and

(4) Other important managerial matters.

Article 6. (Matters to Be Reported)

Members of the Board of Directors shall report to the Board of Directors on the following matters:

(1) State of execution of business and such other matters as are provided for in the Companies Act or other laws or ordinances; and

(2) Such other matters as the Board of Directors may deem necessary.

Article 7. (Meetings and Minutes)

1. A meeting of the Board of Directors shall be held in Japanese, minutes shall be prepared each time a meeting of the Board of Directors is held and such minutes shall be kept on file at the head office for ten years.

2. Minutes shall set forth matters provided for in the laws or ordinances and the Members of the Board of Directors and Audit & Supervisory Board Members present shall sign or affix their names and seals thereto.

3. Minutes shall be prepared in Japanese.

Article 8. (TMC Executives’ Meeting)

1. The Board of Directors shall establish TMC Executives’ meeting in which important matters are discussed in order to enhance efficiency and effectiveness of decision-making on management and execution of the business of the Company.

2. Matters related to the establishment, changes in functions, and abolishment of TMC Executives’ meeting shall be submitted to the Board of Directors.

Supplementary Provisions

Article 1. (Effective Date)

These Regulations shall become effective as of June 17, 2015.

Article 2. (Amendment to Regulations)

Any amendment to these Regulations shall be made by a resolution of the Board of Directors.

MATTERS TO BE SUBMITTED TO THE BOARD OF DIRECTORS

General Rules of the “Matters To Be Submitted To The Board of Directors” (this “List”)

1. Pursuant to Article 5(1), (2) and (3) of the Regulations of the Board of Directors, matters and items defined in I-1, 2 and 3 of this List shall, without fail, be submitted to the Board of Directors.

2. In addition, pursuant to Article 5(4) of the Regulations of the Board of Directors, for matters and items defined in I-4 of this List, materiality must be appropriately judged and matters must be submitted accordingly to the Board of Directors.

3. Materiality shall be determined by Chief Officers, Deputy Chief Officers (and Executives responsible for individual Divisions for those under the direct control) taking into consideration “submission standards,” “special rules,” “definitions” and “explanations” in this List. If the amount of transaction does not meet the submission standards at first, but there occurs a possibility that it may exceed such standards later on, such transaction shall be submitted to the Board of Directors at the time such possibility arises.

4. Pursuant to Article 6 of the Regulations of the Board of Directors, matters and items defined in II of this List shall be reported to the Board of Directors without delay.

Standard for re-submission

If material changes are made to a matter previously submitted to the Board of Directors (such as 20% or more of increase in the amount approved by the Board of Directors), such matter shall be re-submitted to the Board of Directors.

I. Matters to be Resolved:

1. Matters provided for in the Companies Act or other laws or ordinances:

Classifications	Items	Relevant Articles of Applicable Law
Shares; stock acquisition rights:	Fixing the record date	Article 124
	Acquisition of the Company’s own shares held by its subsidiaries	Article 163
	Cancellation of the Company’s own shares	Article 178
	Share-splits	Article 183
	Free Allotment of shares	Article 186
	Reduction of the number of shares constituting one unit (tangen) of shares or abolishment of the provisions which define such number	Article 195
	Auction of shares held by shareholders whose whereabouts are unknown	Article 197
	Issuance of new shares	Article 201
	Disposition of the Company’s own shares	Article 201
	Approval of undertaking a contract for the total number of shares of subscription or similar ones with transfer restrictions	Articles 205 and 244
	Issuance of stock acquisition rights	Article 240
	Approval of transferring stock acquisition rights with transfer restrictions	Article 265
	Acquisition of stock acquisition rights with acquisition clause	Articles 273 and 274
	Cancellation of stock acquisition rights	Article 276
General meetings of shareholders:	Free Allotment of stock acquisition rights	Article 278
	Convening of a general meeting of shareholders	Article 298
Board of Directors; Members of the Board of Directors:	Designation and dismissal of Representative Directors	Article 362
	Approval of Members of the Board of Directors’ competing transactions	Article 365
	Approval of Members of the Board of Directors’ transactions for their own account	Article 365
	Approval of Members of the Board of Directors’ transactions involving conflict of interests	Article 365
Accounts:	Approval of financial statements, business reports and the accompanying detailed statements	Article 436
	Approval of extraordinary financial statements	Article 441
	Approval of consolidated financial statements	Article 444
	Reduction in the amount of capital (with conditions)	Article 447
	Reduction in the amount of reserves (with conditions)	Article 448

Classifications	Items	Relevant Articles of Applicable Law
Bonds:	Offering of bonds	Article 362
	Issuance of bonds with stock acquisition rights	Article 240
Others:	Disposition and acquisition of important property	Article 362
	Borrowing of a large amount of money	Article 362
	Appointment and removal of managers and other important employees	Article 362
	Establishment, alteration and abolishment of branch offices and other important organizations	Article 362
	Development of a system to ensure the appropriateness of business operations of the Company and business group consisting of the parent company and subsidiaries	Article 362
	Other important business execution	Article 362

2. Matters provided for in the Articles of Incorporation:

Classifications	Items	Relevant Articles of the Articles of Incorporation
Shares:	Acquisition of Company’s own shares	Articles 7 and 46
	Acquisition of shares with acquisition clause	Article 19
	Selection of registration agent and its location of business	Article 9
	Amendment to the Share Handling Regulations	Article 10
	Approval of transferring shares with transfer restrictions	Article 21
General meeting of shareholders:	The order in which to assume chairmanship of a general meeting of shareholders	Article 25
Board of Directors; Members of the Board of Directors:	Appointment and removal of Members of the Board of Directors with specific titles	Article 33
	Amendment to the Regulations of the Board of Directors	Article 32
	Exemption of Members of the Board of Director from their liabilities	Article 35
Audit & Supervisory Board Members:	Exemption of Audit & Supervisory Board Members from their liabilities	Article 42
Accounts:	Distribution of interim dividends from surplus	Article 46
	Reduction in the amount of reserves	Article 46
	Other disposition of surplus	Article 46
	Distribution of dividends from surplus	Article 46
Others:	Appointment of Honorary Chairman and Senior Advisor	Article 34

3. Matters delegated to the Board of Directors by resolution of a general meeting of shareholders:

Classifications	Items
Shares:	Acquisition of Company’s own shares
	Issuance of new shares or stock acquisition rights on favorable conditions
Others:	Other matters delegated to the Board of Directors

4. Other important managerial matters:

Classifications	Items
Management:	Corporate policies
	Important business alliances and important joint ventures
	Launching of new projects
	Short-form and simplified corporate splits
	Short-form and simplified share exchanges
	Simplified acquisition of an entire business of another company
	Approval of interim and quarterly accounts
	Approval of consolidated accounts (including interim and quarterly accounts)
	Institution of important legal actions and defending and responding to important disputes
	Establishment, changes in functions, and abolishment of TMC Executives’ meeting
	Other important matters
Personnel affairs; organization:	Members of the Board of Directors, Senior Managing Officers, Managing Officers, and Executive General Managers’ (jyomu riji) assumption of offices in other companies (in the case of new offices in listed companies only)
	Members of the Board of Directors, Senior Managing Officers, and Managing Officers’ assumption of offices in important associations (in the case of new offices only)
	Assignment of Members of the Board of Directors, Senior Managing Officers, and Managing Officers to take charge of group, field, plant, technical center and any other organizations similar thereto (Excluding changes in the same organization)
	Treatment and discipline relating to Members of the Board of Directors, Senior Managing Officers, and Managing Officers
	Appointment and removal of Senior Managing Officers and Managing Officers
	Appointment and removal of Senior Technical Executive (gikan) and Advisor (komon)
	Approval of Senior Managing Officers and Managing Officers’ competing transactions
	Approval of Senior Managing Officers and Managing Officers’ transactions for their own account
	Approval of Senior Managing Officers and Managing Officers’ transactions involving conflict of interests
	Changes in important working conditions
	Other important matters

Classifications	Items
Production; Sales; Technology development:	Long-term or annual production, shipment or sales plans
	Long-term or annual equipment plans
	Licensing, acquisition or transfer of important intellectual property rights
	Other important matters
Group management:	Incorporation, dissolution, acquisition and transfer of subsidiaries
	Important group managerial matters
	Other important matters
Others:	Other important managerial matters

II. Matters to be reported:

Items	Relevant Articles of Applicable Law
State of execution of business	Companies Act Article 363
Important facts about a competing transaction	Article 365
Important facts about any Member of the Board of Director’s transactions for his/her own accounts	Article 365
Important facts about any transactions involving conflict of interests	Article 365
Members of the Board of Directors, Senior Managing Officers, Managing Officers and Executive General Managers’ (jyomu riji) retirement from offices in other companies (Listed companies only)
Members of the Board of Directors, Senior Managing Officers, and Managing Officers’ retirement from offices in important associations
Audit & Supervisory Board Members’ assumption (in the case of new offices only) and retirement from offices in other companies (Listed companies only)
Audit & Supervisory Board Members’ assumption (in the case of new offices only) and retirement from offices in important associations
Monthly production/shipment/sales results
Important matters, such as incorporation of subsidiaries by a joint venture company
Management status of a system to ensure the appropriateness of business operations of the Company and business group consisting of the parent company and subsidiaries	Article 362
Other important matters

1. Out of “I. Matters to be Resolved” of the “Matters to be Submitted to the Board of Directors”, the matters described in “Others” in “1. Matters provided for in the Companies Act or other laws or ordinances” shall be submitted to the Board of Directors in accordance with the standards contained in this Appendix 1.

Appendix 1

Items	Standard
(1)    Disposition and acquisition of important property:
1       purchase and disposition of land (excluding land for business use)	5,000,000,000 Yen*1 or more per transaction
2       acquisition and transfer of leaseholds	5,000,000,000 Yen*2 or more per transaction
3       investments (excluding fund management investments)	5,000,000,000 Yen*3 or more per transaction
4       capital expenditure (excluding model change and renewal of aging assets)	30,000,000,000 Yen*4 or more per transaction
5       loans (excluding renewal of bills and notes, and loans as part of financial business)	5,000,000,000 Yen*5 or more per transaction, or loans outstanding of 5,000,000,000 Yen*5 or more per company
6       discharge of debts	200,000,000 Yen or more per transaction
7       donations (excluding those via Japan Automobile Manufacturers Association, Inc.)	200,000,000 Yen or more per transaction
(2)    Borrowings of large amounts of money:
1       borrowing	5,000,000,000 Yen or more per transaction
2       guarantee of obligations	5,000,000,000 Yen*6 or more per transaction, or outstanding guarantee of obligation of 5,000,000,000 Yen*6 or more per company
(3)    Appointment and removal of managers and other important employees	Assignment of Executive General Manager (jyomu riji) and any other personnel similar thereto to take charge of group, field, plant, technical center and any other organizations similar thereto (excluding transfers within the same organization)
	Appointment of operating officers at membership companies (limited liability company, etc.) and limited liability partnerships, and removal of operating officers at such companies*7
(4)    Establishment, alteration and abolishment of branch offices and other important organizations	Establishment, alteration and abolishment of group, field, plant, technical center and any other similar organizations

(*1) Purchase and disposition of land

In the case where any of the acquisition price, book value, or transaction price is 5,000,000,000 Yen or more per transaction, a submission shall be required.

(*2) Definition of “leaseholds”

“Leasehold” is a right which is obtained by a temporary payment of concession money as a setup fee for leasehold, when leasing land for the purpose of owning buildings (excluding parking space, etc.).

(*3) Special rules regarding “investment”

(I) Even if the amount is below 5,000,000,000 Yen, if the conditions match either of the following, a submission shall be required.

(i) Investment made to subsidiaries which were insolvent as of the end of the most recent closing date of accounts or those anticipated to become insolvent during their current fiscal period.

(ii) Investment made to companies other than the subsidiaries.

(II) Notwithstanding (I) above, such submission may be omitted by the decision(s) of the Executive Vice President(s) whose main duties are in relation to the division in charge of the case concerned and to the accounting areas, in the case where the amount of investment is below 2,000,000,000 Yen.

(III) After the investment is made, if such investment comes to fall under (i) or (ii) in (I) above, whether or not to submit such matter to the Board of Directors shall be decided by the Executive Vice President(s) as defined in (II) above.

(*4) Capital expenditure

1 Explanation of “capital expenditure”

The main coverage of this item shall be those such as the construction of new factories, production lines, buildings and sales bases, among others, which change the structure of business and may possibly pose new management risks.

2 Special rules regarding “capital expenditure”

(I) Even if the amount is below 30,000,000,000 Yen, if new factories are constructed, a submission shall be required.

(II) In making a submission, attention shall be made to show a project overall picture such as vehicles and unit components.

(*5) Special rules regarding “loans”

(I) Even if the amount is below 5,000,000,000 Yen, if the conditions match any of the following, a submission shall be required.

(i) Loans made available to companies which were insolvent as at the end of the most recent closing date of accounts or those anticipated to become insolvent during their current fiscal period (whether or not such finance is directed to the subsidiaries).

(ii) Loans made available to companies (excluding the subsidiaries) which have their head office located in countries or areas having a country risk rating below A.

(iii) Unsecured loans made available to companies other than the subsidiaries.

(II) Notwithstanding (I) above, such submission may be omitted by the decision(s) of the Executive Vice President(s) whose main duties are in relation to the division in charge of the case concerned and to the accounting areas, in the case where amounts of loans and loans outstanding are below 2,000,000,000 Yen.

(III) After the loan is made available, if such loan comes to fall under (i), (ii) or (iii) in (I) above, whether or not to submit such matter to the Board of Directors shall be decided by the Executive Vice President(s) as defined in (II) above.

(*6) Special rules regarding “guarantee of obligations”

(I) Even if the amount is below 5,000,000,000 Yen, if the conditions match either of the following, a submission shall be required.

(i) Guarantee of obligation made to subsidiaries which were insolvent as at the end of the most recent closing date of accounts or those anticipated to become insolvent during their current fiscal period.

(ii) Guarantee of obligation made to companies other than the subsidiaries.

(II) Notwithstanding (I) above, such submission may be omitted by the decision(s) of the Executive Vice President(s) whose main duties are in relation to the division in charge of the case concerned and to the accounting areas, in the case where amounts of guarantee of obligation and outstanding guarantee of obligation are below 2,000,000,000 Yen.

(III) After the guarantee of obligation is made, if such guarantee comes to fall under (i) or (ii) in (I) above, whether or not to submit such matter to the Board of Directors shall be decided by the Executive Vice President(s) as defined in (II) above.

(*7) Special rules regarding “membership companies (limited liability company, etc.) and limited liability partnerships”

(I) An overall business plan must be submitted when a membership company (LLC, etc.) and LLP is established or investment is newly made.

(II) If material changes are made to a business plan previously submitted to a meeting of the Board of Directors, such matters shall be re-submitted to a meeting of the Board of Directors.

2. Out of “I. Matters to be Resolved” of the “Matters to be Submitted to the Board of Directors”, the matters relating to “Management” in “4. Other important managerial matters” shall be submitted to the Board of Directors in accordance with the standards contained in this Appendix 2.

Appendix 2

Items	Standard
(1)    Important business alliances and important joint ventures:
1       definition of “business alliance” and “joint venture”
(1)    “Business alliance”	Used when businesses such as sales tie-up, continuous provision of products, acceptance/entrustment of production, joint production, joint development, or technology licensing, etc. are commenced or terminated, or material changes with respect to these businesses are made.
(2)    “Joint venture”	Used when Toyota Motor Corporation (“TMC”) and a business partner or its subsidiary make joint investment to establish or acquire a joint venture company and have such joint venture company conduct businesses for the purposes of the subject joint venture.
2       materiality standards for “important business alliances and important joint ventures” *1
(1)    Monetary standard	In case TMC plans to spend 5,000,000,000 Yen or more in total for loan and investment, capital expenditures, etc. at the beginning of the plan.
(2)    Qualitative standard	In case the subject business alliance or joint venture (including with a dominant competitor) may materially affect TMC’s management in terms of sales, profits, etc.

Items	Standard
(2)    Launching of new projects:
1       definition of “launching of new projects”	Used when TMC launches a business not relating to its existing business areas (such as automobiles, industrial vehicles, housing, information and telecommunication, boats and ships, airplanes, biotechnology or financial businesses.)
	Other than launch of business by TMC itself, launch of business through business alliance or through its subsidiary or joint venture company (excluding companies in which TMC invests without being required to include such companies’ operating results in its consolidated financial statements pursuant to the Financial Instruments and Exchange Act) shall also be considered as “launching of new projects.”
(3)    Institution of important legal actions and defending and responding to important disputes *2
1       Monetary standard	In case that value of subjects (including rights and obligations) that are subject to legal action (in a response to legal action, reasonable amount for settlement) is 2,000,000,000 Yen or more.
2       Qualitative standard	In case of legal actions such as filing of legal action with respect to important intellectual property rights or dispute with a public entity with respect to environmental issues, which may materially affect TMC’s management, business, rights or brand image, etc.

(*1) Materiality standards for “important business alliances and important joint ventures”

If a business alliance or joint venture falls under either the “Monetary standard” or “Qualitative standard”, it shall be submitted to the Board of Directors.

(*2) Materiality standards for “institution of important legal actions and defending against and responding to important disputes”

If a case falls under either “Monetary standard” or “Qualitative standard”, it shall be submitted to the Board of Directors.

3. Out of “I. Matters to be Resolved” of the “Matters to be Submitted to the Board of Directors”, the matters relating to “Personnel affairs, organization” in “4. Other important managerial matters” shall be submitted to the Board of Directors in accordance with the standards contained in this Appendix 3.

Appendix 3

Items	Standard
(1)    Members of the Board of Directors, Senior Managing Officers, and Managing Officers’ assumption of offices in important associations (in case of new offices only)	In case that Members of the Board of Directors, Audit & Supervisory Board Members, Senior Managing Officers, or Managing Officers of TMC assume or resign from a position such as chairman, board chairman, committee chairman, etc. of Japan Business Federation, The Japan Chamber of Commerce and Industry, Japan Association of Corporate Executives, Japan Automobile Manufacturer Association, Counsel of government authorities or other important associations comparable to these associations
(2)    Changes in important working conditions:	In case that certain actions such as changes in working conditions with respect to employment which may materially affect TMC’s management and employees

4. Out of “I. Matters to be Resolved” of the “Matters to be Submitted to the Board of Directors”, the matters relating to “Production; Sales; Technology development” in “4. Other important managerial matters” shall be submitted to the Board of Directors in accordance with the standards contained in this Appendix 4.

Appendix 4

Materiality standard for “licensing, acquisition or transfer of important intellectual property rights”

Certain actions such as licensing of intellectual property rights relating to TMC’s essential technologies or transfer of TMC’s trademark, which may materially affect TMC’s management, such licensing, transfer or acquisition shall be deemed material.

5. Out of “I. Matters to be Resolved” of the “Matters to be Submitted to the Board of Directors”, the matters relating to “Group Management” in “4. Other important managerial matters” shall be submitted to the Board of Directors in accordance with the standards contained in this Appendix 5.

Appendix 5

Items	Standard
(1)    Incorporation, dissolution, acquisition and transfer of subsidiaries:
1       definition of “incorporation, dissolution, acquisition and transfer of subsidiaries”
(1)    “Subsidiary”	A joint stock company of which TMC holds a majority of its voting rights, or other companies judged to be a subsidiary of TMC pursuant to Article 3 of the Implementation Rules of the Companies Act. (including a membership company such as a limited liability company, a partnership, any other business entities similar thereto)
(2)    “Incorporation”	Used when a subsidiary is established.
(3)    “Dissolution”	Used when a subsidiary is dissolved.
(4)    “Acquisition”	Used when a subsidiary is obtained through, for example, acquisition of shares (excluding cases which fall under incorporation).
(5)    “Transfer”	Used when a company loses its status as a subsidiary of TMC through, for example, TMC’s sale of shares of the subsidiary (excluding cases which fall under dissolution).
2       submission standard of “incorporation, dissolution, acquisition and transfer of subsidiaries”
(1)    Directly held subsidiary*1	Matters to be resolved
(2)    Principal subsidiary, not falling under (1) above*2	Matters to be resolved
(3)    Subsidiary with capital of 2,000,000,000 Yen or more, not falling under (1) or (2) above	Matters to be reported
(4)    Subsidiary, not falling under (1)-(3) above	Submission not necessary in principle
(2)    Important group managerial matters*3
1       Monetary standard	In case a wholly owned subsidiary*i conducts Items 1~5 of “Disposition and acquisition of important property” as defined above, amounts, quantities, special rules, definitions and explanations of the same Items shall apply.

Items	Standard
	However, such submission may be omitted, in the case where submission of a matter is a formality, the matter virtually requires no managerial decision (transfer of land/equipment conducted between wholly owned subsidiaries etc.) and the matter is judged not to have TMC’s group managerial materiality.
2       Qualitative standard	If in case of “Disposition and acquisition of important property”*ii, “Borrowing of a large amount of money”*iii, business alliance, joint venture or reorganization of business, etc., conducted by subsidiary of TMC, which may materially affect TMC’s group management and reputation*iv.

(*1) “Directly held subsidiary” shall mean a subsidiary of which TMC directly holds a majority of the total voting rights.

(*2) Examples of “principal subsidiary” are as follows:

(i) Subsidiary engaged in a new business

(ii) Subsidiary with a substantial amount of capital (5,000,000,000 Yen or more)

(iii) Subsidiary established as a result of a business alliance or joint venture with a dominant competitor

(iv) Subsidiary which was insolvent as of the end of the most recent closing date of accounts or that is anticipated to become insolvent during its current fiscal period (this shall apply only to acquisition)

(v) Other managerially important subsidiary

(*3) If a matter falls under either “Monetary standard” or “Qualitative standard”, it shall be submitted to the Board of Directors.

(*i) “Wholly owned subsidiary” shall mean a subsidiary of which TMC directly or indirectly holds all of the total voting rights.

(*ii) In conducting Items 1~7 of “Disposition and acquisition of important property” as defined above, materiality shall be determined with reference to amount, quantity, special rules, definition and explanation defined in the same Items.

(*iii) In conducting Items 1~2 of “Borrowing of a large amount of money” as defined above, materiality shall be determined with reference to amount, quantity and special rules defined in the same Items.

(*iv) With respect to other items, materiality shall be determined with reference to TMC’s submission standards of matters to be submitted to the Board of Directors.

EX-1.3

Exhibit 1.3

(TRANSLATION)

REGULATIONS OF

THE AUDIT & SUPERVISORY BOARD

OF

TOYOTA MOTOR CORPORATION

Established: September 27, 1994

As last amended on August 29, 2011

Article 1. (Regulations of the Audit & Supervisory Board)

Except as provided for by laws, ordinances or the Articles of Incorporation, the matters relating to the Audit & Supervisory Board of the Corporation shall be governed by the provisions of these Regulations.

Article 2. (Composition)

The Audit & Supervisory Board shall be composed of all the Audit & Supervisory Board Members.

Article 3. (Person Authorized to Convene the Meeting and Notice of the Meeting)

1. A meeting of the Audit & Supervisory Board shall be convened by the Audit & Supervisory Board Member who has been determined in advance by a resolution at the meeting of the Audit & Supervisory Board; provided, however, that the other Audit & Supervisory Board Members shall not be prevented from convening the meeting thereof.

2. In order to convene a meeting of the Audit & Supervisory Board, such Audit & Supervisory Board Member referred to in the preceding paragraph shall dispatch a notice thereof to each Audit & Supervisory Board Member at least three (3) days before the date of the meeting, provided that, in the case of urgency, such period may be shortened.

3. Notwithstanding the provision of the preceding paragraph, the meeting of the Audit & Supervisory Board may be held without the convening procedure, if so consented to by all the Audit & Supervisory Board Members.

Article 4. (Chairmanship and Method of Resolution)

1. The chairmanship of the meeting of the Audit & Supervisory Board shall be assumed by the Audit & Supervisory Board Member who has been determined in advance by a resolution at the meeting of the Audit & Supervisory Board.

2. The resolutions of the Audit & Supervisory Board shall be adopted at its meeting by a majority of the Audit & Supervisory Board Members.

3. The following matters may be unanimously resolved at the meeting of the Audit & Supervisory Board instead of the consent of all the Audit & Supervisory Board Members:

(1) Dismissal of the Accounting Auditor(s) in accordance with Article 340 of the Companies Act;

(2) Consent to a submission, by Member(s) of the Board of Directors, of the agenda at the General Meeting of Shareholders or the meeting of the Board of Directors concerning the exemption of Member(s) of the Board of Directors from their liabilities (including any amendment to the Articles of Incorporation for such purpose) in accordance with Articles 425 to 427 of the Companies Act; and

(3) Consent to the participation of the Corporation in litigations as to the pursuit of liabilities of the Member(s) of the Board of Directors, etc. in order to support the Member(s) of the Board of Directors in such litigations in accordance with Paragraph 2 of Article 849 of the Companies Act.

Article 5. (Matters to be Resolved)

1. The following matters shall be subject to the resolution at the meeting of the Audit & Supervisory Board:

(1) Matters so provided for by laws or ordinances;

(2) Matters so provided for in the Articles of Incorporation; and

(3) Other important matters pertaining to the execution of their duties by the Audit & Supervisory Board Members.

Article 6. (Matters to be Reported)

1. The Audit & Supervisory Board Members shall make reports at the meeting of the Audit & Supervisory Board on the following matters:

(1) Matters so provided for by laws or ordinances; and

(2) Other matters the Audit & Supervisory Board may deem necessary.

2. The Member(s) of the Board of Directors and/or the Accounting Auditor(s) shall report matters so provided for by laws or ordinances to the Audit & Supervisory Board.

3. Notwithstanding the provisions of the preceding two (2) paragraphs, in case that the Audit & Supervisory Board Member(s), the Member(s) of the Board of Directors or the Accounting Auditor(s) notifies all the Audit & Supervisory Board Members of the matter(s), such matter(s) shall not be required to be reported at the meeting of the Audit & Supervisory Board.

Article 7. (Audit Report)

1. Pursuant to laws or ordinances, the Audit & Supervisory Board shall make an audit report upon deliberation based on the audit reports prepared by each Audit & Supervisory Board Member.

2. Any Audit & Supervisory Board Member may make note of his/her opinion in the audit report prepared by the Audit & Supervisory Board if the details of his/her audit report differ from those of the Audit & Supervisory Board referred to in the preceding paragraph.

Article 8. (Minutes)

1. Pursuant to laws or ordinances, the minutes shall be prepared each time a meeting of the Audit & Supervisory Board is held.

2. With regards to the matters not required to be reported at the meeting of the Audit & Supervisory Board pursuant to Paragraph 3 of Article 6 hereof, such Audit & Supervisory Board Member as separately determined shall prepare the minutes thereon in accordance with laws or ordinances.

Supplementary Provisions

Article 1. (Effective Date)

These Regulations shall become effective as of August 29, 2011.

Article 2. (Amendment to these Regulations)

Any amendment to these Regulations shall be made by a resolution of the Audit & Supervisory Board.

MATTERS TO BE SUBMITTED TO

THE AUDIT & SUPERVISORY BOARD

Note:	The Act: the Companies Act
	The Enforcement Regulations: the Enforcement Regulations of the Companies Act
	The Accounting Regulations: the Corporation Accounting Regulations

1. Matters to be resolved (Matters in relation to Article 5 of the Regulations of the Audit & Supervisory Board)

(1) Matters provided for in laws or ordinances

Items	Relevant Articles of Applicable Law
(1)    Principles and execution plan of auditing	Article 390 (2)(c) of the Act
(2)    Request for reports on the execution of the duties of the Audit & Supervisory Board Member(s) to the Audit & Supervisory Board	Article 390 (4) of the Act
(3)    Consent to the following actions taken by Members of the Board of Directors
(i)     Submitting proposed resolution concerning the appointment of an Audit & Supervisory Board Member or a substitute Audit & Supervisory Board Member to a general meeting of shareholders	Articles 343 (1) and (3), and 329 (2) of the Act
(ii)    Submitting proposed resolution concerning the appointment of an Accounting Auditor to a general meeting of shareholders	Article 344 (1)(a) of the Act
(iii)  Making the dismissal of an Accounting Auditor the agenda of a general meeting of shareholders	Article 344 (1)(b) of the Act
(iv)   Making the non-reappointment of an Accounting Auditor the agenda of a general meeting of shareholders	Article 344 (1)(c) of the Act
(v)    Deciding the remuneration, etc. of an Accounting Auditor or a person who is temporarily acting as an Accounting Auditor	Article 399 (1) and (2) of the Act
(4)    Request for Members of the Board of Directors to take the following actions
(i)     Making the appointment of an Audit & Supervisory Board Member or a substitute Audit & Supervisory Board Member the agenda of a general meeting of shareholders	Article 343 (2) and (3) of the Act
(ii)    Submitting proposed resolution concerning the appointment of an Audit & Supervisory Board Member or a substitute Audit & Supervisory Board Member to a general meeting of shareholders	Article 343 (2) and (3) of the Act

Items	Relevant Articles of Applicable Law
(iii)  Submitting proposed resolution concerning the appointment of an Accounting Auditor to a general meeting of shareholders	Article 344 (2)(a) of the Act
(iv)   Making the appointment or the dismissal of an Accounting Auditor the agenda of a general meeting of shareholders	Article 344 (2)(b) of the Act
(v)    Making the non-reappointment of an Accounting Auditor the agenda of a general meeting of shareholders	Article 344 (2)(c) of the Act
(5)    Election of an Audit & Supervisory Board Member to be in charge of reporting the dismissals of any Accounting Auditors to a general meeting of shareholders	Article 340 (3) and (4) of the Act
(6)    Appointment and dismissal of any person who is to temporarily act as an Accounting Auditor	Article 346 (4), (5) and (6) of the Act
(7)    Election and dismissal of a full-time Audit & Supervisory Board Member	Article 390 (2)(b) of the Act
(8)    Election and dismissal of a Specific Audit & Supervisory Board Member (Tokutei-kansayaku)	Article 132 (5)(b)(i) of the Enforcement Regulations, Article 130 (5)(b)(i) of the Accounting Regulations

(2) Matters provided for in the Articles of Incorporation

Items	Relevant Articles of the Articles of Incorporation
(1)    Amendment to the Regulations of the Audit & Supervisory Board	Article 26 (3) of the Articles of Incorporation

(3) Other important matters pertaining to execution of the duties of Audit & Supervisory Board Member

Items

(1)    Election of a Chairman at the meeting of the Audit & Supervisory Board

(2)    Election of a person authorized to convene the meeting of the Audit & Supervisory Board

(3)    Election of the Audit & Supervisory Board Member to be in charge of giving prior consent to the changes of the organization and personnel matters in the Audit & Supervisory Board Office

(4)    Prior approval of auditing services and non-audit services pursuant to Section 202 of Sarbanes-Oxley Act

(5)    Election of the Audit & Supervisory Board Member to be in charge of giving approval on the amendment with respect to auditing services and non-audit services pursuant to Section 202 of Sarbanes-Oxley Act

(6)    Other significant matters with respect to the execution of the duties of the Audit & Supervisory Board Member

2. Matters to be reported (Matters in relation to Article 6 of the Regulations of the Audit & Supervisory Board)

(1) Matters provided for by laws or ordinances

Items	Relevant Articles of Applicable Law
(1)    Matters to be reported by Audit & Supervisory Board Members •     Execution of the duties of Audit & Supervisory Board Members	Article 390 (4) of the Act
(2)    Matters to be reported by Members of the Board of Directors •     Any facts which may cause serious damage to the Corporation	Article 357 (1) and (2) of the Act
(3)    Matters to be reported by Accounting Auditors •     Unjust acts or material facts in violation of laws, ordinances or the Articles of Incorporation in relation to the execution of the duties of Members of the Board of Directors	Article 397 (1) and (3) of the Act

(2) Other matters deemed necessary by the Audit & Supervisory Board

EX-2.1

Exhibit 2.1

(TRANSLATION)

SHARE HANDLING REGULATIONS

OF

TOYOTA MOTOR CORPORATION

Established: November 28, 1951

As last amended on June 16, 2015

CHAPTER I.

GENERAL PROVISIONS

Article 1. (Purpose)

1. Matters relating to the handling of shares and stock acquisition rights (including the procedures relating to the exercise of shareholders’ rights) of Toyota Motor Corporation (the “Company”) under the Articles of Incorporation of the Company, shall be governed by provisions of these share handling regulations (these “Regulations”), in addition to the provisions set forth by Japan Securities Depositary Center, Inc. (“JASDEC”), the book-entry transfer institution, and account management institutions such as securities companies and trust banks (each referred to as the “Securities Company”).

2. Matters relating to the handling of special accounts opened in accordance with agreements executed between the Company and a trust bank designated by the Company, and the fees in connection with such special accounts shall be governed by these Regulations, in addition to the provisions set forth by the trust bank.

Article 2. (Transfer Agent and its Handling Office)

The transfer agent (the “Transfer Agent”) of the Company and its handling office shall be as follows:

Transfer Agent:

Mitsubishi UFJ Trust and Banking Corporation

4-5, Marunouchi 1-chome, Chiyoda-ku, Tokyo

Handling office:

Mitsubishi UFJ Trust and Banking Corporation,

Corporate Agency Division

4-5, Marunouchi 1-chome, Chiyoda-ku, Tokyo

Article 3. (Request or Notification)

1. Any request or notification with respect to the matters provided for in these Regulations shall be made in a written format designated by the Company. However, the foregoing shall not apply if such request or notification is submitted through the Securities Company and JASDEC, or as provided for in Article 32, Paragraph 1.

2. Should any request or notification as set forth in the preceding paragraph be submitted by the shareholder through the Securities Company and JASDEC, or through the Securities Company, it may be deemed that such request or notification has been made by such shareholder.

3. The Company may request the person who submitted the request or notification as stipulated in Paragraph 1 of this article to the Company, to submit materials certifying that the person is a shareholder of the Company or an agent of a shareholder of the Company.

4. In the event that the Company requests a person to submit materials as described in the preceding paragraph, the Company shall not process such request or notification unless such material is submitted.

Article 4. (Agent)

Should the procedure mentioned in Paragraph 1 of the preceding article be taken by an agent, such agent shall submit a documentation evidencing his/her power of representation. In addition, if the consent of curator or assistant is required for the procedure mentioned in Paragraph 1 of the preceding article, the shareholder shall submit a documentation evidencing such consent.

Article 5. (Certification Document and Guarantor)

If the Company deems it necessary in connection with the procedure mentioned in Article 3, Paragraph 1, the Company may require, in addition to those provided for in these Regulations, such certification document or such guarantor as the Company may deem appropriate.

CHAPTER II.

ENTRY OR RECORDING, ETC. IN THE REGISTER OF SHAREHOLDERS

Article 6. (Entry or Recording in the Register of Shareholders)

1. The Company shall enter or record items in the register of shareholders (the “Register of Shareholders”) in accordance with the general shareholders notification (sou kabunushi tsuchi) received from JASDEC.

2. If the Company receives notification regarding changes in address or other matters indicated in the Register of Shareholders of a person who is entered or recorded in the Register of Shareholders (the “Shareholder”), the Company shall revise the Register of Shareholders in accordance with such notification.

3. In addition to Paragraphs 1 and 2 of this article, the Company shall enter or record, in the Register of Shareholders, the issuance of new shares and such other matters provided for in laws and regulations.

Article 7. (Letters, Symbols, etc. to be Used in the Register of Shareholders)

Entries in the Register of Shareholders shall be made using the letters and symbols specified by JASDEC.

CHAPTER III.

NOTIFICATION OF VARIOUS MATTERS

Article 8. (Notification of Shareholder’s Name/Corporate Name and Address, etc.)

1. A Shareholder shall file a notification of name/corporate name and address; provided, however, that if any of the following items is applicable to the Shareholder, notification of the matters specified in such item shall be filed:

(1) If the Shareholder has a statutory agent such as a person in parental authority or guardian, the name/corporate name and address of such statutory agent.

(2) If the Shareholder is a corporation, the corporate name and address of the judicial person, and the title and name of its representative.

(3) If the shares are jointly owned, the name/corporate name and address of a representative of the joint owners.

(4) If the Shareholder resides outside of Japan, in addition to the name/corporate name and address of the Shareholder, the address in Japan at which such Shareholder shall receive notices or, if the Shareholder appoints a standing proxy in Japan, the name/corporate name and address of such standing proxy.

2. A Shareholder shall file a notification of amendment, if there is any amendment to the matters mentioned in Paragraph 1 of this article.

3. The notifications or notifications of amendment described in Paragraphs 1 and 2 of this article shall be filed through the Securities Company and JASDEC. However, this shall not apply to the cases stipulated in Article 6, Paragraph 3.

Article 9. (Other Notifications)

1. In addition to notifications set forth in the preceding article, a Shareholder submitting any notification to the Company shall do so through the Securities Company and JASDEC, or through the Securities Company, unless otherwise designated by the Company. However, this shall not apply to the cases stipulated in Article 6, Paragraph 3.

2. Notifications which cannot be received or handled by the Securities Company shall be submitted to the Transfer Agent.

Article 10. (Application to Registered Pledgees)

The provisions in this Chapter shall be applied mutatis mutandis to registered pledgees of shares.

CHAPTER IV.

PURCHASE OF COMMON SHARES CONSTITUTING LESS THAN ONE UNIT

Article 11. (Request for Purchase of Shares)

In the event that a shareholder requests the Company for the purchase of common shares constituting less than one unit, such shareholder shall submit the request through the Securities Company and JASDEC in accordance with the provisions set forth by JASDEC.

Article 12. (Determination of Purchase Price)

If a purchase request is made for common shares constituting less than one unit, the purchase price of such shares shall be the amount obtained by multiplying the number of common shares requested to be purchased by the amount equivalent to the closing price of the common shares of the Company on the Tokyo Stock Exchange on the date on which the purchase request is received at the Handling Office of the Transfer Agent (“Date of Request”); provided, however, that if there is no sale and purchase transaction on the Tokyo Stock Exchange on the Date of Request or if the Date of Request falls on a holiday of the Tokyo Stock Exchange, the amount equivalent to the price at which the common shares of the Company are first traded on the trading day immediately following such date and thereafter shall be used.

Article 13. (Payment of Purchase Price)

Unless otherwise specified by the Company, the purchase price under the preceding article shall be paid by the Company to the applicant on the fourth business day of the Transfer Agent from the date immediately following the date on which the purchase price is determined and the purchase request is received at the Handling Office of the Transfer Agent.

Article 14. (Transfer of Shares Purchased)

The common shares constituting less than one unit for which the request for purchase is made shall be transferred to the transfer account of the Company on the date on which procedures for the payment of the purchase price as set forth in the preceding article have been completed.

CHAPTER V.

ENTRY OR RECORDING, ETC. IN REGISTER OF STOCK ACQUISITION RIGHTS

Article 15. (Entry or Recording, etc. in Register of Stock Acquisition Rights)

1. Any request for (i) entry or recording in the register of the stock acquisition rights (the “Register of the Stock Acquisition Rights”), (ii) registration, transfer or cancellation of the right of the pledge in connection with the stock acquisition rights and (iii) representation or cancellation of the trust assets, shall be made to the Transfer Agent.

2. In addition to the provisions set forth in the preceding paragraph, the handling of stock acquisition rights may be governed separately.

Article 16. (Matters and Methods of Notifications Required to the Holder of Stock Acquisition Rights)

The provisions in Articles 8 and 9 of these Regulations regarding matters and methods of notifications required shall be applied mutatis mutandis to the holders of the stock acquisition rights that are entered or recorded in the Register of the Stock Acquisition Rights; provided, however, unless as otherwise governed pursuant to Paragraph 2 of the preceding article, such notifications shall be made to the Transfer Agent.

CHAPTER VI.

MODEL AA CLASS SHARES

Article 17. (Exceptions for Model AA Class Shares)

1. With respect to matters concerning the Model AA Class Shares, notwithstanding any other provisions hereof, the provisions of this Chapter shall prevail and apply.

2. All request or notification procedures, or any other handling, concerning the Model AA Class Shares shall be made to the Transfer Agent, unless otherwise provided for in this Chapter.

Article 18. (Approval Procedures for Transfer)

Approval procedures for transfer of the Model AA Class Shares shall be processed through the Transfer Agent.

Article 19. (Entry or Recording in Register of Shareholders of Model AA Class Shares)

1. In case of a request for entry or recording in the Register of Shareholders of the Model AA Class Shares (hereinafter referred to as the “Registration of Transfer”), a holder of Model AA Class Shares who was entered or recorded in the Register of Shareholders (the “Model AA Class Shareholder”) and a person who acquired the Model AA Class Shares shall jointly submit a request by prescribed written form with the names and seals of both.

2. In case a request for the Registration of Transfer is made with respect to the Model AA Class Shares acquired due to inheritance, merger or any other event other than assignment, a written request therefor shall be submitted together with a document evidencing the cause for such acquisition.

Article 20. (Notifications of Holders, Etc. of Model AA Class Shares)

1. The Model AA Class Shareholders and the registered pledgees of the Model AA Class Shares, or their statutory agents, in addition to the notification set forth in Article 8 hereof, shall notify the Company of their seal impressions; provided, however, that foreigners may substitute their specimen signatures for seal impressions.

2. In case of a change in the matters notified pursuant to the preceding paragraph, such change shall be notified.

3. All requests, notifications or any other exercises of shareholders’ rights concerning the Model AA Class Shares to the Company shall be made in the form prescribed by the Company, bearing the seal impressions notified pursuant to the provisions of Paragraph 1 of this article.

Article 21. (Request for Purchase of Model AA Class Shares)

In the event that a shareholder requests the Company for the purchase of Model AA Class Shares constituting less than one unit, such shareholder shall submit the request through the Transfer Agent by prescribed written form, etc.

Article 22. (Determination of Purchase Price)

1. If a purchase request is made for Model AA Class Shares constituting less than one unit, the purchase price of such shares shall be the amount prescribed through discussions between the Company and the shareholder of Model AA Class Shares constituting less than one unit who made the demand.

2. During the discussion mentioned in the preceding paragraph, the Company in principle shall make an offer to buy such shares for its market value calculated by the securities company which subscribed for such shares as of the date on which the purchase request is received.

3. In the case described in Paragraph 1 of this article, the Company or the shareholder of Model AA Class Shares constituting less than one unit who made the demand pursuant to the provisions of the preceding article may file a petition for the court to determine the purchase price within twenty days from the day when such demand is made.

4. Notwithstanding the provisions of Paragraph 1 of this article, if petition is filed pursuant to the preceding paragraph within the period provided for in that paragraph, the amount determined by the court in response to such petition shall be the purchase price of such Model AA Class Shares constituting less than one unit.

5. Notwithstanding the provisions of Paragraph 1 of this article, in the case described in that paragraph, if no petition is filed under Paragraph 3 of this article within the period provided for in that paragraph (except in cases where the discussions under Paragraph 1 of this article are successfully concluded within such period), the purchase price of the Model AA Class Shares constituting less than one unit shall be the amount obtained by multiplying the amount of the net assets per share by the number of the Model AA Class Shares constituting less than one unit related to the demand pursuant to the provisions of the preceding article.

Article 23. (Payment of Purchase Price)

Unless otherwise specified by the Company, the purchase price under the preceding article shall be paid by the Company to the applicant within six business days of the Transfer Agent from the date immediately following the date on which the purchase price is determined.

Article 24. (Registration of Transfer in Case of Special Procedures Required by Laws and Regulations)

If any special procedure is required by laws and regulations in connection with transfer of the Model AA Class Shares, a document evidencing the completion of such procedure shall be submitted together with a written request for the transfer.

Article 25. (Registration of Pledges, Transfer or Cancellation Thereof)

In case of a request for the registration of pledges on the Model AA Class Shares, or transfer or cancellation thereof, a written request therefor with the names and seals of both the pledgor and the pledgee affixed thereto shall be submitted.

Article 26. (Recordation of Shares Held in Trust or Cancellation Thereof)

In case of a request for the recordation of the Model AA Class Shares held in trust or cancellation thereof, a written request therefor shall be submitted either by the trustor or the trustee.

Article 27. (Method for Request for Conversion of Model AA Class Shares)

1. In case of a request to the Company for acquisition of First Series through Fifth Series Model AA Class Shares in exchange for common shares of the Company in the number as calculated by the formula set forth in Article 17 of the Articles of Incorporation, such request shall be made in the prescribed form, and a transfer account (other than a special account) which has been opened for himself/herself for the purpose of the transfer of such common shares shall be designated.

2. The request provided for in the preceding paragraph may not be cancelled after such request is received at the Handling Office of the Transfer Agent.

3. The delivery of the common shares set forth in Paragraph 1 of this article shall be made by a notification of new record or an application for the transfer of such common shares to the transfer account designated pursuant to the provisions of such paragraph.

Article 28. (Method for Request for Acquisition of Model AA Class Shares)

In case of a request to the Company for acquisition of First Series through Fifth Series Model AA Class Shares in exchange for cash in an amount as calculated by the formula set forth in Article 18 of the Articles of Incorporation, such request shall be made in the prescribed form.

Article 29. (Effect of Request for Conversion and Acquisition of Model AA Class Shares)

The requests set forth in the preceding two articles shall come into effect when each request is received at the Handling Office of the Transfer Agent set forth in Article 2.

Article 30. (Notice or Public Notice of Adjustment of Base Price and Number of Common Shares delivered to Model AA Class Shareholders)

In case the Base Price provided for in Article 14 of the Articles of Incorporation and number of common shares to be acquired by Model AA Class Shareholders in exchange for one Model AA Class Share provided for in Article 17 of the Articles of Incorporation shall be adjusted, details of such adjustment and the number of the common shares to be delivered in exchange for acquisition of Model AA Class Shares shall be notified or notified publicly to the Model AA Class Shareholders by the day preceding the day on which such adjusted Base Price or number of common shares shall be applied (hereinafter referred to as the “Adjustment Date”); provided, however, that in case the Company is not able to give notices or public notices of such change to the Model AA Class Shareholders by the day preceding the Adjustment Date, the Company shall give notices or public notices of such change to the Model AA Class Shareholders promptly after the Adjustment Date.

Article 31. (Procedures for Acquisition pursuant to Provisions of Acquisition of Model AA Class Shares)

In case of acquisition of Model AA Class Shares set forth in Article 19 of the Articles of Incorporation, the Company shall give notices or public notices of the amount of cash to be delivered to the Model AA Class Shareholders in exchange for the acquisition of one share of such Model AA Class Shares and any other necessary matters to the Model AA Class Shareholders.

CHAPTER VII.

PROCEDURES FOR EXERCISE OF MINORITY SHAREHOLDERS’ RIGHTS, ETC.

Article 32. (Procedures for Exercise of Minority Shareholders’ Rights, etc.)

1. Where minority shareholders’ rights and other rights as provided for in Article 147, Paragraph 4 of the Law Concerning Book-entry Transfer of Corporate Bonds, Stocks, etc. (the “Transfer Law”) are exercised directly to the Company, the exercising shareholder shall submit the request in writing bearing the name and seal of the shareholder, with an acceptance form (uketsuke hyou) of an Individual Shareholder Notice (kobetsu kabunushi tsuchi) (a notification set forth in Article 154, Paragraph 3 of the Transfer Law) delivered by the Securities Company attached. Non-Japanese citizens may provide a signature as a substitute for the name and seal.

2. Notwithstanding the provisions of the preceding paragraph, in case of exercise of the minority shareholders’ rights, etc. by the Model AA Class Shareholders, the request for the Individual Shareholder Notice (kobetsu kabunushi tsuchi) shall not be required.

3. The provisions in Article 3, Paragraphs 3 and 4, Articles 4 and 5 shall be applied to the exercise of minority shareholders’ rights and other rights as described in Paragraphs 1 and 2 of this article.

CHAPTER VIII.

FEES

Article 33. (Fees)

The fees for the handling of shares shall be free of charge; provided, however, that the fees payable by shareholders to the Securities Company or JASDEC shall be borne by the Shareholders.

SUPPLEMENTARY PROVISIONS

Article 1. (Amendment to Regulations)

Any amendment to these Regulations shall be made by a resolution of the meetings of the Board of Directors of the Company.

Article 2. (Effective Date)

These Regulations, as amended, shall become effective as of June 16, 2015.

(End of Document)

EX-11.1

Exhibit 11.1

The Code of Ethics for Members of the Board of Directors, Senior Managing

Officers and Managing Officers

Article 1. (Purpose)

This document comprises a code of ethics (the “Code”) for members of the board of directors, senior managing officers and managing officers (the “Officers”) of Toyota Motor Corporation (the “Company”) that sets forth the basic rules that, in addition to those outlined in “Guiding Principles at Toyota,” “Toyota Code of Conduct” and other guidelines and internal regulations of the Company, each Officer shall comply with in the performance of their professional management duties.

Article 2. (Objective)

This Code seeks to ensure honest and ethical conduct by all Officers, as well as their compliance with applicable laws and regulations.

Article 3. (Scope of Application)

This Code shall be applicable to all Officers.

Article 4. (Disclosure of this Code of Ethics)

This Code shall be appropriately disclosed in accordance with applicable laws and regulations.

Article 5. (Honest and Ethical Conduct)

1. Each Officer shall act honestly and ethically in the course of any business activity of the Company.

2. No Officer may engage in or otherwise enter into any act or transaction that gives rise to an actual or potential conflict of interest between such Officer and the Company without first reporting such matter to the Board of Directors and obtaining prior approval therefrom in accordance with the applicable provisions of the Japanese Companies Act and the internal regulations of the Company. Such Officer may not participate in the determination of the Board of Directors resolution relating to the granting of such approval.

Article 6. (Ensuring Fairness and Accuracy of Financial Disclosure; Appropriate Disclosure)

1. The chairman of the board of directors, president and member of the board of directors, accounting and financial officers and persons performing similar functions shall be responsible for ensuring that documents submitted to applicable governmental authorities and other information made public by the Company with respect to the Company’s financial position and financial statements are fair and readily comprehensible in content and the method of presentation, and that such documents and information are timely disclosed.

2. The chairman of the board of directors, president and member of the board of directors, accounting and financial officers and persons performing similar functions shall be responsible for establishing and maintaining disclosure controls and internal controls for documents and information specified in the previous paragraph.

3. In connection with the preparation of the Company’s financial statements, an Officer may not act in a way that may cause a material misunderstanding to or otherwise materially mislead any employee or independent public accountant involved in the preparation of such financial statements.

Article 7. (Compliance with Laws and Regulations)

The Officers shall comply with all applicable laws, rules and regulations, including those related to the prohibition of insider trading, in each of the countries and regions in which the Company operates.

Article 8. (Reporting of Unlawful Acts and Unethical Conduct)

1. Each Officer shall promptly report to the Board of Directors, Representative Director, Disclosure Committee, CSR Committee, or other responsible division or person appointed by these committees, in the event that such Officer or other Officers have acted in violation of the applicable laws or ethics.

2. Officers may contact the “Compliance Hotline” set up by the Company at an outside law firm with any legal or ethical inquiries or to report any breach of applicable laws or ethics. Upon receiving such report or other such inquiry, the designated law firm shall conduct necessary investigations and provide a report or recommendation to the Company while ensuring the anonymity of the person making such a contact. The Company shall then take appropriate measures based on such report or recommendation.

Article 9. (Accountability for Adherence to the Code)

1. Each Officer recognizes that legal compliance and ethical conduct form the basis for all corporate activities, and is obligated to comply with this Code.

2. The Company shall take appropriate disciplinary action in accordance with applicable laws and internal regulations of the Company against any Officer who acts in violation of the Code.

3. Officers who are subject to disciplinary action pursuant to the previous paragraph may not participate in any meeting, relating to the determination of such disciplinary action, of the Board of Directors, Disclosure Committee, CSR Committee, or other investigative committees appointed thereby.

Article 10. (Exemption)

An exemption from the Code shall only be granted pursuant to a resolution of the Board of Directors, and any such exemption shall be appropriately disclosed in accordance with applicable laws.

Article 11. (Amendment)

1. Any amendment of this Code shall only be effected by a resolution of the Board of Directors.

2. The CSR Committee shall be responsible for regularly evaluating the appropriateness of this Code, and for making recommendations relating to any necessary amendments of the Code to the Board of Directors.

Supplementary Provision

Article 1. (Effective Date)

This Code shall become effective on April 1, 2011.

EX-12.1

Exhibit 12.1

CERTIFICATIONS

I, Takeshi Uchiyamada, certify that:

1. I have reviewed this annual report on Form 20-F of Toyota Motor Corporation (the “Company”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements and other financial information included in this report fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;

4. The Company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the Company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting; and

5. The Company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s auditors and the Audit & Supervisory Board (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting.

Date: June 24, 2015

/S/    TAKESHI UCHIYAMADA      

Takeshi Uchiyamada

Chairman of the Board of Directors

Toyota Motor Corporation

CERTIFICATIONS

I, Takahiko Ijichi, certify that:

1. I have reviewed this annual report on Form 20-F of Toyota Motor Corporation (the “Company”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements and other financial information included in this report fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;

4. The Company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the Company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting; and

5. The Company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s auditors and the Audit & Supervisory Board (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting.

Date: June 24, 2015

/S/    TAKAHIKO IJICHI      

Takahiko Ijichi

Executive Vice President, Member of the Board

Toyota Motor Corporation

EX-13.1

Exhibit 13.1

CERTIFICATION

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Toyota Motor Corporation, a Japanese corporation (the “Company”), does hereby certify that, to such officer’s knowledge:

1. The accompanying Annual Report of the Company on Form 20-F for the period ended March 31, 2015 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. Information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

By:	/S/    TAKESHI UCHIYAMADA
Name:	Takeshi Uchiyamada
Title:	Chairman of the Board of Directors
Date: June 24, 2015
By:	/S/    TAKAHIKO IJICHI
Name:	Takahiko Ijichi
Title:	Executive Vice President, Member of the Board
Date: June 24, 2015

(A signed original of this written statement required by Section 906 has been provided to Toyota Motor Corporation and will be retained by Toyota Motor Corporation and furnished to the Securities and Exchange Commission or its staff upon request.)

EX-15.1

Exhibit 15.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statements on Form S-8 (No. 333-125977, 333-107322, 333-143955, 333-160081 and 333-175377) of Toyota Motor Corporation of our report dated June 24, 2015 relating to the financial statements and the effectiveness of internal control over financial reporting, which appears in this Form 20-F.

/s/ PricewaterhouseCoopers Aarata

Nagoya, Japan

June 24, 2015

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Finance Receivables (Tables)

12 Months Ended

Mar. 31, 2015

Financing Receivables

Finance receivables consist of the following:

	Yen in millions
	March 31,
	2014			2015
Retail		10,523,364			12,015,844
Finance leases		1,071,179			1,158,361
Wholesale and other dealer loans		2,875,650			3,124,079
		14,470,193			16,298,284
Deferred origination costs		161,956			179,905
Unearned income		(754,539	)		(837,124	)
Allowance for credit losses
Retail		(89,439	)		(109,316	)
Finance leases		(30,585	)		(29,303	)
Wholesale and other dealer loans		(26,358	)		(30,053	)
Total allowance for credit losses		(146,382	)		(168,672	)
Total finance receivables, net		13,731,228			15,472,393
Less - Current portion		(5,628,934	)		(6,269,862	)
Noncurrent finance receivables, net		8,102,294			9,202,531

Summary of Contractual Maturities

The contractual maturities of retail receivables, the future minimum lease payments on finance leases and the contractual maturities of wholesale and other dealer loans at March 31, 2015 are summarized as follows:

	Yen in millions
Years ending March 31,	Retail		Finance leases		Wholesale and other dealer loans
2016		3,990,339		305,178		2,284,565
2017		2,947,412		225,863		282,667
2018		2,303,402		171,359		193,257
2019		1,548,457		94,781		145,660
2020		792,183		30,905		96,535
Thereafter		434,051		7,405		121,395
		12,015,844		835,491		3,124,079

Summary of Finance Leases

Finance leases consist of the following:

	Yen in millions
	March 31,
	2014			2015
Minimum lease payments		781,736			835,491
Estimated unguaranteed residual values		289,443			322,870
		1,071,179			1,158,361
Deferred origination costs		4,592			4,791
Less - Unearned income		(89,627	)		(98,915	)
Less - Allowance for credit losses		(30,585	)		(29,303	)
Finance leases, net		955,559			1,034,934

Amount of Finance Receivables Segregated into Aging Categories Based on Number of Days Outstanding

The table below shows the amount of the finance receivables segregated into aging categories based on the number of days outstanding as of March 31, 2014 and 2015:

	Yen in millions
	March 31, 2014
	Retail		Finance leases		Wholesale		Real estate		Working capital
Current		10,366,261		1,062,194		1,434,534		739,659		700,819
30-59 days past due		105,056		3,396		8		525		—
60-89 days past due		22,824		1,490		—		70		—
90 days or greater past due		29,223		4,099		20		—		15
Total		10,523,364		1,071,179		1,434,562		740,254		700,834
	Yen in millions
	March 31, 2015
	Retail		Finance leases		Wholesale		Real estate		Working capital
Current		11,821,070		1,147,488		1,540,395		854,791		728,689
30-59 days past due		129,649		4,179		2		70		—
60-89 days past due		29,552		1,985		—		—		—
90 days or greater past due		35,573		4,709		—		26		106
Total		12,015,844		1,158,361		1,540,397		854,887		728,795

Recorded Investment for each Credit Quality of Finance Receivable within Wholesale and Other Dealer Loan Receivables Portfolio Segment in United States and Other Regions

The tables below show the recorded investment for each credit quality of the finance receivable within the wholesale and other dealer loan receivables portfolio segment in the United States and other regions as of March 31, 2014 and 2015:

United States

The wholesale and other dealer loan receivables portfolio segment is primarily segregated into credit qualities below based on internal risk assessments by dealers.

Performing: Account not classified as either Credit Watch, At Risk or Default

Credit Watch: Account designated for elevated attention

At Risk: Account where there is an increased likelihood that default may exist based on qualitative and quantitative factors

Default: Account is not currently meeting contractual obligations or we have temporarily waived certain contractual requirements

	Yen in millions
	March 31, 2014
	Wholesale		Real estate		Working capital		Total
Performing		836,703		390,218		169,027		1,395,948
Credit Watch		131,934		88,032		16,233		236,199
At Risk		2,441		1,247		2,556		6,244
Default		58		—		616		674
Total		971,136		479,497		188,432		1,639,065

	Yen in millions
	March 31, 2015
	Wholesale		Real estate		Working capital		Total
Performing		960,542		454,451		197,369		1,612,362
Credit Watch		136,537		101,221		21,197		258,955
At Risk		7,230		4,476		3,806		15,512
Default		4,340		482		273		5,095
Total		1,108,649		560,630		222,645		1,891,924

Other regions

Credit qualities of the wholesale and other dealer loan receivables portfolio segment in other regions are also monitored based on internal risk assessments by dealers on a consistent basis as in the United States. These accounts classified as “Credit Watch” or “At Risk” were not significant in other regions, and consequently the tables below summarize information for two categories, “Performing” and “Default”.

	Yen in millions
	March 31, 2014
	Wholesale		Real estate		Working capital		Total
Performing		460,946		259,056		511,855		1,231,857
Default		2,480		1,701		547		4,728
Total		463,426		260,757		512,402		1,236,585

	Yen in millions
	March 31, 2015
	Wholesale		Real estate		Working capital		Total
Performing		428,889		292,007		505,675		1,226,571
Default		2,859		2,250		475		5,584
Total		431,748		294,257		506,150		1,232,155

Impaired Finance Receivables

The tables below summarize information about impaired finance receivables:

	Yen in millions
	Recorded investment				Unpaid principal balance				Individually evaluated allowance
	March 31,				March 31,				March 31,
	2014		2015		2014		2015		2014		2015
Impaired account balances individually evaluated for impairment with an allowance:
Wholesale		4,745		11,810		4,745		11,810		483		2,387
Real estate		4,476		8,136		4,476		8,136		1,421		2,054
Working capital		2,977		4,881		2,977		4,881		2,720		4,376
Total		12,198		24,827		12,198		24,827		4,624		8,817
Impaired account balances individually evaluated for impairment without an allowance:
Wholesale		5,217		13,644		5,217		13,644
Real estate		9,257		10,935		9,257		10,935
Working capital		384		312		384		312
Total		14,858		24,891		14,858		24,891
Impaired account balances aggregated and evaluated for impairment:
Retail		34,179		32,907		33,661		32,541
Finance leases		177		118		168		104
Total		34,356		33,025		33,829		32,645
Total impaired account balances:
Retail		34,179		32,907		33,661		32,541
Finance leases		177		118		168		104
Wholesale		9,962		25,454		9,962		25,454
Real estate		13,733		19,071		13,733		19,071
Working capital		3,361		5,193		3,361		5,193
Total		61,412		82,743		60,885		82,363

	Yen in millions
	Average impaired finance receivables				Interest income recognized
	For the years ended March 31,				For the years ended March 31,
	2014		2015		2014		2015
Total impaired account balances:
Retail		37,997		33,722		2,760		2,389
Finance leases		175		155		6		4
Wholesale		14,464		13,977		100		110
Real estate		15,201		14,634		501		439
Working capital		4,591		3,813		200		110
Total		72,428		66,301		3,567		3,052

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Fair value measurements - Additional Information (Detail) - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Japanese bonds | Public and Corporate Bonds | Available-for-sale Securities
Fair Value Measurements [Line Items]
Percentage of assets	43.00%	50.00%
U.S., European and other bonds | Public and Corporate Bonds | Available-for-sale Securities
Fair Value Measurements [Line Items]
Percentage of assets	57.00%	50.00%
Japan | Common stocks | Available-for-sale Securities
Fair Value Measurements [Line Items]
Percentage of assets	88.00%	86.00%
Level 3
Fair Value Measurements [Line Items]
Finance receivables, fair value	¥ 40,901	¥ 22,432
Level 3 | Financing receivable
Fair Value Measurements [Line Items]
Fair value, assets measured on nonrecurring basis, gain (loss)	¥ (2,790)	¥ 220
Maximum
Fair Value Measurements [Line Items]
Cash equivalents maturity period	3 months
Maximum | Level 2 | Cash Equivalents
Fair Value Measurements [Line Items]
Negotiable certificate of deposit original maturities	3 months

XML

Employee benefit plans - Additional Information (Detail) - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Japanese plans
Pension and Other Postretirement Benefits Disclosure [Line Items]
Accumulated benefit obligation for all defined benefit pension plans		¥ 1,647,345	¥ 1,593,424
Japanese plans | Scenario Forecast
Pension and Other Postretirement Benefits Disclosure [Line Items]
Estimated prior service costs	¥ (4,700)
Estimated net actuarial loss	5,700
Expected contribution to pension plans	37,836
Foreign Plans
Pension and Other Postretirement Benefits Disclosure [Line Items]
Accumulated benefit obligation for all defined benefit pension plans		¥ 874,629	¥ 617,042
Foreign Plans | Scenario Forecast
Pension and Other Postretirement Benefits Disclosure [Line Items]
Estimated prior service costs	400
Estimated net actuarial loss	6,300
Expected contribution to pension plans	¥ 13,452
Equity securities | Japanese plans
Pension and Other Postretirement Benefits Disclosure [Line Items]
Percentage of plan assets invested		50.00%
Equity securities | Foreign Plans
Pension and Other Postretirement Benefits Disclosure [Line Items]
Percentage of plan assets invested		60.00%
Equity securities | Common stocks | Japanese plans | Japan
Pension and Other Postretirement Benefits Disclosure [Line Items]
Plan asset allocation		77.00%	71.00%
Equity securities | Common stocks | Japanese plans | Foreign
Pension and Other Postretirement Benefits Disclosure [Line Items]
Plan asset allocation		23.00%	29.00%
Debt securities | Japanese plans
Pension and Other Postretirement Benefits Disclosure [Line Items]
Percentage of plan assets invested		30.00%
Debt securities | Foreign Plans
Pension and Other Postretirement Benefits Disclosure [Line Items]
Percentage of plan assets invested		30.00%
Debt securities | Government bonds | Japanese plans | Japan
Pension and Other Postretirement Benefits Disclosure [Line Items]
Plan asset allocation		36.00%	44.00%
Debt securities | Government bonds | Japanese plans | Foreign
Pension and Other Postretirement Benefits Disclosure [Line Items]
Plan asset allocation		64.00%	56.00%

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Segment data (Tables)

12 Months Ended

Mar. 31, 2015

Segment Operating Results and Assets

Segment operating results and assets -

As of and for the year ended March 31, 2013:

	Yen in millions
	Automotive		Financial Services		All Other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Net revenues
Sales to external customers		20,378,762		1,150,042		535,388		—			22,064,192
Inter-segment sales and transfers		40,338		20,628		531,073		(592,039	)		—
Total		20,419,100		1,170,670		1,066,461		(592,039	)		22,064,192
Operating expenses		19,474,396		854,850		1,012,845		(598,787	)		20,743,304
Operating income		944,704		315,820		53,616		6,748			1,320,888
Assets		13,179,741		16,231,473		1,310,115		4,761,988			35,483,317
Investment in equity method investees		2,033,040		4,925		6,968		57,651			2,102,584
Depreciation expenses		745,880		336,528		22,701		—			1,105,109
Capital expenditure		937,695		1,005,326		29,286		1,845			1,974,152

As of and for the year ended March 31, 2014:

	Yen in millions
	Automotive		Financial Services		All Other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Net revenues
Sales to external customers		23,733,855		1,379,267		578,789		—			25,691,911
Inter-segment sales and transfers		47,549		41,780		572,491		(661,820	)		—
Total		23,781,404		1,421,047		1,151,280		(661,820	)		25,691,911
Operating expenses		21,842,626		1,126,156		1,087,010		(655,993	)		23,399,799
Operating income		1,938,778		294,891		64,270		(5,827	)		2,292,112
Assets		14,275,376		18,943,587		1,597,297		6,621,213			41,437,473
Investment in equity method investees		2,343,217		7,129		9,418		69,812			2,429,576
Depreciation expenses		789,266		437,896		23,691		—			1,250,853
Capital expenditure		1,044,510		1,624,944		39,930		(30,693	)		2,678,691

As of and for the year ended March 31, 2015:

	Yen in millions
	Automotive		Financial Services		All Other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Net revenues
Sales to external customers		25,006,224		1,621,685		606,612		—			27,234,521
Inter-segment sales and transfers		55,905		39,464		649,179		(744,548	)		—
Total		25,062,129		1,661,149		1,255,791		(744,548	)		27,234,521
Operating expenses		22,736,819		1,299,316		1,190,141		(742,319	)		24,483,957
Operating income		2,325,310		361,833		65,650		(2,229	)		2,750,564
Assets		15,897,022		22,378,941		1,889,433		7,564,434			47,729,830
Investment in equity method investees		2,588,127		8,801		10,000		84,294			2,691,222
Depreciation expenses		819,280		564,619		25,176		—			1,409,075
Capital expenditure		1,262,670		2,086,481		39,503		(31,086	)		3,357,568

Geographic Information

Geographic Information -

As of and for the year ended March 31, 2013:

	Yen in millions
	Japan		North America		Europe		Asia		Other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Net revenues
Sales to external customers		7,910,456		6,167,821		2,003,113		4,058,629		1,924,173		—			22,064,192
Inter-segment sales and transfers		4,910,562		116,604		80,000		326,847		170,092		(5,604,105	)		—
Total		12,821,018		6,284,425		2,083,113		4,385,476		2,094,265		(5,604,105	)		22,064,192
Operating expenses		12,244,683		6,062,500		2,056,651		4,009,421		1,960,521		(5,590,472	)		20,743,304
Operating income		576,335		221,925		26,462		376,055		133,744		(13,633	)		1,320,888
Assets		12,296,731		11,841,471		2,199,256		3,305,319		2,616,164		3,224,376			35,483,317
Long-lived assets		2,929,346		2,633,067		288,288		590,021		410,517		—			6,851,239

As of and for the year ended March 31, 2014:

	Yen in millions
	Japan		North America		Europe		Asia		Other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Net revenues
Sales to external customers		8,532,875		7,938,615		2,614,070		4,475,382		2,130,969		—			25,691,911
Inter-segment sales and transfers		5,764,595		178,484		110,889		402,290		205,672		(6,661,930	)		—
Total		14,297,470		8,117,099		2,724,959		4,877,672		2,336,641		(6,661,930	)		25,691,911
Operating expenses		12,787,305		7,791,047		2,666,731		4,481,935		2,294,073		(6,621,292	)		23,399,799
Operating income		1,510,165		326,052		58,228		395,737		42,568		(40,638	)		2,292,112
Assets		13,231,184		13,720,958		2,576,806		4,013,429		2,731,695		5,163,401			41,437,473
Long-lived assets		2,945,247		3,276,273		318,872		725,924		374,982		—			7,641,298

As of and for the year ended March 31, 2015:

	Yen in millions
	Japan		North America		Europe		Asia		Other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Net revenues
Sales to external customers		8,338,881		9,430,450		2,690,803		4,531,178		2,243,209		—			27,234,521
Inter-segment sales and transfers		6,064,986		247,146		157,491		450,062		206,029		(7,125,714	)		—
Total		14,403,867		9,677,596		2,848,294		4,981,240		2,449,238		(7,125,714	)		27,234,521
Operating expenses		12,832,391		9,093,077		2,767,176		4,559,458		2,337,729		(7,105,874	)		24,483,957
Operating income		1,571,476		584,519		81,118		421,782		111,509		(19,840	)		2,750,564
Assets		14,466,432		16,961,700		2,640,054		4,753,850		2,903,474		6,004,320			47,729,830
Long-lived assets		3,062,463		4,632,536		301,736		874,207		424,777		—			9,295,719

Revenues that are Attributed to Countries Based on Location of Customers, Excluding Customers in Japan

The following information shows revenues that are attributed to countries based on location of customers, excluding customers in Japan. In addition to the disclosure requirements under U.S.GAAP, Toyota discloses this information in order to provide financial statements users with valuable information.

	Yen in millions
	For the years ended March 31,
	2013		2014		2015
North America		6,790,453		7,919,832		9,405,305
Europe		1,901,118		2,495,829		2,555,368
Asia		3,940,175		4,252,632		4,231,077
Other		3,929,775		4,616,944		4,947,169

Balance Sheets - Non-financial Services and Financial Services Businesses

The financial data below presents separately Toyota’s non-financial services and financial services businesses.

Balance sheets -

	Yen in millions
	March 31,
	2014			2015
Assets
Non-Financial Services Businesses
Current assets
Cash and cash equivalents		1,411,860			1,680,994
Marketable securities		1,770,142			2,251,581
Trade accounts and notes receivable, less allowance for doubtful accounts		2,102,495			2,178,984
Inventories		1,894,536			2,137,021
Prepaid expenses and other current assets		1,689,497			1,898,558
Total current assets		8,868,530			10,147,138
Investments and other assets		9,524,349			10,765,747
Property, plant and equipment		4,886,194			5,346,553
Total Non-Financial Services Businesses assets		23,279,073			26,259,438
Financial Services Business
Current assets
Cash and cash equivalents		629,310			603,563
Marketable securities		276,735			530,518
Finance receivables, net		5,628,934			6,269,862
Prepaid expenses and other current assets		903,022			1,007,249
Total current assets		7,438,001			8,411,192
Noncurrent finance receivables, net		8,102,294			9,202,531
Investments and other assets		648,188			816,052
Property, plant and equipment		2,755,104			3,949,166
Total Financial Services Business assets		18,943,587			22,378,941
Eliminations		(785,187	)		(908,549	)
Total assets		41,437,473			47,729,830

Assets in the non-financial services include unallocated corporate assets.

	Yen in millions
	March 31,
	2014			2015
Liabilities
Non-Financial Services Businesses
Current liabilities
Short-term borrowings		587,809			567,566
Current portion of long-term debt		131,215			116,496
Accounts payable		2,180,190			2,372,354
Accrued expenses		2,218,495			2,567,998
Income taxes payable		583,115			338,680
Other current liabilities		1,283,730			1,437,114
Total current liabilities		6,984,554			7,400,208
Long-term liabilities
Long-term debt		526,498			564,746
Accrued pension and severance costs		756,229			866,930
Other long-term liabilities		1,506,806			1,872,881
Total long-term liabilities		2,789,533			3,304,557
Total Non-Financial Services Businesses liabilities		9,774,087			10,704,765
Financial Services Business
Current liabilities
Short-term borrowings		4,610,449			4,849,826
Current portion of long-term debt		2,834,445			3,830,413
Accounts payable		45,687			45,195
Accrued expenses		108,953			116,868
Income taxes payable		11,714			10,106
Other current liabilities		685,278			802,666
Total current liabilities		8,296,526			9,655,074
Long-term liabilities
Long-term debt		8,084,565			9,526,991
Accrued pension and severance costs		11,389			13,363
Other long-term liabilities		840,218			1,091,616
Total long-term liabilities		8,936,172			10,631,970
Total Financial Services Business liabilities		17,232,698			20,287,044
Eliminations		(788,299	)		(909,308	)
Total liabilities		26,218,486			30,082,501
Total Toyota Motor Corporation shareholders’ equity		14,469,148			16,788,131
Noncontrolling interests		749,839			859,198
Total shareholders’ equity		15,218,987			17,647,329
Total liabilities and shareholders’ equity		41,437,473			47,729,830

Statements of Income - Non-financial Services and Financial Services Businesses

Statements of income -

	Yen in millions
	For the years ended March 31,
	2013			2014			2015
Non-Financial Services Businesses
Net revenues		20,943,634			24,343,613			25,643,508
Costs and expenses
Cost of revenues		18,034,256			20,004,553			20,933,168
Selling, general and administrative		1,899,997			2,334,404			2,319,262
Total costs and expenses		19,934,253			22,338,957			23,252,430
Operating income		1,009,381			2,004,656			2,391,078
Other income (expense), net		79,837			140,067			136,797
Income before income taxes and equity in earnings of affiliated companies		1,089,218			2,144,723			2,527,875
Provision for income taxes		436,223			669,173			763,445
Equity in earnings of affiliated companies		230,078			316,612			306,749
Net income		883,073			1,792,162			2,071,179
Less - Net income attributable to noncontrolling interests		(119,359	)		(164,709	)		(130,172	)
Net income attributable to Toyota Motor Corporation - Non-Financial Services Businesses		763,714			1,627,453			1,941,007
Financial Services Business
Net revenues		1,170,670			1,421,047			1,661,149
Costs and expenses
Cost of revenues		633,306			840,905			955,380
Selling, general and administrative		221,544			285,251			343,936
Total costs and expenses		854,850			1,126,156			1,299,316
Operating income		315,820			294,891			361,833
Other income (expense), net		(970	)		1,451			3,190
Income before income taxes and equity in earnings of affiliated companies		314,850			296,342			365,023
Provision for income taxes		116,033			98,589			130,049
Equity in earnings of affiliated companies		1,441			1,764			1,796
Net income		200,258			199,517			236,770
Less - Net income attributable to noncontrolling interests		(1,961	)		(3,819	)		(4,417	)
Net income attributable to Toyota Motor Corporation - Financial Services Business		198,297			195,698			232,353
Eliminations		152			(32	)		(22	)
Net income attributable to Toyota Motor Corporation		962,163			1,823,119			2,173,338

Statement of Cash Flows - Non-financial Services and Financial Services Businesses

Statements of cash flows -

	Yen in millions									Yen in millions
	For the year ended March 31, 2013									For the year ended March 31, 2014
	Non-Financial Services Businesses			Financial Services Business			Consolidated			Non-Financial Services Businesses			Financial Services Business			Consolidated
Cash flows from operating activities
Net income		883,073			200,258			1,083,482			1,792,162			199,517			1,991,648
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation		768,581			336,528			1,105,109			812,957			437,896			1,250,853
Provision for doubtful accounts and credit losses		1,745			25,622			27,367			3,405			46,313			49,718
Pension and severance costs, less payments		(23,514	)		3,085			(20,429	)		21,842			(1,188	)		20,654
Losses on disposal of fixed assets		32,005			216			32,221			27,925			732			28,657
Unrealized losses on available-for-sale securities, net		2,104			—			2,104			560			5,636			6,197
Deferred income taxes		89,834			70,743			160,008			(108,318	)		51,995			(56,279	)
Equity in earnings of affiliated companies		(230,078	)		(1,441	)		(231,519	)		(316,612	)		(1,764	)		(318,376	)
Changes in operating assets and liabilities, and other		472,514			32,066			292,973			1,010,360			(269,875	)		672,963
Net cash provided by operating activities		1,996,264			667,077			2,451,316			3,244,281			469,262			3,646,035
Cash flows from investing activities
Additions to finance receivables		—			(16,877,678	)		(10,004,928	)		—			(20,598,521	)		(11,953,064	)
Collection of and proceeds from sales of finance receivables		—			15,784,681			9,102,856			—			19,612,456			11,025,353
Additions to fixed assets excluding equipment leased to others		(839,756	)		(14,805	)		(854,561	)		(956,232	)		(13,789	)		(970,021	)
Additions to equipment leased to others		(129,070	)		(990,521	)		(1,119,591	)		(97,515	)		(1,611,155	)		(1,708,670	)
Proceeds from sales of fixed assets excluding equipment leased to others		38,051			1,140			39,191			38,311			880			39,191
Proceeds from sales of equipment leased to others		68,571			464,870			533,441			35,995			708,344			744,339
Purchases of marketable securities and security investments		(2,980,821	)		(431,602	)		(3,412,423	)		(4,227,802	)		(510,476	)		(4,738,278	)
Proceeds from sales of and maturity of marketable securities and security investments		2,285,566			383,525			2,669,091			2,813,373			505,954			3,319,327
Payment for additional investments in affiliated companies, net of cash acquired		16,216			—			16,216			6,603			—			6,603
Changes in investments and other assets, and other		17,206			(77,848	)		3,396			(125,353	)		(4,607	)		(101,028	)
Net cash used in investing activities		(1,524,037	)		(1,758,238	)		(3,027,312	)		(2,512,620	)		(1,910,914	)		(4,336,248	)
Cash flows from financing activities
Proceeds from issuance of long-term debt		182,114			3,089,484			3,191,223			121,723			3,780,228			3,890,310
Payments of long-term debt		(328,380	)		(2,415,566	)		(2,682,136	)		(169,233	)		(2,831,116	)		(2,988,923	)
Increase (decrease) in short-term borrowings		(162,782	)		388,416			201,261			21,808			465,731			467,976
Dividends paid to Toyota Motor Corporation shareholders		(190,008	)		—			(190,008	)		(396,030	)		—			(396,030	)
Dividends paid to noncontrolling interests		(45,640	)		—			(45,640	)		(63,065	)		—			(63,065	)
Reissuance (repurchase) of treasury stock		2,542			—			2,542			9,212			—			9,212
Net cash provided by (used in) financing activities		(542,154	)		1,062,334			477,242			(475,585	)		1,414,843			919,480
Effect of exchange rate changes on cash and cash equivalents		72,700			65,151			137,851			48,375			45,231			93,606
Net increase in cash and cash equivalents		2,773			36,324			39,097			304,451			18,422			322,873
Cash and cash equivalents at beginning of year		1,104,636			574,564			1,679,200			1,107,409			610,888			1,718,297
Cash and cash equivalents at end of year		1,107,409			610,888			1,718,297			1,411,860			629,310			2,041,170

	Yen in millions
	For the year ended March 31, 2015
	Non-Financial Services Businesses			Financial Services Business			Consolidated
Cash flows from operating activities
Net income		2,071,179			236,770			2,307,904
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation		844,456			564,619			1,409,075
Provision for doubtful accounts and credit losses		(1,598	)		80,567			78,969
Pension and severance costs, less payments		(5,263	)		2,102			(3,161	)
Losses on disposal of fixed assets		31,601			24			31,625
Unrealized losses on available-for-sale securities, net		2,565			13			2,578
Deferred income taxes		(114,122	)		87,260			(26,887	)
Equity in earnings of affiliated companies		(306,749	)		(1,796	)		(308,545	)
Changes in operating assets and liabilities, and other		356,269			(191,791	)		194,195
Net cash provided by operating activities		2,878,338			777,768			3,685,753
Cash flows from investing activities
Additions to finance receivables		—			(22,325,159	)		(13,126,596	)
Collection of and proceeds from sales of finance receivables		—			21,668,847			12,450,388
Additions to fixed assets excluding equipment leased to others		(1,133,102	)		(13,216	)		(1,146,318	)
Additions to equipment leased to others		(137,985	)		(2,073,265	)		(2,211,250	)
Proceeds from sales of fixed assets excluding equipment leased to others		40,032			1,515			41,547
Proceeds from sales of equipment leased to others		40,878			762,545			803,423
Purchases of marketable securities and security investments		(2,530,591	)		(663,703	)		(3,194,294	)
Proceeds from sales of and maturity of marketable securities and security investments		2,198,799			484,202			2,683,001
Payment for additional investments in affiliated companies, net of cash acquired		—			—			—
Changes in investments and other assets, and other		(114,094	)		(9,669	)		(113,391	)
Net cash used in investing activities		(1,636,063	)		(2,167,903	)		(3,813,490	)
Cash flows from financing activities
Proceeds from issuance of long-term debt		119,449			4,960,157			5,029,018
Payments of long-term debt		(100,627	)		(3,373,842	)		(3,462,237	)
Increase (decrease) in short-term borrowings		(47,026	)		(259,931	)		(288,724	)
Dividends paid to Toyota Motor Corporation shareholders		(554,933	)		—			(554,933	)
Dividends paid to noncontrolling interests		(69,295	)		—			(69,295	)
Reissuance (repurchase) of treasury stock		(347,784	)		—			(347,784	)
Net cash provided by (used in) financing activities		(1,000,216	)		1,326,384			306,045
Effect of exchange rate changes on cash and cash equivalents		27,075			38,004			65,079
Net increase (decrease) in cash and cash equivalents		269,134			(25,747	)		243,387
Cash and cash equivalents at beginning of year		1,411,860			629,310			2,041,170
Cash and cash equivalents at end of year		1,680,994			603,563			2,284,557

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Accumulated other comprehensive income (Tables)

12 Months Ended

Mar. 31, 2015

Changes in accumulated other comprehensive income (loss)

Changes in accumulated other comprehensive income (loss) are as follows:

	Yen in millions
	Foreign currency translation adjustments			Unrealized gains (losses) on securities			Pension liability adjustments			Accumulated other comprehensive income (loss)
Balance at March 31, 2012		(1,248,118	)		298,306			(229,021	)		(1,178,833	)
Other comprehensive income (loss) before reclassifications, net of taxes of ¥(12,664) million, ¥(176,417) million, ¥(6,624) million and ¥(195,705) million		461,754			348,011			7,207			816,972
Reclassifications, net of taxes of ¥— million, ¥(17,497) million, ¥(4,335) million and ¥(21,832) million		—			26,198			7,504			33,702
Other comprehensive income (loss), net of tax		461,754			374,209			14,711			850,674
Less - Other comprehensive income attributable to noncontrolling interests		(27,116	)		(5,702	)		4,854			(27,964	)
Balance at March 31, 2013		(813,480	)		666,813			(209,456	)		(356,123	)
Other comprehensive income (loss) before reclassifications, net of taxes of ¥(25,139) million, ¥(255,959) million, ¥(44,987) million and ¥(326,085) million		301,889			507,566			91,507			900,962
Reclassifications, net of taxes of ¥— million, ¥5,209 million, ¥(4,682) million and ¥527 million		—			(8,006	)		7,897			(109	)
Other comprehensive income (loss), net of tax		301,889			499,560			99,404			900,853
Less - Other comprehensive income attributable to noncontrolling interests		(4,947	)		(5,810	)		(5,812	)		(16,569	)
Balance at March 31, 2014		(516,538	)		1,160,563			(115,864	)		528,161
Other comprehensive income (loss) before reclassifications, net of taxes of ¥(8,742) million, ¥(309,767) million, ¥2,853 million and ¥(315,656) million		404,352			596,417			621			1,001,390
Reclassifications, net of taxes of ¥— million, ¥11,013 million, ¥(2,153) million and ¥8,860 million		—			(18,714	)		3,695			(15,019	)
Other comprehensive income (loss), net of tax		404,352			577,703			4,316			986,371
Less - Other comprehensive income attributable to noncontrolling interests		(23,904	)		(10,701	)		(2,382	)		(36,987	)
Balance at March 31, 2015		(136,090	)		1,727,565			(113,930	)		1,477,545

Component of Reclassifications

Reclassifications for the years ended March 31, 2014 and 2015 consist of the following:

	Yen in millions
	For the years ended March 31,						Affected line items in the consolidated statements of income
	2014			2015
Unrealized gains (losses) on securities:
		(29	)		(7,727	)	Financing operations
		5,079			(14,552	)	Foreign exchange gain, net
		(18,469	)		(7,446	)	Other income (loss), net
		(13,419	)		(29,725	)	Income before income taxes and equity in earnings of affiliated companies
		5,209			11,013		Provision for income taxes
		204			(2	)	Equity in earnings of affiliated companies
		(8,006	)		(18,714	)	Net income
Pension liability adjustments:
Recognized net actuarial loss		17,786			10,194		*1
Amortization of prior service costs		(5,207	)		(4,346	)	*1
		12,579			5,848		Income before income taxes and equity in earnings of affiliated companies
		(4,682	)		(2,153	)	Provision for income taxes
		7,897			3,695		Net income
Total reclassifications, net of tax		(109	)		(15,019	)

Amounts of reclassifications in parentheses indicate gains in the consolidated statements of income.

*1: These components are included in the computation of net periodic pension cost. See note 19 to the consolidated financial statements for additional information.

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Fair Values of Derivative Financial Instruments (Detail) - JPY (¥) ¥ in Millions	Mar. 31, 2015	Mar. 31, 2014
Derivatives, Fair Value [Line Items]
Total derivative assets	¥ 339,320	¥ 227,704
Counterparty netting	(117,794)	(85,331)
Collateral received	(76,891)	(78,554)
Carrying value of derivative assets	144,635	63,819
Total derivative liabilities	(360,731)	(175,645)
Counterparty netting	117,794	85,331
Collateral posted	213,937	61,680
Carrying value of derivative liabilities	(29,000)	(28,634)
Interest rate and currency swap agreements
Derivatives, Fair Value [Line Items]
Derivative assets	300,319	182,826
Derivative liabilities	(348,229)	(164,730)
Interest rate and currency swap agreements | Prepaid expenses and Other current assets
Derivatives, Fair Value [Line Items]
Derivative assets	57,915	23,182
Interest rate and currency swap agreements | Investments and other assets - Other
Derivatives, Fair Value [Line Items]
Derivative assets	242,404	159,644
Interest rate and currency swap agreements | Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	(94,801)	(32,569)
Interest rate and currency swap agreements | Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	(253,428)	(132,161)
Foreign exchange forward and option contracts
Derivatives, Fair Value [Line Items]
Derivative assets	35,594	7,052
Derivative liabilities	(7,308)	(9,473)
Foreign exchange forward and option contracts | Prepaid expenses and Other current assets
Derivatives, Fair Value [Line Items]
Derivative assets	35,594	7,052
Foreign exchange forward and option contracts | Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	(7,307)	(9,468)
Foreign exchange forward and option contracts | Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	(1)	(5)
Fair value hedging derivative financial instruments | Interest rate and currency swap agreements
Derivatives, Fair Value [Line Items]
Derivative assets	3,407	37,826
Derivative liabilities	(5,194)	(1,442)
Fair value hedging derivative financial instruments | Interest rate and currency swap agreements | Prepaid expenses and Other current assets
Derivatives, Fair Value [Line Items]
Derivative assets	527	1,254
Fair value hedging derivative financial instruments | Interest rate and currency swap agreements | Investments and other assets - Other
Derivatives, Fair Value [Line Items]
Derivative assets	2,880	36,572
Fair value hedging derivative financial instruments | Interest rate and currency swap agreements | Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	(4,793)	¥ (1,442)
Fair value hedging derivative financial instruments | Interest rate and currency swap agreements | Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	¥ (401)

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Investment in Impaired Loans by Class of Finance Receivable (Detail) - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Financing Receivable, Allowance for Credit Losses [Line Items]
Recorded investment	¥ 82,743	¥ 61,412
Unpaid principal balance	82,363	60,885
Average recorded investment	66,301	72,428
Interest Income Recognized	3,052	3,567
Wholesale
Financing Receivable, Allowance for Credit Losses [Line Items]
Recorded investment	25,454	9,962
Unpaid principal balance	25,454	9,962
Average recorded investment	13,977	14,464
Interest Income Recognized	110	100
Retail
Financing Receivable, Allowance for Credit Losses [Line Items]
Recorded investment	32,907	34,179
Unpaid principal balance	32,541	33,661
Average recorded investment	33,722	37,997
Interest Income Recognized	2,389	2,760
Working capital
Financing Receivable, Allowance for Credit Losses [Line Items]
Recorded investment	5,193	3,361
Unpaid principal balance	5,193	3,361
Average recorded investment	3,813	4,591
Interest Income Recognized	110	200
Real estate
Financing Receivable, Allowance for Credit Losses [Line Items]
Recorded investment	19,071	13,733
Unpaid principal balance	19,071	13,733
Average recorded investment	14,634	15,201
Interest Income Recognized	439	501
Finance leases
Financing Receivable, Allowance for Credit Losses [Line Items]
Recorded investment	118	177
Unpaid principal balance	104	168
Average recorded investment	155	175
Interest Income Recognized	4	6
Financing Receivables Impaired
Financing Receivable, Allowance for Credit Losses [Line Items]
Recorded investment	33,025	34,356
Unpaid principal balance	32,645	33,829
Financing Receivables Impaired | Retail
Financing Receivable, Allowance for Credit Losses [Line Items]
Recorded investment	32,907	34,179
Unpaid principal balance	32,541	33,661
Financing Receivables Impaired | Finance leases
Financing Receivable, Allowance for Credit Losses [Line Items]
Recorded investment	118	177
Unpaid principal balance	104	168
Impaired account balances individually evaluated for impairment with an allowance
Financing Receivable, Allowance for Credit Losses [Line Items]
Recorded investment	24,827	12,198
Unpaid principal balance	24,827	12,198
Individually evaluated allowance	8,817	4,624
Impaired account balances individually evaluated for impairment with an allowance | Wholesale
Financing Receivable, Allowance for Credit Losses [Line Items]
Recorded investment	11,810	4,745
Unpaid principal balance	11,810	4,745
Individually evaluated allowance	2,387	483
Impaired account balances individually evaluated for impairment with an allowance | Working capital
Financing Receivable, Allowance for Credit Losses [Line Items]
Recorded investment	4,881	2,977
Unpaid principal balance	4,881	2,977
Individually evaluated allowance	4,376	2,720
Impaired account balances individually evaluated for impairment with an allowance | Real estate
Financing Receivable, Allowance for Credit Losses [Line Items]
Recorded investment	8,136	4,476
Unpaid principal balance	8,136	4,476
Individually evaluated allowance	2,054	1,421
Impaired account balances individually evaluated for impairment without an allowance
Financing Receivable, Allowance for Credit Losses [Line Items]
Recorded investment	24,891	14,858
Unpaid principal balance	24,891	14,858
Impaired account balances individually evaluated for impairment without an allowance | Wholesale
Financing Receivable, Allowance for Credit Losses [Line Items]
Recorded investment	13,644	5,217
Unpaid principal balance	13,644	5,217
Impaired account balances individually evaluated for impairment without an allowance | Working capital
Financing Receivable, Allowance for Credit Losses [Line Items]
Recorded investment	312	384
Unpaid principal balance	312	384
Impaired account balances individually evaluated for impairment without an allowance | Real estate
Financing Receivable, Allowance for Credit Losses [Line Items]
Recorded investment	10,935	9,257
Unpaid principal balance	¥ 10,935	¥ 9,257

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Derivative financial instruments - Additional Information (Detail) ¥ in Millions	Mar. 31, 2015 JPY (¥)
Derivative [Line Items]
Credit risk derivatives, fair value, net liability	¥ 13,994
Credit risk derivatives, aggregate fair value of assets posted	203,568
Maximum amount of assets to be posted if the ratings decline below specified thresholds	¥ 13,994

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Per Share Amounts (Tables)

12 Months Ended

Mar. 31, 2015

Reconciliations of Differences Between Basic and Diluted Net Income Attributable to Toyota Motor Corporation Per Share

Reconciliations of the differences between basic and diluted net income attributable to Toyota Motor Corporation per share for the years ended March 31, 2013, 2014 and 2015 are as follows:

	Yen in millions			Thousands of shares		Yen
	Net income attributable to Toyota Motor Corporation			Weighted- average shares		Net income attributable to Toyota Motor Corporation per share
For the year ended March 31, 2013
Basic net income attributable to Toyota Motor Corporation per common share		962,163			3,166,909		303.82
Effect of dilutive securities
Assumed exercise of dilutive stock options		(32	)		246
Diluted net income attributable to Toyota Motor Corporation per common share		962,131			3,167,155		303.78
For the year ended March 31, 2014
Basic net income attributable to Toyota Motor Corporation per common share		1,823,119			3,168,989		575.30
Effect of dilutive securities
Assumed exercise of dilutive stock options		(85	)		1,922
Diluted net income attributable to Toyota Motor Corporation per common share		1,823,034			3,170,911		574.92
For the year ended March 31, 2015
Basic net income attributable to Toyota Motor Corporation per common share		2,173,338			3,158,851		688.02
Effect of dilutive securities
Assumed exercise of dilutive stock options		(42	)		1,578
Diluted net income attributable to Toyota Motor Corporation per common share		2,173,296			3,160,429		687.66

Toyota Motor Corporation Shareholders' Equity Per Share

The following table shows Toyota Motor Corporation shareholders’ equity per share as of March 31, 2014 and 2015. Toyota Motor Corporation shareholders’ equity per share amounts are calculated by dividing Toyota Motor Corporation shareholders’ equities’ amount at the end of each period by the number of shares issued and outstanding, excluding treasury stock at the end of the corresponding period.

	Yen in millions		Thousands of shares		Yen
	Toyota Motor Corporation Shareholders’ equity		Shares issued and outstanding at the end of the year (excluding treasury stock)		Toyota Motor Corporation Shareholders’ equity per share
As of March 31, 2014		14,469,148		3,169,766		4,564.74
As of March 31, 2015		16,788,131		3,146,814		5,334.96

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Net Change in Allowance for Credit Losses above Relating to Retail Receivables Portfolio Segment, Finance Lease Receivables Portfolio Segment and Wholesale and Other Dealer Loan Receivables Portfolio Segment (Detail) - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses at beginning of year	¥ 146,382
Allowance for credit losses at end of year	168,672	¥ 146,382
Retail
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses at beginning of year	89,439	83,858	¥ 77,353
Provision for credit losses, net of reversal	70,129	42,055	29,079
Charge-offs	(71,403)	(55,733)	(48,528)
Recoveries	15,008	14,051	12,795
Other	6,143	5,208	13,159
Allowance for credit losses at end of year	109,316	89,439	83,858
Finance leases
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses at beginning of year	30,585	28,928	30,637
Provision for credit losses, net of reversal	(858)	1,847	(4,063)
Charge-offs	(2,568)	(2,554)	(2,775)
Recoveries	497	587	590
Other	1,647	1,777	4,539
Allowance for credit losses at end of year	29,303	30,585	28,928
Wholesale and other dealer loans
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses at beginning of year	26,358	26,243	24,238
Provision for credit losses, net of reversal	2,531	(807)	(2,006)
Charge-offs	(603)	(626)	(110)
Recoveries	78	16	3
Other	1,689	1,532	4,118
Allowance for credit losses at end of year	¥ 30,053	¥ 26,358	¥ 26,243

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Components of Accumulated Other Comprehensive Income (Loss) and Related Changes, Net of Taxes (Parenthetical) (Detail) - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss) before reclassifications, taxes	¥ (315,656)	¥ (326,085)	¥ (195,705)
Reclassifications, taxes	8,860	527	(21,832)
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss) before reclassifications, taxes	(8,742)	(25,139)	(12,664)
Unrealized gains (losses) on securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss) before reclassifications, taxes	(309,767)	(255,959)	(176,417)
Reclassifications, taxes	11,013	5,209	(17,497)
Pension liability adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss) before reclassifications, taxes	2,853	(44,987)	(6,624)
Reclassifications, taxes	¥ (2,153)	¥ (4,682)	¥ (4,335)

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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2015

Components of Income Before Income Taxes

The components of income before income taxes comprise the following:

	Yen in millions
	For the years ended March 31,
	2013		2014		2015
Income before income taxes:
Parent company and domestic subsidiaries		651,852		1,621,013		1,685,909
Foreign subsidiaries		751,797		820,067		1,206,919
		1,403,649		2,441,080		2,892,828

Provision for Income Taxes

The provision for income taxes consists of the following:

	Yen in millions
	For the years ended March 31,
	2013		2014			2015
Current income tax expense:
Parent company and domestic subsidiaries		178,662		634,458			552,122
Foreign subsidiaries		213,016		189,629			368,234
Total current		391,678		824,087			920,356
Deferred income tax expense (benefit):
Parent company and domestic subsidiaries		140,041		(122,898	)		(77,653	)
Foreign subsidiaries		19,967		66,619			50,766
Total deferred		160,008		(56,279	)		(26,887	)
Total provision		551,686		767,808			893,469

Reconciliation of Differences Between Statutory Tax Rate and Effective Income Tax Rate

Reconciliation of the differences between the statutory tax rate and the effective income tax rate is as follows:

	For the years ended March 31,
	2013			2014			2015
Statutory tax rate		37.6	%		37.6	%		35.2	%
Increase (reduction) in taxes resulting from:
Non-deductible expenses		0.6			2.2			1.5
Deferred tax liabilities on undistributed earnings of foreign subsidiaries		1.8			1.5			1.0
Deferred tax liabilities on undistributed earnings of affiliated companies accounted for by the equity method		4.1			3.0			2.5
Valuation allowance		1.7			(4.3	)		(0.5	)
Tax credits		(3.1	)		(6.5	)		(5.3	)
The difference between the statutory tax rate in Japan and that of foreign subsidiaries		(4.8	)		(3.2	)		(2.4	)
Unrecognized tax benefits adjustments		0.1			0.0			3.2
Revision to reduce deferred tax assets and liabilities at the fiscal year-end due to changes in tax rates		0.0			0.9			(1.9	)
Other		1.3			0.3			(2.4	)
Effective income tax rate		39.3	%		31.5	%		30.9	%

Components of Deferred Tax Assets and Liabilities

Significant components of deferred tax assets and liabilities are as follows:

	Yen in millions
	March 31,
	2014			2015
Deferred tax assets
Accrued pension and severance costs		179,159			184,215
Accrued expenses and liabilities for quality assurances		523,473			573,246
Other accrued employees’ compensation		126,721			126,366
Operating loss carryforwards for tax purposes		164,070			259,896
Tax credit carryforwards		51,046			42,059
Property, plant and equipment and other assets		213,799			220,226
Other		307,443			288,012
Gross deferred tax assets		1,565,711			1,694,020
Less - Valuation allowance		(189,894	)		(169,811	)
Total deferred tax assets		1,375,817			1,524,209
Deferred tax liabilities
Unrealized gains on securities, net		(608,428	)		(810,192	)
Undistributed earnings of foreign subsidiaries		(37,556	)		(27,692	)
Undistributed earnings of affiliated companies accounted for by the equity method		(663,249	)		(686,692	)
Basis difference of acquired assets		(35,261	)		(31,946	)
Lease transactions		(828,911	)		(1,162,540	)
Other		(39,286	)		(21,597	)
Gross deferred tax liabilities		(2,212,691	)		(2,740,659	)
Net deferred tax liability		(836,874	)		(1,216,450	)

The deferred tax assets and liabilities above that comprise the net deferred tax liability are included in the consolidated balance sheets as follows:

	Yen in millions
	March 31,
	2014			2015
Deferred tax assets
Deferred income taxes (Current assets)		866,386			978,179
Investments and other assets - Other		133,537			132,548
Deferred tax liabilities
Other current liabilities		(24,951	)		(28,708	)
Deferred income taxes (Long-term liabilities)		(1,811,846	)		(2,298,469	)
Net deferred tax liability		(836,874	)		(1,216,450	)

Net Changes in Total Valuation Allowance for Deferred Tax Assets

The net changes in the total valuation allowance for deferred tax assets for the years ended March 31, 2013, 2014 and 2015 consist of the following:

	Yen in millions
	For the years ended March 31,
	2013			2014			2015
Valuation allowance at beginning of year		309,268			284,835			189,894
Additions		38,285			23,390			34,485
Deductions		(70,986	)		(128,928	)		(50,247	)
Other		8,268			10,597			(4,321	)
Valuation allowance at end of year		284,835			189,894			169,811

Summary of Gross Unrecognized Tax Benefits Changes

A summary of the gross unrecognized tax benefits changes for the years ended March 31, 2013, 2014 and 2015 is as follows:

	Yen in millions
	For the years ended March 31,
	2013			2014			2015
Balance at beginning of year		16,901			22,447			19,393
Additions based on tax positions related to the current year		2,401			310			593
Additions for tax positions of prior years		4,339			491			94,852
Reductions for tax positions of prior years		(1,619	)		(1,273	)		(4,015	)
Reductions for tax positions related to lapse of statute of limitations		—			—			(58	)
Reductions for settlements		(2,776	)		(3,771	)		(98,929	)
Other		3,201			1,189			1,808
Balance at end of year		22,447			19,393			13,644

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Fair value measurements

12 Months Ended

Mar. 31, 2015

Fair value measurements

26. Fair value measurements:

In accordance with U.S.GAAP, Toyota classifies fair value into three levels of input as follows which are used to measure it.

Level 1:	Quoted prices in active markets for identical assets or liabilities
Level 2:	Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the valuation of assets or liabilities
Level 3:	Valuation of assets or liabilities using unobservable inputs which reflect the reporting entity’s assumptions

The following table summarizes the fair values of the assets and liabilities measured at fair value on a recurring basis as of March 31, 2014 and 2015. Transfers between levels of the fair value are recognized at the end of their respective reporting periods:

	Yen in millions
	March 31, 2014
	Level 1		Level 2			Level 3		Total
Assets
Cash equivalents		311,582		401,546			—		713,128
Marketable securities and other securities investments
Public and corporate bonds		5,234,856		920,975			9,092		6,164,923
Common stocks		1,997,196		—			—		1,997,196
Other		54,383		517,950			—		572,333
Derivative financial instruments		—		220,160			7,544		227,704
Total		7,598,017		2,060,631			16,636		9,675,284
Liabilities
Derivative financial instruments		—		(175,645	)		—		(175,645	)
Total		—		(175,645	)		—		(175,645	)

	Yen in millions
	March 31, 2015
	Level 1		Level 2			Level 3		Total
Assets
Cash equivalents		145,923		348,487			—		494,410
Marketable securities and other securities investments
Public and corporate bonds		6,129,824		1,038,810			12,317		7,180,951
Common stocks		2,704,814		—			—		2,704,814
Other		61,538		369,184			—		430,722
Derivative financial instruments		—		338,310			1,010		339,320
Total		9,042,099		2,094,791			13,327		11,150,217
Liabilities
Derivative financial instruments		—		(360,731	)		—		(360,731	)
Total		—		(360,731	)		—		(360,731	)

The following is description of the assets and liabilities measured at fair value, information about the valuation techniques used to measure fair value, key inputs and significant assumptions:

Cash equivalents -

Cash equivalents include money market funds and other investments with original maturities of three months or less. Cash equivalents classified in Level 2 include negotiable certificate of deposit with original maturities of three months or less. These are measured at fair value using primarily observable interest rates in the market.

Marketable securities and other securities investments -

Marketable securities and other securities investments include public and corporate bonds, common stocks and other investments. Public and corporate bonds include government bonds and represent 50% of Japanese bonds, and 50% of U.S., European and other bonds as of March 31, 2014, and 43% of Japanese bonds, and 57% of U.S., European and other bonds as of March 31, 2015. Listed stocks on the Japanese stock markets represent 86% and 88% of common stocks as of March 31, 2014 and 2015, respectively. Toyota uses primarily quoted market prices for identical assets to measure fair value of these securities. “Other” includes investment trusts. Generally, Toyota uses quoted market prices for similar assets or quoted non-active market prices for identical assets to measure fair value of these securities. These assets are classified in Level 2.

Derivative financial instruments -

See note 20 to the consolidated financial statements about derivative financial instruments. Toyota primarily estimates the fair value of derivative financial instruments using industry-standard valuation models that require observable inputs including interest rates and foreign exchange rates, and the contractual terms. The usage of these models does not require significant judgment to be applied. These derivative financial instruments are classified in Level 2. In other certain cases when market data is not available, key inputs to the fair value measurement include quotes from counterparties, and other market data. Toyota assesses the reasonableness of changes of the quotes using observable market data. These derivative financial instruments are classified in Level 3. Toyota’s derivative fair value measurements consider assumptions about counterparty and Toyota’s own non-performance risk, using such as credit default probabilities.

The following table summarizes the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the periods ended March 31, 2013, 2014 and 2015:

	Yen in millions
	For the year ended March 31, 2013
	Marketable securities and other securities investments			Derivative financial instruments			Total
Balance at beginning of year		1,684			4,739			6,423
Total gains (losses)
Included in income (loss)		24			2,118			2,142
Included in other comprehensive income (loss)		58			—			58
Purchases and issuances		3,607			—			3,607
Settlements		(1,563	)		(2,343	)		(3,906	)
Other		3,079			613			3,692
Balance at end of year		6,889			5,127			12,016

	Yen in millions
	For the year ended March 31, 2014
	Marketable securities and other securities investments			Derivative financial instruments			Total
Balance at beginning of year		6,889			5,127			12,016
Total gains (losses)
Included in income (loss)		(28	)		3,460			3,432
Included in other comprehensive income (loss)		(228	)		—			(228	)
Purchases and issuances		2,575			—			2,575
Settlements		(1,555	)		(1,579	)		(3,134	)
Other		1,439			536			1,975
Balance at end of year		9,092			7,544			16,636

	Yen in millions
	For the year ended March 31, 2015
	Marketable securities and other securities investments			Derivative financial instruments			Total
Balance at beginning of year		9,092			7,544			16,636
Total gains (losses)
Included in income (loss)		(33	)		(5,953	)		(5,986	)
Included in other comprehensive income (loss)		227			—			227
Purchases and issuances		4,055			—			4,055
Settlements		(2,914	)		(1,169	)		(4,083	)
Other		1,890			588			2,478
Balance at end of year		12,317			1,010			13,327

“Included in income (loss)” in marketable securities and other securities investments and derivative financial instruments are included in “Other income (loss), net” and “Cost of financing operations” in the accompanying consolidated statements of income, respectively.

In the reconciliation table above, derivative financial instruments are presented net of assets and liabilities. “Other” includes the currency translation adjustments for the years ended March 31, 2013, 2014 and 2015.

As of March 31, 2015, the Level 3 assets and liabilities measured at fair value on a recurring basis are not significant.

Certain assets and liabilities are measured at fair value on a nonrecurring basis. During the years ended March 31, 2014 and 2015, Toyota measured certain finance receivables at fair value of ¥22,432 million and ¥40,901 million based on the collateral value, resulting in gain of ¥220 million and loss of ¥2,790 million, respectively. This fair value measurement on a nonrecurring basis is classified in Level 3. See note 21 to the consolidated financial statements for the fair value measurement. These Level 3 financial assets are not significant.

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Summary of Financial Information for Affiliated Companies Accounted for by Equity Method (Detail) ¥ in Millions	12 Months Ended
	Mar. 31, 2015 JPY (¥) Entity	Mar. 31, 2014 JPY (¥) Entity	Mar. 31, 2013 JPY (¥)
Schedule of Equity Method Investments [Line Items]
Current assets	¥ 11,380,649	¥ 10,813,254
Noncurrent assets	11,890,150	10,172,524
Total assets	23,270,799	20,985,778
Current liabilities	7,330,762	7,120,877
Long-term liabilities and noncontrolling interests	5,965,242	5,217,723
Affiliated companies accounted for by the equity method shareholders' equity	9,974,795	8,647,178
Total liabilities and shareholders' equity	23,270,799	20,985,778
Toyota's share of affiliated companies accounted for by the equity method shareholders' equity	¥ 2,691,222	¥ 2,429,576
Number of affiliated companies accounted for by the equity method at end of period | Entity	54	54
Net revenues	¥ 30,163,457	¥ 28,289,687	¥ 24,242,046
Gross profit	3,614,946	3,385,048	2,620,892
Net income attributable to affiliated companies accounted for by the equity method	966,133	963,003	705,249
Equity in earnings of affiliated companies attributable to Toyota Motor Corporation	¥ 308,545	¥ 318,376	¥ 231,519

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Summary of Fair Value of Classes of Plan Assets (Detail) - JPY (¥) ¥ in Millions	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	¥ 1,447,802	¥ 1,244,466	¥ 1,090,258
Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	713,528	580,982	479,239
Equity securities | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	766,836	697,427
Equity securities | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	421,657	347,828
Equity securities | Common stocks | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	603,293	511,828
Equity securities | Common stocks | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	244,542	221,988
Equity securities | Commingled funds | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	163,543	185,599
Equity securities | Commingled funds | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	177,115	125,840
Debt securities | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	362,109	343,842
Debt securities | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	195,438	147,941
Debt securities | Commingled funds | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	247,261	229,421
Debt securities | Commingled funds | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	71,712	45,887
Debt securities | Government bonds | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	91,348	90,071
Debt securities | Government bonds | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	67,534	54,086
Debt securities | Other | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	23,500	24,350
Debt securities | Other | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	56,192	47,968
Insurance Contracts | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	¥ 175,068	¥ 132,810
Insurance Contracts | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets
Other | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	¥ 143,789	¥ 70,387
Other | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	96,433	85,213
Level 1 | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	718,190	620,737
Level 1 | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	332,606	310,131
Level 1 | Equity securities | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	603,293	511,828
Level 1 | Equity securities | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	244,542	221,988
Level 1 | Equity securities | Common stocks | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	603,293	511,828
Level 1 | Equity securities | Common stocks | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	¥ 244,542	¥ 221,988
Level 1 | Equity securities | Commingled funds | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets
Level 1 | Equity securities | Commingled funds | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets
Level 1 | Debt securities | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	¥ 91,348	¥ 90,071
Level 1 | Debt securities | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	¥ 71,225	¥ 57,090
Level 1 | Debt securities | Commingled funds | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets
Level 1 | Debt securities | Commingled funds | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets
Level 1 | Debt securities | Government bonds | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	¥ 91,348	¥ 90,071
Level 1 | Debt securities | Government bonds | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	¥ 67,534	¥ 54,086
Level 1 | Debt securities | Other | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets
Level 1 | Debt securities | Other | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	¥ 3,691	¥ 3,004
Level 1 | Insurance Contracts | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets
Level 1 | Insurance Contracts | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets
Level 1 | Other | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	¥ 23,549	¥ 18,838
Level 1 | Other | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	16,839	31,053
Level 2 | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	679,272	575,647
Level 2 | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	314,092	222,985
Level 2 | Equity securities | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	163,543	185,599
Level 2 | Equity securities | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	¥ 177,115	¥ 125,840
Level 2 | Equity securities | Common stocks | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets
Level 2 | Equity securities | Common stocks | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets
Level 2 | Equity securities | Commingled funds | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	¥ 163,543	¥ 185,599
Level 2 | Equity securities | Commingled funds | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	177,115	125,840
Level 2 | Debt securities | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	270,528	253,449
Level 2 | Debt securities | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	124,213	90,851
Level 2 | Debt securities | Commingled funds | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	247,261	229,421
Level 2 | Debt securities | Commingled funds | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	¥ 71,712	¥ 45,887
Level 2 | Debt securities | Government bonds | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets
Level 2 | Debt securities | Government bonds | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets
Level 2 | Debt securities | Other | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	¥ 23,267	¥ 24,028
Level 2 | Debt securities | Other | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	52,501	44,964
Level 2 | Insurance Contracts | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	¥ 175,068	¥ 132,810
Level 2 | Insurance Contracts | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets
Level 2 | Other | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	¥ 70,133	¥ 3,789
Level 2 | Other | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	12,764	6,294
Level 3 | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	50,340	48,082	41,976	¥ 40,656
Level 3 | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	¥ 66,830	¥ 47,866
Level 3 | Equity securities | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets
Level 3 | Equity securities | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets
Level 3 | Equity securities | Common stocks | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets
Level 3 | Equity securities | Common stocks | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets
Level 3 | Equity securities | Commingled funds | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets
Level 3 | Equity securities | Commingled funds | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets
Level 3 | Debt securities | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	¥ 233	¥ 322	441	591
Level 3 | Debt securities | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets
Level 3 | Debt securities | Commingled funds | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets
Level 3 | Debt securities | Commingled funds | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets
Level 3 | Debt securities | Government bonds | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets
Level 3 | Debt securities | Government bonds | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets
Level 3 | Debt securities | Other | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	¥ 233	¥ 322
Level 3 | Debt securities | Other | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets
Level 3 | Insurance Contracts | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets
Level 3 | Insurance Contracts | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets
Level 3 | Other | Japanese plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	¥ 50,107	¥ 47,760	41,535	40,065
Level 3 | Other | Foreign Plans
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items]
Plan assets	¥ 66,830	¥ 47,866	¥ 40,607	¥ 31,377

XML

Lease commitments - Additional Information (Detail) - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Lease and Rental Expense [Line Items]
Capital leases, amortization expenses	¥ 4,348	¥ 5,151	¥ 5,265
Operating lease, rental expenses	¥ 98,479	¥ 94,613	¥ 90,081

XML

Segment data - Additional Information (Detail) - JPY (¥) ¥ in Millions	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Segment Reporting Disclosure [Line Items]
Total assets	¥ 47,729,830	¥ 41,437,473	¥ 35,483,317
Unallocated corporate assets
Segment Reporting Disclosure [Line Items]
Total assets	¥ 8,742,168	¥ 7,659,617	¥ 5,599,970

XML

Vehicles and equipment on operating leases - Additional Information (Detail) - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Leases Disclosure [Line Items]
Rental income from vehicles and equipment on operating leases	¥ 726,515	¥ 586,983	¥ 476,935

XML

Net Changes in Liabilities for Quality Assurances (Detail) - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Product Liability Contingency [Line Items]
Liabilities for quality assurances at beginning of year	¥ 1,154,021	¥ 1,003,023	¥ 839,834
Payments made during year	(509,488)	(383,572)	(344,279)
Provision for quality assurances	686,006	524,442	491,542
Changes relating to pre-existing quality assurances	(25,619)	(7,248)	(8,383)
Other	23,996	17,376	24,309
Liabilities for quality assurances at end of year	¥ 1,328,916	¥ 1,154,021	¥ 1,003,023

XML

Significant subsequent events (Tables)

12 Months Ended

Mar. 31, 2015

Schedule of Common Stock

Details of Model AA Class Shares -

Name of shares to be offered for subscription	Model AA Class Shares
Total number of authorized shares	150,000,000 shares (aggregate number of First Series Model AA Class Shares through Fifth Series Model AA Class Shares, maximum)
Voting rights	Model AA Class Shares shall have voting rights. The number of shares constituting one unit (tangen) of shares of TMC shall be 100.
Transfer restrictions	Model AA Class Shares shall have transfer restrictions.

Details of offering terms for the First Series Model AA Class Shares -

Expected issuance date (Payment date)	July 24, 2015
Method of offering	Public offering in Japan
Number of shares to be issued	TMC has already resolved that the number of shares to be issued is up to a maximum of 50 million shares and a minimum of 30 million shares. The specific number of shares to be issued has not yet been determined and will be determined on any date from July 2, 2015 to July 7, 2015 (the “Issue Price Determination Date”).
Issue Price	For determination of the Issue Price, an approach similar to the book-building approach specified in Article 25 of the Rules Regarding Underwriting of Securities prescribed by the Japan Securities Dealers Association will apply, and the Issue Price will then be determined in comprehensive consideration of demand based on the provisional range (*), the price level of the Common Shares to which the value of the First Series Model AA Class Shares are expected to be significantly linked, the risk of price volatility, etc.
	* The provisional range for the Issue Price shall be calculated by multiplying the closing price of regular trading of Common Shares on the Tokyo Stock Exchange on the Issue Price Determination Date (the closing price on the previous day, in the event there is no closing price on the Issue Price Determination Date) by any number through 1.26 to 1.30. Any fractions of less than one yen shall be disregarded.
Dividends	Dividends per First Series Model AA Class Share shall be 0.5% of the Issue Price regarding the fiscal year of TMC in which the issuance date of the First Series Model AA Class Shares falls. From and after the second fiscal year, the dividends shall incrementally increase by 0.5% annually until the fifth fiscal year. From and after the fifth fiscal year, the dividends shall be 2.5% of the Issue Price.
Shareholder’s right	After a date falling approximately five years following the date of issuance, shareholders of the First Series Model AA Class Shares shall have conversion right into Common Shares and cash put options.
TMC’s right	After a date falling approximately five years following the date of issuance, TMC shall have cash call options.

XML

Information Regarding Defined Benefit Plans (Detail) - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Japanese plans
Change in benefit obligation
Benefit obligation at beginning of year	¥ 1,657,520	¥ 1,594,411
Service cost	73,256	64,549	¥ 60,261
Interest cost	21,746	24,518	27,804
Plan participants' contributions	871	856
Plan amendments	(381)	(427)
Net actuarial (gain) loss	51,198	35,306
Acquisition and other	(18,523)
Benefits paid	(64,462)	(61,693)
Benefit obligation at end of year	1,721,225	1,657,520	1,594,411
Change in plan assets
Balance at beginning of year	1,244,466	1,090,258
Actual return on plan assets	212,908	133,964
Acquisition and other	(11,341)
Employer contributions	38,917	56,386
Plan participants' contributions	871	856
Benefits paid	(38,019)	(36,998)
Balance at end of year	1,447,802	1,244,466	1,090,258
Funded status	273,423	413,054
Foreign Plans
Change in benefit obligation
Benefit obligation at beginning of year	705,583	633,160
Service cost	41,147	36,908	27,943
Interest cost	37,993	32,153	24,300
Plan participants' contributions	575	297
Plan amendments	3,217	96
Net actuarial (gain) loss	116,787	(30,012)
Acquisition and other	91,097	48,388
Benefits paid	(19,469)	(15,407)
Benefit obligation at end of year	976,930	705,583	633,160
Change in plan assets
Balance at beginning of year	580,982	479,239
Actual return on plan assets	59,800	56,300
Acquisition and other	74,171	42,694
Employer contributions	14,660	14,801
Plan participants' contributions	575	297
Benefits paid	(16,660)	(12,349)
Balance at end of year	713,528	580,982	¥ 479,239
Funded status	¥ 263,402	¥ 124,601

XML

Revenues that are Attributed to Countries Based on Location of Customers, Excluding Customers in Japan (Detail) - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	¥ 27,234,521	¥ 25,691,911	¥ 22,064,192
North America
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	9,405,305	7,919,832	6,790,453
Europe
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	2,555,368	2,495,829	1,901,118
Asia
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	4,231,077	4,252,632	3,940,175
Other Countries
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	¥ 4,947,169	¥ 4,616,944	¥ 3,929,775

XML

Allowance for doubtful accounts and credit losses - Additional Information (Detail) - JPY (¥) ¥ in Millions	Mar. 31, 2015	Mar. 31, 2014
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for doubtful accounts, non-current	¥ 9,561	¥ 28,738

XML

Long-term Debt (Detail) - JPY (¥) ¥ in Millions	Mar. 31, 2015	Mar. 31, 2014
Debt Instrument [Line Items]
Long Term Debt and Capital Lease Obligations, Current And Noncurrent, Total	¥ 13,929,699	¥ 11,496,573
Less - Current portion due within one year	(3,915,304)	(2,949,663)
Long-term debt	10,014,395	8,546,910
Unsecured Debt | Bank Loan Obligations
Debt Instrument [Line Items]
Long-term debt	3,712,598	3,368,711
Secured Debt | Finance Receivables Securitization
Debt Instrument [Line Items]
Long-term debt	1,594,489	1,226,080
Medium-term Notes | Consolidated Subsidiaries
Debt Instrument [Line Items]
Long-term debt	6,740,355	5,355,176
Unsecured Notes | Parent Company
Debt Instrument [Line Items]
Long-term debt	380,000	400,000
Unsecured Notes | Consolidated Subsidiaries
Debt Instrument [Line Items]
Long-term debt	1,469,218	1,124,810
Secured Notes | Consolidated Subsidiaries
Debt Instrument [Line Items]
Long-term debt	13,580
Capital Lease Obligations
Debt Instrument [Line Items]
Long-term capital lease obligations	¥ 19,459	¥ 21,796

XML

Schedule of Common Stock (Detail) - shares	Jun. 16, 2015	Mar. 31, 2015	Mar. 31, 2014
Class of Stock [Line Items]
Total number of authorized shares		10,000,000,000	10,000,000,000
Subsequent Event | Model AA Class Shares
Class of Stock [Line Items]
Name of shares to be offered for subscription	Model AA Class Shares
Voting rights	Model AA Class Shares shall have voting rights. The number of shares constituting one unit (tangen) of shares of TMC shall be 100.
Transfer restrictions	Model AA Class Shares shall have transfer restrictions.
Subsequent Event | Model AA Class Shares | Maximum
Class of Stock [Line Items]
Total number of authorized shares	150,000,000
Subsequent Event | First Series Model AA Class Shares
Class of Stock [Line Items]
Expected issuance date (Payment date)
Method of offering	Public offering in Japan
Issue Price, description	For determination of the Issue Price, an approach similar to the book-building approach specified in Article 25 of the Rules Regarding Underwriting of Securities prescribed by the Japan Securities Dealers Association will apply, and the Issue Price will then be determined in comprehensive consideration of demand based on the provisional range (*), the price level of the Common Shares to which the value of the First Series Model AA Class Shares are expected to be significantly linked, the risk of price volatility, etc. * The provisional range for the Issue Price shall be calculated by multiplying the closing price of regular trading of Common Shares on the Tokyo Stock Exchange on the Issue Price Determination Date (the closing price on the previous day, in the event there is no closing price on the Issue Price Determination Date) by any number through 1.26 to 1.30. Any fractions of less than one yen shall be disregarded.
Subsequent Event | First Series Model AA Class Shares | Maximum
Class of Stock [Line Items]
Number of shares to be issued	50,000,000
Subsequent Event | First Series Model AA Class Shares | Minimum
Class of Stock [Line Items]
Number of shares to be issued	30,000,000
Scenario Forecast | First Series Model AA Class Shares
Class of Stock [Line Items]
Dividends	Dividends per First Series Model AA Class Share shall be 0.5% of the Issue Price regarding the fiscal year of TMC in which the issuance date of the First Series Model AA Class Shares falls. From and after the second fiscal year, the dividends shall incrementally increase by 0.5% annually until the fifth fiscal year. From and after the fifth fiscal year, the dividends shall be 2.5% of the Issue Price.
Shareholder's right	After a date falling approximately five years following the date of issuance, shareholders of the First Series Model AA Class Shares shall have conversion right into Common Shares and cash put options.
TMC's right	After a date falling approximately five years following the date of issuance, TMC shall have cash call options.
Scenario Forecast | First Series Model AA Class Shares | Maximum
Class of Stock [Line Items]
Issue Price determination ratio	130.00%
Scenario Forecast | First Series Model AA Class Shares | Minimum
Class of Stock [Line Items]
Issue Price determination ratio	126.00%

XML

Affiliated companies and variable interest entities - Additional Information (Detail) - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Schedule of Equity Method Investments [Line Items]
Certain affiliated companies accounted for by the equity method	¥ 2,010,249	¥ 1,811,245
Affiliated companies aggregate value	2,889,079	2,320,128
Impairment loss on a certain investment in affiliated company accounted for by the equity method	0	0	¥ 0
Dividends from affiliated companies accounted for by the equity method	174,485	147,039	¥ 126,977
Finance receivables	15,472,393	13,731,228
Operating leases	5,199,986	3,709,560
Vehicles
Schedule of Equity Method Investments [Line Items]
Operating leases	5,169,524	3,674,969
Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Restricted cash	112,004	84,052
Secured debt	1,572,185	1,205,293
Variable Interest Entity, Primary Beneficiary | Vehicles
Schedule of Equity Method Investments [Line Items]
Operating leases	144,729	16,447
Retail | Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Finance receivables	¥ 1,845,092	¥ 1,439,796

XML

Long-term Debt (Parenthetical) (Detail)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Unsecured Debt | Bank Loan Obligations | Range Start
Debt Instrument [Line Items]
Debt maturity year	2015	2014
Unsecured Debt | Bank Loan Obligations | Range End
Debt Instrument [Line Items]
Debt maturity year	2029	2029
Secured Debt | Finance Receivables Securitization | Range Start
Debt Instrument [Line Items]
Debt maturity year	2015	2014
Secured Debt | Finance Receivables Securitization | Range End
Debt Instrument [Line Items]
Debt maturity year	2030	2030
Medium-term Notes | Consolidated Subsidiaries | Range Start
Debt Instrument [Line Items]
Debt maturity year	2015	2014
Medium-term Notes | Consolidated Subsidiaries | Range End
Debt Instrument [Line Items]
Debt maturity year	2047	2047
Unsecured Notes | Parent Company | Range Start
Debt Instrument [Line Items]
Debt maturity year	2015	2014
Unsecured Notes | Parent Company | Range End
Debt Instrument [Line Items]
Debt maturity year	2024	2023
Unsecured Notes | Consolidated Subsidiaries | Range Start
Debt Instrument [Line Items]
Debt maturity year	2015	2014
Unsecured Notes | Consolidated Subsidiaries | Range End
Debt Instrument [Line Items]
Debt maturity year	2032	2031
Secured Notes | Consolidated Subsidiaries | Range Start
Debt Instrument [Line Items]
Debt maturity year	2016
Secured Notes | Consolidated Subsidiaries | Range End
Debt Instrument [Line Items]
Debt maturity year	2018
Capital Lease Obligations | Range Start
Debt Instrument [Line Items]
Debt maturity year	2015	2014
Capital Lease Obligations | Range End
Debt Instrument [Line Items]
Debt maturity year	2030	2030
Minimum | Unsecured Debt | Bank Loan Obligations
Debt Instrument [Line Items]
Long-term debt, interest rate	0.01%	0.00%
Minimum | Secured Debt | Finance Receivables Securitization
Debt Instrument [Line Items]
Long-term debt, interest rate	0.10%	0.10%
Minimum | Medium-term Notes | Consolidated Subsidiaries
Debt Instrument [Line Items]
Long-term debt, interest rate	0.13%	0.13%
Minimum | Unsecured Notes | Parent Company
Debt Instrument [Line Items]
Long-term debt, interest rate	0.19%	0.19%
Minimum | Unsecured Notes | Consolidated Subsidiaries
Debt Instrument [Line Items]
Long-term debt, interest rate	0.03%	0.08%
Minimum | Secured Notes | Consolidated Subsidiaries
Debt Instrument [Line Items]
Long-term debt, interest rate	8.40%
Minimum | Capital Lease Obligations
Debt Instrument [Line Items]
Long-term debt, interest rate	0.50%	0.50%
Maximum | Unsecured Debt | Bank Loan Obligations
Debt Instrument [Line Items]
Long-term debt, interest rate	39.50%	39.50%
Maximum | Secured Debt | Finance Receivables Securitization
Debt Instrument [Line Items]
Long-term debt, interest rate	2.92%	2.92%
Maximum | Medium-term Notes | Consolidated Subsidiaries
Debt Instrument [Line Items]
Long-term debt, interest rate	9.40%	9.40%
Maximum | Unsecured Notes | Parent Company
Debt Instrument [Line Items]
Long-term debt, interest rate	3.00%	3.00%
Maximum | Unsecured Notes | Consolidated Subsidiaries
Debt Instrument [Line Items]
Long-term debt, interest rate	41.79%	41.79%
Maximum | Secured Notes | Consolidated Subsidiaries
Debt Instrument [Line Items]
Long-term debt, interest rate	9.55%
Maximum | Capital Lease Obligations
Debt Instrument [Line Items]
Long-term debt, interest rate	14.73%	14.73%

XML

Allowance for Credit Losses Relating to Finance Receivables and Vehicles and Equipment on Operating Leases (Detail) - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses at beginning of year	¥ 146,382
Allowance for credit losses at end of year	168,672	¥ 146,382
Finance Receivable and Vehicles and Equipment on Operating Leases
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses at beginning of year	153,602	147,049	¥ 140,363
Provision for credit losses, net of reversal	80,567	46,313	25,622
Charge-offs	(84,310)	(65,359)	(56,701)
Recoveries	18,173	16,662	14,690
Other	10,006	8,937	23,075
Allowance for credit losses at end of year	¥ 178,038	¥ 153,602	¥ 147,049

XML

Components of Inventories (Detail) - JPY (¥) ¥ in Millions	Mar. 31, 2015	Mar. 31, 2014
Inventory [Line Items]
Finished goods	¥ 1,365,818	¥ 1,159,762
Raw materials	401,040	384,635
Work in process	270,113	258,133
Supplies and other	100,647	92,174
Total	¥ 2,137,618	¥ 1,894,704

XML

Stock-based compensation

12 Months Ended

Mar. 31, 2015

Stock-based compensation

18. Stock-based compensation:

In June 1997, the parent company’s shareholders approved a stock option plan for board members. In June 2001, the shareholders approved an amendment of the plan to include both board members and key employees. Each year until June 2010, since the plans’ inception, the shareholders have approved the authorization for the grant of options for the purchase of the parent company’s common stock. Authorized shares for each year that remain ungranted are unavailable for grant in future years. Stock options granted in and after August 2006 have terms of 8 years and an exercise price equal to 1.025 times the closing price of Toyota’s common stock on the date of grant. These options generally vest 2 years from the date of grant.

For the years ended March 31, 2013 and 2014, Toyota recognized stock-based compensation expenses for stock options of ¥325 million and ¥23 million, respectively, as selling, general and administrative expenses.

The following table summarizes Toyota’s stock option activity:

				Yen				Yen in millions
	Number of shares			Weighted- average exercise price		Weighted- average remaining contractual life in years		Aggregate intrinsic value
Options outstanding at March 31, 2012		12,530,000			4,910		4.55		1,065
Granted		—			—
Exercised		(645,000	)		3,328
Canceled		(1,036,000	)		5,907
Options outstanding at March 31, 2013		10,849,000			4,909		3.56		5,921
Granted		—			—
Exercised		(2,390,100	)		4,043
Canceled		(1,128,000	)		6,373
Options outstanding at March 31, 2014		7,330,900			4,965		2.52		8,646
Granted		—			—
Exercised		(2,603,900	)		4,834
Canceled		(1,223,500	)		6,200
Options outstanding at March 31, 2015		3,503,500			4,632		2.05		13,143
Options exercisable at March 31, 2013		10,849,000			4,909		3.56		5,921
Options exercisable at March 31, 2014		7,330,900			4,965		2.52		8,646
Options exercisable at March 31, 2015		3,503,500			4,632		2.05		13,143

The total intrinsic value of options exercised for the years ended March 31, 2013, 2014 and 2015 was ¥364 million, ¥4,793 million and ¥5,313 million, respectively.

Cash received from the exercise of stock options for the years ended March 31, 2013, 2014 and 2015 was ¥2,147 million ¥9,663 million and ¥12,501 million, respectively.

The following table summarizes information for options outstanding and options exercisable at March 31, 2015:

	Outstanding						Exercisable
Exercise price           range	Number of          shares		Weighted-         average          exercise price		Weighted- average          remaining         life		Number of          shares		Weighted-         average          exercise price
Yen			Yen		Years				Yen
3,183 – 5,000		2,770,300		3,931		2.50		2,770,300		3,931
5,001 – 7,278		733,200		7,278		0.33		733,200		7,278
3,183 – 7,278		3,503,500		4,632		2.05		3,503,500		4,632

XML

Fair Values of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - JPY (¥) ¥ in Millions	Mar. 31, 2015	Mar. 31, 2014
Assets
Derivative financial instruments	¥ 339,320	¥ 227,704
Liabilities
Derivative financial instruments	(360,731)	(175,645)
Fair Value, Measurements, Recurring
Assets
Cash equivalents	494,410	713,128
Derivative financial instruments	339,320	227,704
Total	11,150,217	9,675,284
Liabilities
Derivative financial instruments	(360,731)	(175,645)
Total	(360,731)	(175,645)
Fair Value, Measurements, Recurring | Public and Corporate Bonds
Assets
Marketable securities and other securities investments	7,180,951	6,164,923
Fair Value, Measurements, Recurring | Common stocks
Assets
Marketable securities and other securities investments	2,704,814	1,997,196
Fair Value, Measurements, Recurring | Other Investments
Assets
Marketable securities and other securities investments	430,722	572,333
Level 1 | Fair Value, Measurements, Recurring
Assets
Cash equivalents	145,923	311,582
Total	9,042,099	7,598,017
Level 1 | Fair Value, Measurements, Recurring | Public and Corporate Bonds
Assets
Marketable securities and other securities investments	6,129,824	5,234,856
Level 1 | Fair Value, Measurements, Recurring | Common stocks
Assets
Marketable securities and other securities investments	2,704,814	1,997,196
Level 1 | Fair Value, Measurements, Recurring | Other Investments
Assets
Marketable securities and other securities investments	61,538	54,383
Level 2 | Fair Value, Measurements, Recurring
Assets
Cash equivalents	348,487	401,546
Derivative financial instruments	338,310	220,160
Total	2,094,791	2,060,631
Liabilities
Derivative financial instruments	(360,731)	(175,645)
Total	(360,731)	(175,645)
Level 2 | Fair Value, Measurements, Recurring | Public and Corporate Bonds
Assets
Marketable securities and other securities investments	1,038,810	920,975
Level 2 | Fair Value, Measurements, Recurring | Other Investments
Assets
Marketable securities and other securities investments	369,184	517,950
Level 3 | Fair Value, Measurements, Recurring
Assets
Derivative financial instruments	1,010	7,544
Total	13,327	16,636
Level 3 | Fair Value, Measurements, Recurring | Public and Corporate Bonds
Assets
Marketable securities and other securities investments	¥ 12,317	¥ 9,092

XML

Employee benefit plans (Tables)

12 Months Ended

Mar. 31, 2015

Japanese plans

Information Regarding Defined Benefit Plans

Information regarding Toyota’s defined benefit plans is as follows:

	Yen in millions
	March 31,
	Japanese plans						Foreign plans
	2014			2015			2014			2015
Change in benefit obligation
Benefit obligation at beginning of year		1,594,411			1,657,520			633,160			705,583
Service cost		64,549			73,256			36,908			41,147
Interest cost		24,518			21,746			32,153			37,993
Plan participants’ contributions		856			871			297			575
Plan amendments		(427	)		(381	)		96			3,217
Net actuarial (gain) loss		35,306			51,198			(30,012	)		116,787
Acquisition and other		—			(18,523	)		48,388			91,097
Benefits paid		(61,693	)		(64,462	)		(15,407	)		(19,469	)
Benefit obligation at end of year		1,657,520			1,721,225			705,583			976,930
Change in plan assets
Fair value of plan assets at beginning of year		1,090,258			1,244,466			479,239			580,982
Actual return on plan assets		133,964			212,908			56,300			59,800
Acquisition and other		—			(11,341	)		42,694			74,171
Employer contributions		56,386			38,917			14,801			14,660
Plan participants’ contributions		856			871			297			575
Benefits paid		(36,998	)		(38,019	)		(12,349	)		(16,660	)
Fair value of plan assets at end of year		1,244,466			1,447,802			580,982			713,528
Funded status		413,054			273,423			124,601			263,402

Amounts Recognized in Consolidated Balance Sheet Associated with Defined Benefit Plans

Amounts recognized in the consolidated balance sheets as of March 31, 2014 and 2015 are comprised of the following:

	Yen in millions
	March 31,
	Japanese plans						Foreign plans
	2014			2015			2014			2015
Accrued expenses (Accrued pension and severance costs)		25,088			26,906			2,509			2,411
Accrued pension and severance costs		573,301			595,598			194,317			284,695
Investments and other assets - Other (Prepaid pension and severance costs)		(185,335	)		(349,081	)		(72,225	)		(23,704	)
Net amount recognized		413,054			273,423			124,601			263,402

Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

Amounts recognized in accumulated other comprehensive income (loss) as of March 31, 2014 and 2015 are comprised of the following:

	Yen in millions
	March 31,
	Japanese plans						Foreign plans
	2014			2015			2014			2015
Net actuarial loss		(248,751	)		(110,948	)		(46,278	)		(133,594	)
Prior service costs		48,221			43,879			(1,659	)		(4,499	)
Net transition obligation		—			—			—			—
Net amount recognized		(200,530	)		(67,069	)		(47,937	)		(138,093	)

Projected Benefit Obligation, Accumulated Benefit Obligation and Fair Value of Plan Assets for which Accumulated Benefit Obligations Exceed Plan Assets

The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for which the accumulated benefit obligations exceed plan assets are as follows:

	Yen in millions
	March 31,
	Japanese plans				Foreign plans
	2014		2015		2014		2015
Projected benefit obligation		792,445		838,224		175,238		341,416
Accumulated benefit obligation		732,695		805,107		153,254		324,160
Fair value of plan assets		204,343		217,738		19,136		65,533

Components of Net Periodic Pension Cost

Components of the net periodic pension cost are as follows:

	Yen in millions
	For the years ended March 31,
	Japanese plans									Foreign plans
	2013			2014			2015			2013			2014			2015
Service cost		60,261			64,549			73,256			27,943			36,908			41,147
Interest cost		27,804			24,518			21,746			24,300			32,153			37,993
Expected return on plan assets		(22,352	)		(26,768	)		(31,255	)		(23,177	)		(34,059	)		(40,784	)
Amortization of prior service costs		(8,033	)		(5,566	)		(4,723	)		369			359			377
Recognized net actuarial loss		16,619			12,562			7,302			2,884			5,224			2,892
Amortization of net transition obligation		—			—			—			—			—			—
Net periodic pension cost		74,299			69,295			66,326			32,319			40,585			41,625

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss)

Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) are as follows:

	Yen in millions
	For the years ended March 31,
	Japanese plans									Foreign plans
	2013			2014			2015			2013			2014			2015
Net actuarial gain (loss)		32,122			71,890			130,455			(15,804	)		52,253			(97,772	)
Recognized net actuarial loss		16,619			12,562			7,302			2,884			5,224			2,892
Prior service costs		3,462			427			381			43			(96	)		(3,217	)
Amortization of prior service costs		(8,033	)		(5,566	)		(4,723	)		369			359			377
Amortization of net transition obligation		—			—			—			—			—			—
Other		(173	)		—			46			(8,162	)		(7,605	)		7,564
Total recognized in other comprehensive income (loss)		43,997			79,313			133,461			(20,670	)		50,135			(90,156	)

Japanese plans | Benefit Obligations

Weighted-Average Assumptions Used

Weighted-average assumptions used to determine benefit obligations as of March 31, 2014 and 2015 are as follows:

	March 31,
	Japanese plans						Foreign plans
	2014			2015			2014			2015
Discount rate		1.4	%		1.1	%		4.8	%		4.0	%
Rate of compensation increase		2.1	%		2.5	%		4.5	%		4.4	%

Japanese plans | Net Periodic Pension Cost

Weighted-Average Assumptions Used

Weighted-average assumptions used to determine net periodic pension cost for the years ended March 31, 2013, 2014 and 2015 are as follows:

	For the years ended March 31,
	Japanese plans									Foreign plans
	2013			2014			2015			2013			2014			2015
Discount rate		2.0	%		1.7	%		1.4	%		5.0	%		4.5	%		4.8	%
Expected return on plan assets		2.5	%		2.6	%		2.5	%		7.0	%		6.9	%		6.7	%
Rate of compensation increase		2.3	%		2.2	%		2.1	%		4.5	%		4.6	%		4.5	%

Foreign Plans

Summary of Fair Value of Classes of Plan Assets

The following table summarizes the fair value of classes of plan assets as of March 31, 2014 and 2015. See note 26 to the consolidated financial statements for three levels of input which are used to measure fair value.

Japanese plans

	Yen in millions
	March 31, 2014
	Level 1		Level 2		Level 3		Total
Equity securities
Common stocks		511,828		—		—		511,828
Commingled funds		—		185,599		—		185,599
		511,828		185,599		—		697,427
Debt securities
Government bonds		90,071		—		—		90,071
Commingled funds		—		229,421		—		229,421
Other		—		24,028		322		24,350
		90,071		253,449		322		343,842
Insurance contracts		—		132,810		—		132,810
Other		18,838		3,789		47,760		70,387
Total		620,737		575,647		48,082		1,244,466

	Yen in millions
	March 31, 2015
	Level 1		Level 2		Level 3		Total
Equity securities
Common stocks		603,293		—		—		603,293
Commingled funds		—		163,543		—		163,543
		603,293		163,543		—		766,836
Debt securities
Government bonds		91,348		—		—		91,348
Commingled funds		—		247,261		—		247,261
Other		—		23,267		233		23,500
		91,348		270,528		233		362,109
Insurance contracts		—		175,068		—		175,068
Other		23,549		70,133		50,107		143,789
Total		718,190		679,272		50,340		1,447,802

Foreign plans

	Yen in millions
	March 31, 2014
	Level 1		Level 2		Level 3		Total
Equity securities
Common stocks		221,988		—		—		221,988
Commingled funds		—		125,840		—		125,840
		221,988		125,840		—		347,828
Debt securities
Government bonds		54,086		—		—		54,086
Commingled funds		—		45,887		—		45,887
Other		3,004		44,964		—		47,968
		57,090		90,851		—		147,941
Insurance contracts		—		—		—		—
Other		31,053		6,294		47,866		85,213
Total		310,131		222,985		47,866		580,982

	Yen in millions
	March 31, 2015
	Level 1		Level 2		Level 3		Total
Equity securities
Common stocks		244,542		—		—		244,542
Commingled funds		—		177,115		—		177,115
		244,542		177,115		—		421,657
Debt securities
Government bonds		67,534		—		—		67,534
Commingled funds		—		71,712		—		71,712
Other		3,691		52,501		—		56,192
		71,225		124,213		—		195,438
Insurance contracts		—		—		—		—
Other		16,839		12,764		66,830		96,433
Total		332,606		314,092		66,830		713,528

Changes in Level 3 Plan Assets Measured At Fair Value

The following tables summarize the changes in Level 3 plan assets measured at fair value for the years ended March 31, 2013, 2014 and 2015:

Japanese plans

	Yen in millions
	For the years ended March 31,
	2013							2014							2015
	Debt securities			Other		Total		Debt securities			Other		Total		Debt securities			Other		Total
Balance at beginning of year		591			40,065		40,656		441			41,535		41,976		322			47,760		48,082
Actual return on plan assets		3			438		441		2			3,583		3,585		2			1,169		1,171
Purchases, sales and settlements		(153	)		1,032		879		(121	)		2,642		2,521		(91	)		1,178		1,087
Other		—			—		—		—			—		—		—			—		—
Balance at end of year		441			41,535		41,976		322			47,760		48,082		233			50,107		50,340

Foreign plans

	Yen in millions
	For the years ended March 31,
	2013		2014		2015
	Other		Other		Other
Balance at beginning of year		31,377		40,607		47,866
Actual return on plan assets		2,472		791		4,699
Purchases, sales and settlements		2,599		1,987		7,698
Other		4,159		4,481		6,567
Balance at end of year		40,607		47,866		66,830

Expected Benefit Payments Associated with Pension and Postretirement Benefit Plans

The following pension benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

	Yen in millions
Years ending March 31,	Japanese plans		Foreign plans
2016		69,606		12,977
2017		69,709		13,896
2018		70,611		14,947
2019		77,296		16,375
2020		78,321		17,604
from 2021 to 2025		416,805		108,976
Total		782,348		184,775

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Allowance for doubtful accounts and credit losses (Tables)

12 Months Ended

Mar. 31, 2015

Allowance for Doubtful Accounts Relating to Trade Accounts and Notes Receivable

The net changes in the allowance for doubtful accounts relating to trade accounts and notes receivable for the years ended March 31, 2013, 2014 and 2015 are as follows:

	Yen in millions
	For the years ended March 31,
	2013			2014			2015
Allowance for doubtful accounts at beginning of year		44,097			46,144			47,518
Provision for doubtful accounts, net of reversal		1,745			3,405			(1,598	)
Write-offs		(457	)		(1,162	)		(289	)
Other		759			(869	)		4,779
Allowance for doubtful accounts at end of year		46,144			47,518			50,410

Allowance for Credit Losses Relating to Finance Receivables and Vehicles and Equipment on Operating Leases

The net changes in the allowance for credit losses relating to finance receivables and vehicles and equipment on operating leases for the years ended March 31, 2013, 2014 and 2015 are as follows:

	Yen in millions
	For the years ended March 31,
	2013			2014			2015
Allowance for credit losses at beginning of year		140,363			147,049			153,602
Provision for credit losses, net of reversal		25,622			46,313			80,567
Charge-offs		(56,701	)		(65,359	)		(84,310	)
Recoveries		14,690			16,662			18,173
Other		23,075			8,937			10,006
Allowance for credit losses at end of year		147,049			153,602			178,038

Net Changes in Allowance for Credit Losses above Relating to Retail Receivables Portfolio Segment, Finance Lease Receivables Portfolio Segment and Wholesale and Other Dealer Loan Receivables Portfolio Segment

The net changes in the allowance for credit losses above relating to retail receivables portfolio segment, finance lease receivables portfolio segment and wholesale and other dealer loan receivables portfolio segment for the years ended March 31, 2013, 2014 and 2015 are as follows:

	Yen in millions
	For the year ended March 31, 2013
	Retail			Finance leases			Wholesale and other dealer loans
Allowance for credit losses at beginning of year		77,353			30,637			24,238
Provision for credit losses, net of reversal		29,079			(4,063	)		(2,006	)
Charge-offs		(48,528	)		(2,775	)		(110	)
Recoveries		12,795			590			3
Other		13,159			4,539			4,118
Allowance for credit losses at end of year		83,858			28,928			26,243

	Yen in millions
	For the year ended March 31, 2014
	Retail			Finance leases			Wholesale and other dealer loans
Allowance for credit losses at beginning of year		83,858			28,928			26,243
Provision for credit losses, net of reversal		42,055			1,847			(807	)
Charge-offs		(55,733	)		(2,554	)		(626	)
Recoveries		14,051			587			16
Other		5,208			1,777			1,532
Allowance for credit losses at end of year		89,439			30,585			26,358

	Yen in millions
	For the year ended March 31, 2015
	Retail			Finance leases			Wholesale and other dealer loans
Allowance for credit losses at beginning of year		89,439			30,585			26,358
Provision for credit losses, net of reversal		70,129			(858	)		2,531
Charge-offs		(71,403	)		(2,568	)		(603	)
Recoveries		15,008			497			78
Other		6,143			1,647			1,689
Allowance for credit losses at end of year		109,316			29,303			30,053

XML

Allowance for Doubtful Accounts Relating to Trade Accounts and Notes Receivable (Detail) - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for doubtful accounts at beginning of year	¥ 47,518	¥ 46,144	¥ 44,097
Provision for doubtful accounts, net of reversal	(1,598)	3,405	1,745
Write-offs	(289)	(1,162)	(457)
Other	4,779	(869)	759
Allowance for doubtful accounts at end of year	¥ 50,410	¥ 47,518	¥ 46,144

XML

Summary of Gross Unrecognized Tax Benefits Changes (Detail) - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Income Tax Contingency [Line Items]
Balance at beginning of year	¥ 19,393	¥ 22,447	¥ 16,901
Additions based on tax positions related to the current year	593	310	2,401
Additions for tax positions of prior years	94,852	491	4,339
Reductions for tax positions of prior years	(4,015)	(1,273)	(1,619)
Reductions for tax positions related to lapse of statute of limitations	(58)
Reductions for settlements	(98,929)	(3,771)	(2,776)
Other	1,808	1,189	3,201
Balance at end of year	¥ 13,644	¥ 19,393	¥ 22,447

XML

Summary of significant accounting policies (Tables)

12 Months Ended

Mar. 31, 2015

Finance Receivables on Nonaccrual Status

As of March 31, 2014 and 2015, finance receivables on nonaccrual status are as follows:

	Yen in millions
	March 31,
	2014		2015
Retail		5,962		7,629
Finance leases		780		5,562
Wholesale		1,406		11,573
Real estate		4,035		8,592
Working capital		46		446
		12,229		33,802

Finance Receivables 90 Days or More Past Due and Accruing

As of March 31, 2014 and 2015, finance receivables 90 days or more past due and accruing are as follows:

	Yen in millions
	March 31,
	2014		2015
Retail		23,352		28,147
Finance leases		3,504		3,954
		26,856		32,101

XML

Other financial instruments (Tables)

12 Months Ended

Mar. 31, 2015

Estimated Fair Value of Toyota's Financial Instrument, Excluding Marketable Securities,Other Securities Investments,Investment and Other Assets in Affiliated Companies and Derivative Financial Instruments

The following table summarizes the estimated fair values of Toyota’s financial instruments, excluding marketable securities, other securities investments, investments and other assets in affiliated companies and derivative financial instruments. See note 26 to the consolidated financial statements for three levels of input which are used to measure fair value.

	Yen in millions
	March 31, 2014
	Carrying amount			Estimated fair value
				Level 1		Level 2			Level 3			Total
Assets (Liabilities)
Cash and cash equivalents		2,041,170			1,639,624		401,546			—			2,041,170
Time deposits		180,207			—		180,207			—			180,207
Total finance receivables, net		12,775,669			—		—			13,058,756			13,058,756
Other receivables		351,182			—		—			351,182			351,182
Short-term borrowings		(4,830,820	)		—		(4,830,820	)		—			(4,830,820	)
Long-term debt including the current portion		(11,474,777	)		—		(10,410,754	)		(1,204,668	)		(11,615,422	)

	Yen in millions
	March 31, 2015
				Estimated fair value
	Carrying amount			Level 1		Level 2			Level 3			Total
Assets (Liabilities)
Cash and cash equivalents		2,284,557			1,936,070		348,487			—			2,284,557
Time deposits		149,321			—		149,321			—			149,321
Total finance receivables, net		14,437,459			—		—			14,656,825			14,656,825
Other receivables		420,708			—		—			420,708			420,708
Short-term borrowings		(5,048,188	)		—		(5,044,376	)		(3,812	)		(5,048,188	)
Long-term debt including the current portion		(13,910,240	)		—		(12,589,871	)		(1,568,144	)		(14,158,015	)

XML

Summary of Finance Leases (Detail) - JPY (¥) ¥ in Millions	Mar. 31, 2015	Mar. 31, 2014
Schedule of Finance Lease Obligations [Line Items]
Minimum lease payments	¥ 835,491	¥ 781,736
Estimated unguaranteed residual values	322,870	289,443
Capital Leases, Net Investment in Direct Financing Leases, Gross, Total	1,158,361	1,071,179
Deferred origination costs	4,791	4,592
Less - Unearned income	(98,915)	(89,627)
Less - Allowance for credit losses	(29,303)	(30,585)
Finance leases, net	¥ 1,034,934	¥ 955,559

XML

Amounts Recognized in Accumulated Other Comprehensive Income (loss) (Detail) - JPY (¥) ¥ in Millions	Mar. 31, 2015	Mar. 31, 2014
Japanese plans
Schedule of Pension and Other Postretirement Benefits Recognized in Accumulated Other Comprehensive Income (Loss) [Line Items]
Net actuarial loss	¥ (110,948)	¥ (248,751)
Prior service costs	43,879	48,221
Net transition obligation	0	0
Net amount recognized	(67,069)	(200,530)
Foreign Plans
Schedule of Pension and Other Postretirement Benefits Recognized in Accumulated Other Comprehensive Income (Loss) [Line Items]
Net actuarial loss	(133,594)	(46,278)
Prior service costs	(4,499)	(1,659)
Net transition obligation	0	0
Net amount recognized	¥ (138,093)	¥ (47,937)

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Supplemental cash flow information - Additional Information (Detail) - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Schedule of Cash Flow, Supplemental [Line Items]
Cash payments for income taxes	¥ 1,145,808	¥ 411,133	¥ 331,007
Interest payments	369,770	352,590	325,575
Capital lease obligations incurred	¥ 3,709	¥ 3,422	¥ 3,749

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Shareholders' Equity (Tables)

12 Months Ended

Mar. 31, 2015

Changes in Number of Shares of Common Stock Issued

Changes in the number of shares of common stock issued have resulted from the following:

	For the years ended March 31,
	2013		2014		2015
Common stock issued
Balance at beginning of year		3,447,997,492		3,447,997,492		3,447,997,492
Issuance during the year		—		—		—
Purchase and retirement		—		—		(30,000,000	)
Balance at end of year		3,447,997,492		3,447,997,492		3,417,997,492

Additional Information Regarding Reissuance, Repurchase and Retirement of Treasury Stock

Details of matters relating to repurchase -

Kind of stock to be repurchased	Common stock of TMC
Number of shares to be repurchased	50,000,000 shares (maximum)
Total purchase price for repurchase of shares	¥600,000 million (maximum)
Method of acquisition	Purchase in the market
Period of repurchase	From July 27, 2015 to March 31, 2016

Repurchase of share -

At the Meeting of the Board of Directors held on May 8, 2015, TMC resolved to repurchase the Common Shares pursuant to Article 156 of the Companies Act as applied to Article 165, Paragraph 3 of the Companies Act, as set forth below.

Reason for repurchasing shares -

To return capital to shareholders in addition to promoting capital efficiency and agile capital policy in view of the business environment.

Details of matters relating to repurchase -

Kind of stock to be repurchased	Common stock of TMC
Number of shares to be repurchased	40,000,000 shares (maximum)
Total purchase price for repurchase of shares	¥300,000 million (maximum)
Method of acquisition	Purchase in the market
Period of repurchase	After the issuance of the First Series Model AA Class Shares, until March 31, 2016

Reissuance of treasury stock

Additional Information Regarding Reissuance, Repurchase and Retirement of Treasury Stock

Reissuance of treasury stock

Reason for reissuing treasury stock -

TMC resolved at the Meeting of the Board of Directors held on March 26, 2014 to establish Toyota Mobility Foundation, a General Incorporated Foundation (the “Foundation”). The reissuance of treasury stock was made by way of third-party allotment to a trust that was established by TMC to provide funding for the activities of the Foundation through dividends, etc. on TMC’s common stock.

Details of matters relating to reissuance -

Number of shares reissued	30,000,000 shares
Price of reissuance	¥1 per share
Amount of proceeds	¥30 million

Repurchase of stock

Additional Information Regarding Reissuance, Repurchase and Retirement of Treasury Stock

Repurchase of treasury stock

Reason for repurchasing treasury stock -

The repurchase was made to avoid the dilution of TMC’s shares triggered by the reissuance of treasury stock described above, and to effect capital efficiency and agile capital policy in view of the management environment.

Details of matters relating to repurchase -

Number of shares repurchased	55,521,900 shares
Total purchase price for repurchase of shares	¥359,994 million

Retirement of treasury stock

Additional Information Regarding Reissuance, Repurchase and Retirement of Treasury Stock

Retirement of treasury stock

Reason for retiring treasury stock -

The retirement was made to relieve concerns regarding the dilution of TMC’s share value due to reissuance of treasury stock in the future.

Details of matters relating to retirement -

Number of shares retired 30,000,000 shares

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Summary of significant accounting policies

12 Months Ended

Mar. 31, 2015

Summary of significant accounting policies

2. Summary of significant accounting policies:

The parent company and its subsidiaries in Japan and its foreign subsidiaries maintain their records and prepare their financial statements in accordance with Japanese generally accepted accounting principles and those of their countries of domicile. Certain adjustments and reclassifications have been incorporated in the accompanying consolidated financial statements to conform to U.S.GAAP.

Significant accounting policies after reflecting adjustments for the above are as follows:

Basis of consolidation and accounting for investments in affiliated companies -

The consolidated financial statements include the accounts of the parent company, its majority-owned subsidiary companies and variable interest entities of which Toyota is the primary beneficiary. All significant intercompany transactions and accounts have been eliminated. Investments in affiliated companies in which Toyota exercises significant influence, but which it does not control, are stated at cost plus equity in undistributed earnings. Consolidated net income includes Toyota’s equity in current earnings of such companies, after elimination of unrealized intercompany profits. Investments in such companies are reduced to net realizable value if a decline in market value is determined other-than-temporary. Investments in non-public companies in which Toyota does not exercise significant influence (generally less than a 20% ownership interest) are stated at cost.

Estimates -

The preparation of Toyota’s consolidated financial statements in conformity with U.S.GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. The more significant estimates include: product warranties, liabilities accrued for recalls and other safety measures, allowance for doubtful accounts and credit losses, residual values for leased assets, impairment of long-lived assets, pension costs and obligations, fair value of derivative financial instruments, other-than-temporary losses on marketable securities, litigation liabilities and valuation allowance for deferred tax assets.

Translation of foreign currencies -

All asset and liability accounts of foreign subsidiaries and affiliated companies are translated into Japanese yen at appropriate year-end current exchange rates and all income and expense accounts of those subsidiaries are translated at the average exchange rates for each period. The foreign currency translation adjustments are included as a component of accumulated other comprehensive income.

Foreign currency receivables and payables are translated at appropriate year-end current exchange rates and the resulting transaction gains or losses are recorded in operations currently.

Revenue recognition -

Revenues from sales of vehicles and parts are generally recognized upon delivery which is considered to have occurred when the dealer has taken title to the product and the risk and reward of ownership have been substantively transferred, except as described below.

Toyota’s sales incentive programs principally consist of cash payments to dealers calculated based on vehicle volume or a model sold by a dealer during a certain period of time. Toyota accrues these incentives as revenue reductions upon the sale of a vehicle corresponding to the program by the amount determined in the related incentive program.

Revenues from the sales of vehicles under which Toyota conditionally guarantees the minimum resale value are recognized on a pro rata basis from the date of sale to the first exercise date of the guarantee in a manner similar to operating lease accounting. The underlying vehicles of these transactions are recorded as assets and are depreciated in accordance with Toyota’s depreciation policy.

Revenues from retail financing contracts and finance leases are recognized using the effective yield method. Revenues from operating leases are recognized on a straight-line basis over the lease term.

The sale of certain vehicles includes a determinable amount for the contract, which entitles customers to free vehicle maintenance. Such revenues from free maintenance contracts are deferred and recognized as revenue over the period of the contract, which approximates the pattern of the related costs.

Other costs -

Advertising and sales promotion costs are expensed as incurred. Advertising costs were ¥330,870 million, ¥419,409 million and ¥435,150 million for the years ended March 31, 2013, 2014 and 2015, respectively.

Toyota generally warrants its products against certain manufacturing and other defects. Provisions for product warranties are provided for specific periods of time and/or usage of the product and vary depending upon the nature of the product, the geographic location of the sale and other factors. Toyota records a provision for estimated product warranty costs at the time the related sale is recognized based on estimates that Toyota will incur to repair or replace product parts that fail while under warranty. The amount of accrued estimated warranty costs is primarily based on historical experience as to product failures as well as current information on repair costs. The amount of warranty costs accrued also contains an estimate of warranty claim recoveries to be received from suppliers.

In addition to product warranties above, Toyota accrues for costs of recalls and other safety measures based on management’s estimates when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. Toyota employs an estimation model, to accrue at the time of vehicle sale, an amount that represents management’s best estimate of expenses related to future recalls and other safety measures. The estimation model for recalls and other safety measures takes into account Toyota’s historical experience of recalls and other safety measures.

Litigation liabilities are established to cover probable losses on various lawsuits based on the information currently available. Attorneys’ fees are expensed as incurred.

Research and development costs are expensed as incurred. Research and development costs were ¥807,454 million, ¥910,517 million and ¥1,004,547 million for the years ended March 31, 2013, 2014 and 2015, respectively.

Cash and cash equivalents -

Cash and cash equivalents include all highly liquid investments with original maturities of three months or less, that are readily convertible to known amounts of cash and are so near maturity that they present insignificant risk of changes in value because of changes in interest rates.

Marketable securities -

Marketable securities consist of debt and equity securities. Debt and equity securities designated as available-for-sale are carried at fair value with unrealized gains or losses included as a component of accumulated other comprehensive income in shareholders’ equity, net of applicable taxes. Individual securities classified as available-for-sale are reduced to net realizable value for other-than-temporary declines in market value. In determining if a decline in value is other-than-temporary, Toyota considers the length of time and the extent to which the fair value has been less than the carrying value, the financial condition and prospects of the company and Toyota’s ability and intent to retain its investment in the company for a period of time sufficient to allow for any anticipated recovery in market value. Realized gains and losses, which are determined on the average-cost method, are reflected in the consolidated statements of income when realized.

Security investments in non-public companies -

Security investments in non-public companies are carried at cost as fair value is not readily determinable. If the value of a non-public security investment is estimated to have declined and such decline is judged to be other-than-temporary, Toyota recognizes the impairment of the investment and the carrying value is reduced to its fair value. Determination of impairment is based on the consideration of such factors as operating results, business plans and estimated future cash flows. Fair value is determined principally through the use of the latest financial information.

Finance receivables -

Finance receivables recorded on Toyota’s consolidated balance sheets are comprised of the unpaid principal balance, plus accrued interest, less charge-offs, net of any unearned income and deferred origination costs and the allowance for credit losses. Deferred origination costs are amortized so as to approximate a level rate of return over the term of the related contracts.

The determination of portfolio segments is based primarily on the qualitative consideration of the nature of Toyota’s business operations and finance receivables. The three portfolio segments within finance receivables are as follows:

Retail receivables portfolio segment -

The retail receivables portfolio segment consists of retail installment sales contracts acquired mainly from dealers (“auto loans”) including credit card loans. These contracts acquired must first meet specified credit standards. Thereafter, Toyota retains responsibility for contract collection and administration.

The contract periods of auto loans primarily range from 2 to 7 years. Toyota acquires security interests in the vehicles financed and has the right to repossess vehicles if customers fail to meet their contractual obligations. Almost all auto loans are non-recourse, which relieves the dealers from financial responsibility in the event of repossession.

Toyota classifies retail receivables portfolio segment into one class based on common risk characteristics associated with the underlying finance receivables, the similarity of the credit risks, and the quantitative materiality.

Finance lease receivables portfolio segment -

Toyota acquires new vehicle lease contracts originated primarily through dealers. The contract periods of these primarily range from 2 to 5 years. Lease contracts acquired must first meet specified credit standards after which Toyota assumes ownership of the leased vehicle. Toyota is responsible for contract collection and administration during the lease period.

Toyota is generally permitted to take possession of the vehicle upon a default by the lessee. The residual value is estimated at the time the vehicle is first leased. Vehicles returned to Toyota at the end of their leases are sold by auction.

Toyota classifies finance lease receivables portfolio segment into one class based on common risk characteristics associated with the underlying finance receivables and the similarity of the credit risks.

Wholesale and other dealer loan receivables portfolio segment -

Toyota provides wholesale financing to qualified dealers to finance inventories. Toyota acquires security interests in vehicles financed at wholesale. In cases where additional security interests would be required, Toyota takes dealership assets or personal assets, or both, as additional security. If a dealer defaults, Toyota has the right to liquidate any assets acquired and seek legal remedies.

Toyota also makes term loans to dealers for business acquisitions, facilities refurbishment, real estate purchases and working capital requirements. These loans are typically secured with liens on real estate, other dealership assets and/or personal assets of the dealers.

Toyota classifies wholesale and other dealer loan receivables portfolio segment into three classes of wholesale, real estate and working capital, based on the risk characteristics associated with the underlying finance receivables.

A receivable account balance is considered impaired when, based on current information and events, it is probable that Toyota will be unable to collect all amounts due according to the terms of the contract. Factors such as payment history, compliance with terms and conditions of the underlying loan agreement and other subjective factors related to the financial stability of the borrower are considered when determining whether a loan is impaired. Impaired finance receivables include certain nonaccrual receivables for which a specific reserve has been assessed. An account modified as a troubled debt restructuring is considered to be impaired. A troubled debt restructuring occurs when an account is modified through a concession to a borrower experiencing financial difficulty.

All classes of wholesale and other dealer loan receivables portfolio segment are placed on nonaccrual status when full payment of principal or interest is in doubt, or when principal or interest is 90 days or more contractually past due, whichever occurs first. Collateral dependent loans are placed on nonaccrual status if collateral is insufficient to cover principal and interest. Interest accrued but not collected at the date a receivable is placed on nonaccrual status is reversed against interest income. In addition, the amortization of net deferred fees is suspended.

Interest income on nonaccrual receivables is recognized only to the extent it is received in cash. Accounts are restored to accrual status only when interest and principal payments are brought current and future payments are reasonably assured. Receivable balances are written-off against the allowance for credit losses when it is probable that a loss has been realized. Retail receivables class and finance lease receivables class are not placed generally on nonaccrual status when principal or interest is 90 days or more past due. However, these receivables are generally written-off against the allowance for credit losses when payments due are no longer expected to be received or the account is 120 days contractually past due, whichever occurs first.

As of March 31, 2014 and 2015, finance receivables on nonaccrual status are as follows:

	Yen in millions
	March 31,
	2014		2015
Retail		5,962		7,629
Finance leases		780		5,562
Wholesale		1,406		11,573
Real estate		4,035		8,592
Working capital		46		446
		12,229		33,802

As of March 31, 2014 and 2015, finance receivables 90 days or more past due and accruing are as follows:

	Yen in millions
	March 31,
	2014		2015
Retail		23,352		28,147
Finance leases		3,504		3,954
		26,856		32,101

Allowance for credit losses -

Allowance for credit losses is established to cover probable losses on finance receivables and vehicles and equipment on operating leases, resulting from the inability of customers to make required payments. Provision for credit losses is included in selling, general and administrative expenses.

The allowance for credit losses is based on a systematic, ongoing review and evaluation performed as part of the credit-risk evaluation process, historical loss experience, the size and composition of the portfolios, current economic events and conditions, the estimated fair value and adequacy of collateral and other pertinent factors. Vehicles and equipment on operating leases are not within the scope of accounting guidance governing the disclosure of portfolio segments.

Retail receivables portfolio segment -

Toyota calculates allowance for credit losses to cover probable losses on retail receivables by applying reserve rates to such receivables. Reserve rates are calculated mainly by historical loss experience, current economic events and conditions and other pertinent factors.

Finance lease receivables portfolio segment -

Toyota calculates allowance for credit losses to cover probable losses on finance lease receivables by applying reserve rates to such receivables. Reserve rates are calculated mainly by historical loss experience, current economic events and conditions and other pertinent factors such as used car markets.

Wholesale and other dealer loan receivables portfolio segment -

Toyota calculates allowance for credit losses to cover probable losses on wholesale and other dealer loan receivables by applying reserve rates to such receivables. Reserve rates are calculated mainly by financial conditions of the dealers, terms of collateral setting, current economic events and conditions and other pertinent factors.

Toyota establishes specific reserves to cover the estimated losses on individually impaired receivables within the wholesale and other dealer loan receivables portfolio segment. Specific reserves on impaired receivables are determined by the present value of expected future cash flows or the fair value of collateral when it is probable that such receivables will be unable to be fully collected. The fair value of the underlying collateral is used if the receivable is collateral-dependent. The receivable is determined collateral-dependent if the repayment of the loan is expected to be provided by the underlying collateral. For the receivables in which the fair value of the underlying collateral was in excess of the outstanding balance, no allowance was provided.

Troubled debt restructurings in the retail receivables and finance lease receivables portfolio segments are specifically identified as impaired and aggregated with their respective portfolio segments when determining the allowance for credit losses. Impaired loans in the retail receivables and finance lease receivables portfolio segments are insignificant for individual evaluation and Toyota has determined that allowance for credit losses for each of the retail receivables and finance lease receivables portfolio segments would not be materially different if they had been individually evaluated for impairment.

Specific reserves on impaired receivables within the wholesale and other dealer loan receivables portfolio segment are recorded by an increase to the allowance for credit losses based on the related measurement of impairment. Related collateral, if recoverable, is repossessed and sold and the account balance is written-off.

Any shortfall between proceeds received and the carrying cost of repossessed collateral is charged to the allowance. Recoveries are reversed from the allowance for credit losses.

Allowance for residual value losses -

Toyota is exposed to risk of loss on the disposition of off-lease vehicles to the extent that sales proceeds are not sufficient to cover the carrying value of the leased asset at lease termination. Toyota maintains an allowance to cover probable estimated losses related to unguaranteed residual values on its owned portfolio. The allowance is evaluated considering projected vehicle return rates and projected loss severity. Factors considered in the determination of projected return rates and loss severity include historical and market information on used vehicle sales, trends in lease returns and new car markets, and general economic conditions. Management evaluates the foregoing factors, develops several potential loss scenarios, and reviews allowance levels to determine whether reserves are considered adequate to cover the probable range of losses.

The allowance for residual value losses is maintained in amounts considered by Toyota to be appropriate in relation to the estimated losses on its owned portfolio. Upon disposal of the assets, the allowance for residual losses is adjusted for the difference between the net book value and the proceeds from sale.

Inventories -

Inventories are valued at cost, not in excess of market, cost being determined on the “average-cost” basis, except for the cost of finished products carried by certain subsidiary companies which is determined on the “specific identification” basis or “last-in, first-out” (“LIFO”) basis. Inventories valued on the LIFO basis totaled ¥323,249 million and ¥402,180 million at March 31, 2014 and 2015, respectively. Had the “first-in, first-out” basis been used for those companies using the LIFO basis, inventories would have been ¥46,244 million and ¥39,165 million higher than reported at March 31, 2014 and 2015, respectively.

Property, plant and equipment -

Property, plant and equipment are stated at cost. Major renewals and improvements are capitalized; minor replacements, maintenance and repairs are charged to current operations. Depreciation of property, plant and equipment is mainly computed on the declining-balance method for the parent company and Japanese subsidiaries and on the straight-line method for foreign subsidiary companies at rates based on estimated useful lives of the respective assets according to general class, type of construction and use. The estimated useful lives range from 2 to 65 years for buildings and from 2 to 20 years for machinery and equipment.

Vehicles and equipment on operating leases to third parties are originated by dealers and acquired by certain consolidated subsidiaries. Such subsidiaries are also the lessors of certain property that they acquire directly. Vehicles and equipment on operating leases are depreciated primarily on a straight-line method over the lease term, generally from 2 to 5 years, to the estimated residual value. Incremental direct costs incurred in connection with the acquisition of operating lease contracts are capitalized and amortized on a straight-line method over the lease term.

Long-lived assets -

Toyota reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. An impairment loss would be recognized when the carrying amount of an asset group exceeds the estimated undiscounted cash flows expected to result from the use of the asset and its eventual disposition. The amount of the impairment loss to be recorded is calculated by the excess of the carrying value of the asset group over its fair value. Fair value is determined mainly using a discounted cash flow valuation method.

Goodwill and intangible assets -

Goodwill is not material to Toyota’s consolidated balance sheets.

Intangible assets consist mainly of software. Intangible assets with a definite life are amortized on a straight-line basis with estimated useful lives mainly of 5 years. Intangible assets with an indefinite life are tested for impairment whenever events or circumstances indicate that a carrying amount of an asset (asset group) may not be recoverable.

An impairment loss would be recognized when the carrying amount of an asset exceeds the estimated undiscounted cash flows used in determining the fair value of the asset. The amount of the impairment loss to be recorded is generally determined by the difference between the fair value of the asset using a discounted cash flow valuation method and the current book value.

Employee benefit obligations -

Toyota has both defined benefit and defined contribution plans for employees’ retirement benefits. Retirement benefit obligations are measured by actuarial calculations in accordance with U.S.GAAP. The funded status of the defined benefit postretirement plans is recognized on the consolidated balance sheets as prepaid pension and severance costs or accrued pension and severance costs, and the funded status change is recognized in the year in which it occurs through other comprehensive income.

Environmental matters -

Environmental expenditures relating to current operations are expensed or capitalized as appropriate. Expenditures relating to existing conditions caused by past operations, which do not contribute to current or future revenues, are expensed. Liabilities for remediation costs are recorded when they are probable and reasonably estimable, generally no later than the completion of feasibility studies or Toyota’s commitment to a plan of action. The cost of each environmental liability is estimated by using current technology available and various engineering, financial and legal specialists within Toyota based on current law. Such liabilities do not reflect any offset for possible recoveries from insurance companies and are not discounted. There were no material changes in these liabilities for all periods presented.

Income taxes -

The provision for income taxes is computed based on the pretax income included in the consolidated statements of income. The asset and liability approach is used to recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized.

Derivative financial instruments -

Toyota employs derivative financial instruments, including forward foreign currency exchange contracts, foreign currency options, interest rate swaps, interest rate currency swap agreements and interest rate options to manage its exposure to fluctuations in interest rates and foreign currency exchange rates. All derivative financial instruments are recorded on the consolidated balance sheets at fair value, taking into consideration the effects of legally enforceable master netting agreements that allow us to net settle positive and negative positions and offset cash collateral held with the same counterparty on a net basis. Toyota does not use derivatives for speculation or trading purposes. Changes in the fair value of derivatives are recorded each period in current earnings or through other comprehensive income, depending on whether a derivative is designated as part of a hedge transaction and the type of hedge transaction. The ineffective portion of all hedges is recognized currently in operations.

Net income attributable to Toyota Motor Corporation per share -

Basic net income attributable to Toyota Motor Corporation per common share is calculated by dividing net income attributable to Toyota Motor Corporation by the weighted-average number of shares outstanding during the reported period. The calculation of diluted net income attributable to Toyota Motor Corporation per common share is similar to the calculation of basic net income attributable to Toyota Motor Corporation per share, except that the weighted-average number of shares outstanding includes the additional dilution from the assumed exercise of dilutive stock options.

Stock-based compensation -

Toyota measures compensation expense for its stock-based compensation plan based on the grant-date fair value of the award, and accounts for the award.

Other comprehensive income -

Other comprehensive income refers to revenues, expenses, gains and losses that, under U.S.GAAP are included in comprehensive income, but are excluded from net income as these amounts are recorded directly as an adjustment to shareholders’ equity. Toyota’s other comprehensive income is primarily comprised of unrealized gains/losses on marketable securities designated as available-for-sale, foreign currency translation adjustments and adjustments attributed to pension liabilities associated with Toyota’s defined benefit pension plans.

Accounting changes -

In July 2013, the FASB issued updated guidance on uncertain tax positions. This guidance requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward for tax purposes, a similar tax loss, or a tax credit carryforward. Toyota adopted this guidance on April 1, 2014. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements.

Recent pronouncements to be adopted in future periods -

In May 2014, the FASB issued updated guidance on the recognition of revenue from contracts with customers. This guidance will supersede the current revenue recognition guidance. This guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Management is evaluating the impact of adopting this guidance on Toyota’s consolidated financial statements.

In February 2015, the FASB issued updated guidance that amends the analysis a reporting entity must perform to determine whether it should consolidate certain legal entities. This guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Management is evaluating the impact of adopting this guidance on Toyota’s consolidated financial statements.

In April 2015, the FASB issued updated guidance that requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. This guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Management is evaluating the impact of adopting this guidance on Toyota’s consolidated financial statements.

In April 2015, the FASB issued updated guidance to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement. This guidance is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. Management is evaluating the impact of adopting this guidance on Toyota’s consolidated financial statements.

Reclassifications -

Certain prior year amounts have been reclassified to conform to the presentations as of and for the year ended March 31, 2015.

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Per Share Amounts - Additional Information (Detail) - shares shares in Thousands	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock option excluded from diluted net income attributable to Toyota Motor Corporation per share	733	2,415	8,682

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Weighted-Average Assumptions Used to Determine Benefit Obligations (Detail)	Mar. 31, 2015	Mar. 31, 2014
Japanese plans
Schedule of Benefit Obligations Weighted Average Assumptions [Line Items]
Discount rate	1.10%	1.40%
Rate of compensation increase	2.50%	2.10%
Foreign Plans
Schedule of Benefit Obligations Weighted Average Assumptions [Line Items]
Discount rate	4.00%	4.80%
Rate of compensation increase	4.40%	4.50%

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Aggregate Cost, Gross Unrealized Gains and Losses and Fair Value of Marketable Securities and Other securities Investments (Detail) - JPY (¥) ¥ in Millions	Mar. 31, 2015	Mar. 31, 2014
Gain (Loss) on Investments [Line Items]
Cost	¥ 7,857,183	¥ 7,037,453
Gross unrealized gains	2,464,154	1,702,693
Gross unrealized losses	4,850	5,694
Fair value	10,316,487	8,734,452
Public and Corporate Bonds
Gain (Loss) on Investments [Line Items]
Cost	6,848,348	5,879,336
Gross unrealized gains	337,341	290,964
Gross unrealized losses	4,738	5,377
Fair value	7,180,951	6,164,923
Common stocks
Gain (Loss) on Investments [Line Items]
Cost	621,750	619,811
Gross unrealized gains	2,083,164	1,377,653
Gross unrealized losses	100	268
Fair value	2,704,814	1,997,196
Other
Gain (Loss) on Investments [Line Items]
Cost	387,085	538,306
Gross unrealized gains	43,649	34,076
Gross unrealized losses	12	49
Fair value	430,722	572,333
Securities not practicable to determine fair value
Gain (Loss) on Investments [Line Items]
Cost	97,738	77,468
Securities not practicable to determine fair value | Public and Corporate Bonds
Gain (Loss) on Investments [Line Items]
Cost	20,404	433
Securities not practicable to determine fair value | Common stocks
Gain (Loss) on Investments [Line Items]
Cost	¥ 77,334	¥ 77,035

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Future Minimum Lease Payments Under Capital Leases Together with Present Value of Net Minimum Lease Payments (Detail) ¥ in Millions	Mar. 31, 2015 JPY (¥)
Schedule of Capital Lease Obligations [Line Items]
2016	¥ 4,558
2017	3,442
2018	2,585
2019	2,258
2020	1,757
Thereafter	10,498
Total minimum lease payments	25,098
Less - Amount representing interest	(5,639)
Present value of net minimum lease payments	19,459
Less - Current obligations	(3,743)
Long-term capital lease obligations	¥ 15,716

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Statements of Income - Non-financial Services and Financial Services Businesses (Detail) - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenues	¥ 27,234,521	¥ 25,691,911	¥ 22,064,192
Eliminations	(22)	(32)	152
Costs and expenses
Selling, general and administrative	2,642,281	2,598,660	2,102,309
Total costs and expenses	24,483,957	23,399,799	20,743,304
Operating income	2,750,564	2,292,112	1,320,888
Other income (expense), net	142,264	148,968	82,761
Income before income taxes and equity in earnings of affiliated companies	2,892,828	2,441,080	1,403,649
Provision for income taxes	893,469	767,808	551,686
Equity in earnings of affiliated companies	308,545	318,376	231,519
Net income	2,307,904	1,991,648	1,083,482
Less - Net income attributable to noncontrolling interests	(134,566)	(168,529)	(121,319)
Net income attributable to Toyota Motor Corporation	2,173,338	1,823,119	962,163
Non Financial Services Businesses
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenues	25,643,508	24,343,613	20,943,634
Costs and expenses
Cost of revenues	20,933,168	20,004,553	18,034,256
Selling, general and administrative	2,319,262	2,334,404	1,899,997
Total costs and expenses	23,252,430	22,338,957	19,934,253
Operating income	2,391,078	2,004,656	1,009,381
Other income (expense), net	136,797	140,067	79,837
Income before income taxes and equity in earnings of affiliated companies	2,527,875	2,144,723	1,089,218
Provision for income taxes	763,445	669,173	436,223
Equity in earnings of affiliated companies	306,749	316,612	230,078
Net income	2,071,179	1,792,162	883,073
Less - Net income attributable to noncontrolling interests	(130,172)	(164,709)	(119,359)
Net income attributable to Toyota Motor Corporation	1,941,007	1,627,453	763,714
Financial Services Business
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenues	1,661,149	1,421,047	1,170,670
Costs and expenses
Cost of revenues	955,380	840,905	633,306
Selling, general and administrative	343,936	285,251	221,544
Total costs and expenses	1,299,316	1,126,156	854,850
Operating income	361,833	294,891	315,820
Other income (expense), net	3,190	1,451	(970)
Income before income taxes and equity in earnings of affiliated companies	365,023	296,342	314,850
Provision for income taxes	130,049	98,589	116,033
Equity in earnings of affiliated companies	1,796	1,764	1,441
Net income	236,770	199,517	200,258
Less - Net income attributable to noncontrolling interests	(4,417)	(3,819)	(1,961)
Net income attributable to Toyota Motor Corporation	¥ 232,353	¥ 195,698	¥ 198,297

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Affiliated Companies and Variable Interest Entities (Tables)

12 Months Ended

Mar. 31, 2015

Summary of Financial Information for Affiliated Companies Accounted for by Equity Method

Summarized financial information for affiliated companies accounted for by the equity method is shown below:

	Yen in millions
	March 31,
	2014		2015
Current assets		10,813,254		11,380,649
Noncurrent assets		10,172,524		11,890,150
Total assets		20,985,778		23,270,799
Current liabilities		7,120,877		7,330,762
Long-term liabilities and noncontrolling interests		5,217,723		5,965,242
Affiliated companies accounted for by the equity method shareholders’ equity		8,647,178		9,974,795
Total liabilities and shareholders’ equity		20,985,778		23,270,799
Toyota’s share of affiliated companies accounted for by the equity method shareholders’ equity		2,429,576		2,691,222
Number of affiliated companies accounted for by the equity method at end of period		54		54

	Yen in millions
	For the years ended March 31,
	2013		2014		2015
Net revenues		24,242,046		28,289,687		30,163,457
Gross profit		2,620,892		3,385,048		3,614,946
Net income attributable to affiliated companies accounted for by the equity method		705,249		963,003		966,133
Equity in earnings of affiliated companies attributable to Toyota Motor Corporation		231,519		318,376		308,545

Entities Comprising Significant Portion of Toyota's Investment in Affiliated Companies and Percentage of Ownership

Entities comprising a significant portion of Toyota’s investment in affiliated companies and percentage of ownership are presented below:

	Percentage of ownership
	March 31,
Name of affiliated companies	2014			2015
Denso Corporation		24.9	%		24.9	%
Toyota Industries Corporation		24.7	%		24.6	%
Aisin Seiki Co., Ltd.		23.4	%		23.3	%
Toyota Tsusho Corporation		22.0	%		22.0	%
Toyoda Gosei Co., Ltd.		43.0	%		43.0	%

Account Balances and Transactions with Affiliated Companies

Account balances and transactions with affiliated companies are presented below:

	Yen in millions
	March 31,
	2014		2015
Trade accounts and notes receivable, and other receivables		253,312		266,999
Accounts payable and other payables		599,334		635,878

	Yen in millions
	For the years ended March 31,
	2013		2014		2015
Net revenues		1,926,854		1,854,708		1,785,238
Purchases		4,020,138		4,289,583		5,065,613

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Lease commitments

12 Months Ended

Mar. 31, 2015

Lease commitments

22. Lease commitments:

Toyota leases certain assets under capital lease and operating lease arrangements.

An analysis of leased assets under capital leases is as follows:

	Yen in millions
	March 31,
	2014			2015
Class of property
Building		15,828			15,872
Machinery and equipment		30,770			30,764
Less - Accumulated depreciation		(24,985	)		(27,647	)
		21,613			18,989

Amortization expenses under capital leases for the years ended March 31, 2013, 2014 and 2015 were ¥5,265 million, ¥5,151 million and ¥4,348 million, respectively.

Future minimum lease payments under capital leases together with the present value of the net minimum lease payments as of March 31, 2015 are as follows:

Years ending March 31,	Yen in millions
2016		4,558
2017		3,442
2018		2,585
2019		2,258
2020		1,757
Thereafter		10,498
Total minimum lease payments		25,098
Less - Amount representing interest		(5,639	)
Present value of net minimum lease payments		19,459
Less - Current obligations		(3,743	)
Long-term capital lease obligations		15,716

Rental expenses under operating leases for the years ended March 31, 2013, 2014 and 2015 were ¥90,081 million, ¥94,613 million and ¥98,479 million, respectively.

The minimum rental payments required under operating leases relating primarily to land, buildings and equipment having initial or remaining non-cancelable lease terms in excess of one year at March 31, 2015 are as follows:

Years ending March 31,	Yen in millions
2016		14,765
2017		12,343
2018		10,540
2019		7,361
2020		5,461
Thereafter		25,904
Total minimum future rentals		76,374

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Other financial instruments

12 Months Ended

Mar. 31, 2015

Other financial instruments

21. Other financial instruments:

Toyota has certain financial instruments, including financial assets and liabilities which arose in the normal course of business. These financial instruments are executed with creditworthy financial institutions, and virtually all foreign currency contracts are denominated in U.S. dollars, euros and other currencies of major developed countries. Financial instruments involve, to varying degrees, market risk as instruments are subject to price fluctuations, and elements of credit risk in the event a counterparty should default. In the unlikely event the counterparties fail to meet the contractual terms of a foreign currency or an interest rate instrument, Toyota’s risk is limited to the fair value of the instrument. Although Toyota may be exposed to losses in the event of non-performance by counterparties on financial instruments, it does not anticipate significant losses due to the nature of its counterparties. Counterparties to Toyota’s financial instruments represent, in general, international financial institutions. Additionally, Toyota does not have a significant exposure to any individual counterparty. Toyota believes that the overall credit risk related to its financial instruments is not significant.

The following table summarizes the estimated fair values of Toyota’s financial instruments, excluding marketable securities, other securities investments, investments and other assets in affiliated companies and derivative financial instruments. See note 26 to the consolidated financial statements for three levels of input which are used to measure fair value.

	Yen in millions
	March 31, 2014
	Carrying amount			Estimated fair value
				Level 1		Level 2			Level 3			Total
Assets (Liabilities)
Cash and cash equivalents		2,041,170			1,639,624		401,546			—			2,041,170
Time deposits		180,207			—		180,207			—			180,207
Total finance receivables, net		12,775,669			—		—			13,058,756			13,058,756
Other receivables		351,182			—		—			351,182			351,182
Short-term borrowings		(4,830,820	)		—		(4,830,820	)		—			(4,830,820	)
Long-term debt including the current portion		(11,474,777	)		—		(10,410,754	)		(1,204,668	)		(11,615,422	)

	Yen in millions
	March 31, 2015
				Estimated fair value
	Carrying amount			Level 1		Level 2			Level 3			Total
Assets (Liabilities)
Cash and cash equivalents		2,284,557			1,936,070		348,487			—			2,284,557
Time deposits		149,321			—		149,321			—			149,321
Total finance receivables, net		14,437,459			—		—			14,656,825			14,656,825
Other receivables		420,708			—		—			420,708			420,708
Short-term borrowings		(5,048,188	)		—		(5,044,376	)		(3,812	)		(5,048,188	)
Long-term debt including the current portion		(13,910,240	)		—		(12,589,871	)		(1,568,144	)		(14,158,015	)

Cash and cash equivalents and time deposits -

In the normal course of business, substantially all cash and cash equivalents and time deposits are highly liquid and are carried at amounts which approximate fair value due to its short duration. Cash equivalents and time deposits include negotiable certificate of deposit measured at fair value on a recurring basis. Where money market funds produce a daily net asset value in an active market, this value is used to determine the fair value of the fund investment, and the investment is classified in Level 1. All other types of cash and cash equivalents and time deposits are classified in Level 2.

Finance receivables, net -

The fair values of finance receivables are estimated by discounting expected cash flows to present value using internal assumptions, including prepayment speeds, expected credit losses and collateral value. Certain impaired finance receivables are measured at fair value on a nonrecurring basis based on collateral values.

As unobservable inputs are utilized, finance receivables are classified in Level 3.

Other receivables -

Other receivables are short-term receivables. These receivables are carried at amounts which approximate fair value, and the difference between the carrying amount and the fair value is not material. These receivables are classified in Level 3.

Short-term borrowings and long-term debt -

The fair values of short-term borrowings and long-term debt including the current portion, except for secured loans provided by securitization transactions using special-purpose entities, are estimated based on the discounted amounts of future cash flows using Toyota’s current borrowing rates for similar liabilities. As these inputs are observable, these debts are classified in Level 2.

The fair values of the secured loans provided by securitization transactions are estimated based on current market rates and credit spreads for debt with similar maturities. Internal assumptions including prepayment speeds and expected credit losses are used to estimate the timing of cash flows to be paid on the underlying securitized assets. As these valuations utilize unobservable inputs, the secured loans are classified in Level 3. See note 12 to the consolidated financial statements for information regarding the secured loans.

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Reissuance of Treasury Stock (Detail) - JPY (¥) ¥ / shares in Units, ¥ in Millions		12 Months Ended
	Jun. 17, 2014	Mar. 31, 2015
Equity, Class of Treasury Stock [Line Items]
Reason for reissuing treasury stock		TMC resolved at the Meeting of the Board of Directors held on March 26, 2014 to establish Toyota Mobility Foundation, a General Incorporated Foundation (the “Foundation”). The reissuance of treasury stock was made by way of third-party allotment to a trust that was established by TMC to provide funding for the activities of the Foundation through dividends, etc. on TMC’s common stock.
Number of shares reissued		30,000,000
Price of reissuance	¥ 1	¥ 1
Amount of proceeds		¥ 30

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Fair value measurements (Tables)

12 Months Ended

Mar. 31, 2015

Fair Values of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes the fair values of the assets and liabilities measured at fair value on a recurring basis as of March 31, 2014 and 2015. Transfers between levels of the fair value are recognized at the end of their respective reporting periods:

	Yen in millions
	March 31, 2014
	Level 1		Level 2			Level 3		Total
Assets
Cash equivalents		311,582		401,546			—		713,128
Marketable securities and other securities investments
Public and corporate bonds		5,234,856		920,975			9,092		6,164,923
Common stocks		1,997,196		—			—		1,997,196
Other		54,383		517,950			—		572,333
Derivative financial instruments		—		220,160			7,544		227,704
Total		7,598,017		2,060,631			16,636		9,675,284
Liabilities
Derivative financial instruments		—		(175,645	)		—		(175,645	)
Total		—		(175,645	)		—		(175,645	)

	Yen in millions
	March 31, 2015
	Level 1		Level 2			Level 3		Total
Assets
Cash equivalents		145,923		348,487			—		494,410
Marketable securities and other securities investments
Public and corporate bonds		6,129,824		1,038,810			12,317		7,180,951
Common stocks		2,704,814		—			—		2,704,814
Other		61,538		369,184			—		430,722
Derivative financial instruments		—		338,310			1,010		339,320
Total		9,042,099		2,094,791			13,327		11,150,217
Liabilities
Derivative financial instruments		—		(360,731	)		—		(360,731	)
Total		—		(360,731	)		—		(360,731	)

Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the periods ended March 31, 2013, 2014 and 2015:

	Yen in millions
	For the year ended March 31, 2013
	Marketable securities and other securities investments			Derivative financial instruments			Total
Balance at beginning of year		1,684			4,739			6,423
Total gains (losses)
Included in income (loss)		24			2,118			2,142
Included in other comprehensive income (loss)		58			—			58
Purchases and issuances		3,607			—			3,607
Settlements		(1,563	)		(2,343	)		(3,906	)
Other		3,079			613			3,692
Balance at end of year		6,889			5,127			12,016

	Yen in millions
	For the year ended March 31, 2014
	Marketable securities and other securities investments			Derivative financial instruments			Total
Balance at beginning of year		6,889			5,127			12,016
Total gains (losses)
Included in income (loss)		(28	)		3,460			3,432
Included in other comprehensive income (loss)		(228	)		—			(228	)
Purchases and issuances		2,575			—			2,575
Settlements		(1,555	)		(1,579	)		(3,134	)
Other		1,439			536			1,975
Balance at end of year		9,092			7,544			16,636

	Yen in millions
	For the year ended March 31, 2015
	Marketable securities and other securities investments			Derivative financial instruments			Total
Balance at beginning of year		9,092			7,544			16,636
Total gains (losses)
Included in income (loss)		(33	)		(5,953	)		(5,986	)
Included in other comprehensive income (loss)		227			—			227
Purchases and issuances		4,055			—			4,055
Settlements		(2,914	)		(1,169	)		(4,083	)
Other		1,890			588			2,478
Balance at end of year		12,317			1,010			13,327

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Short-Term Borrowings and Long-Term Debt (Tables)

12 Months Ended

Mar. 31, 2015

Short-term Borrowings

Short-term borrowings at March 31, 2014 and 2015 consist of the following:

	Yen in millions
	March 31,
	2014		2015
Loans, principally from banks, with a weighted-average interest at March 31, 2014 and March 31, 2015 of 2.57% and of 2.83% per annum, respectively		1,165,580		1,167,792
Commercial paper with a weighted-average interest at March 31, 2014 and March 31, 2015 of 0.49% and of 0.41% per annum, respectively		3,665,240		3,880,396
		4,830,820		5,048,188

Long-term Debt

Long-term debt at March 31, 2014 and 2015 comprises the following:

	Yen in millions
	March 31,
	2014			2015
Unsecured loans, representing obligations principally to banks, due 2014 to 2029 in 2014 and due 2015 to 2029 in 2015 with interest ranging from 0.00% to 39.50% per annum in 2014 and from 0.01% to 39.50% per annum in 2015		3,368,711			3,712,598
Secured loans, representing obligations principally to finance receivables securitization due 2014 to 2030 in 2014 and due 2015 to 2030 in 2015 with interest ranging from 0.10% to 12.00% per annum in 2014 and from 0.10% to 2.92% per annum in 2015		1,226,080			1,594,489
Medium-term notes of consolidated subsidiaries, due 2014 to 2047 in 2014 and due 2015 to 2047 in 2015 with interest ranging from 0.10% to 9.40% per annum in 2014 and from 0.13% to 9.40% per annum in 2015		5,355,176			6,740,355
Unsecured notes of parent company, due 2014 to 2023 in 2014 and due 2015 to 2024 in 2015 with interest ranging from 0.19% to 3.00% per annum in 2014 and from 0.19% to 3.00% per annum in 2015		400,000			380,000
Unsecured notes of consolidated subsidiaries, due 2014 to 2031 in 2014 and due 2015 to 2032 in 2015 with interest ranging from 0.08% to 41.79% per annum in 2014 and from 0.03% to 41.79% per annum in 2015		1,124,810			1,469,218
Secured notes of consolidated subsidiaries, due 2016 to 2018 in 2015 with interest ranging from 8.40% to 9.55% per annum in 2015		—			13,580
Long-term capital lease obligations, due 2014 to 2030 in 2014 and due 2015 to 2030 in 2015 with interest ranging from 0.50% to 14.73% per annum in 2014 and from 0.50% to 14.73% per annum in 2015		21,796			19,459
		11,496,573			13,929,699
Less - Current portion due within one year		(2,949,663	)		(3,915,304	)
		8,546,910			10,014,395

Aggregate Amounts of Annual Maturities of Long-term Debt During Next Five Years

The aggregate amounts of annual maturities of long-term debt during the next five years are as follows:

Years ending March 31,	Yen in millions
2016		3,915,304
2017		2,380,969
2018		2,867,620
2019		1,690,587
2020		1,718,136

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Other commitments and contingencies, concentrations and factors that may affect future operations

12 Months Ended

Mar. 31, 2015

Other commitments and contingencies, concentrations and factors that may affect future operations

23. Other commitments and contingencies, concentrations and factors that may affect future operations:

Commitments

Commitments outstanding as of March 31, 2015 for the purchase of property, plant and equipment, other assets and services totaled ¥325,555 million.

Guarantees

Toyota enters into contracts with Toyota dealers to guarantee customers’ payments of their installment payables that arise from installment contracts between customers and Toyota dealers, as and when requested by Toyota dealers. Guarantee periods are set to match maturity of installment payments, and as of March 31, 2015, range from 1 month to 35 years; however, they are generally shorter than the useful lives of products sold. Toyota is required to execute its guarantee primarily when customers are unable to make required payments.

The maximum potential amount of future payments as of March 31, 2015 is ¥2,238,185 million. Liabilities for guarantees totaling ¥6,531 million have been provided as of March 31, 2015. Under these guarantee contracts, Toyota is entitled to recover any amount paid by Toyota from the customers whose original obligations Toyota has guaranteed.

Legal proceedings

From time-to-time, Toyota issues vehicle recalls and takes other safety measures including safety campaigns relating to its vehicles. In 2009 and 2010, Toyota issued safety campaigns related to the risk of floor mat entrapment of accelerator pedals and vehicle recalls related to slow-to-return or sticky accelerator pedals. Following some of these recalls and other safety measures, a large number of putative class actions and individual lawsuits were brought against Toyota, alleging that certain Toyota, Lexus and Scion vehicles contained defects that led to unintended acceleration. The class actions and individual lawsuits related to economic loss were resolved by a settlement which was approved by the United States District Court for the Central District of California in July 2013, and the settlement of those claims is final.

There were also several government investigations related to unintended acceleration. The last of these to be resolved was the investigation initiated by the U.S. Attorney for the Southern District of New York in February 2010. In March 2014, Toyota announced that it entered into a deferred prosecution agreement (“DPA”) with the U.S. Attorney’s Office to resolve its investigation. The DPA provided for a $1.2 billion payment to the U.S. government, and Toyota recorded a $1.2 billion charge against earnings in fiscal 2014. Pursuant to the DPA, an independent monitor was appointed to review and assess policies and procedures relating to Toyota’s safety communications process, its process for sharing vehicle accident information internally and its process for preparing and sharing certain technical reports.

In 2010, there was a recall related to the software program that controls the antilock braking system in certain models including the Prius, which led to putative class action lawsuits on behalf of owners of recalled vehicles and owners of vehicles which were not recalled. These cases were consolidated into two actions, one in the United States District Court for the Central District of California and one in the Los Angeles County Superior Court. In January 2013, the United States District Court for the Central District of California denied the plaintiff’s motion for class certification and granted summary judgment in Toyota’s favor resolving the claims related to the recalled vehicles, and in July 2013, the United States District Court for the Central District of California denied the plaintiff’s motion for class certification and granted summary judgment in Toyota’s favor regarding the claims related to the non-recalled vehicles. Proceedings involving the recalled vehicles in both courts have concluded. The ruling of the United States District Court for the Central District of California related to the non-recalled vehicles has been appealed.

Product liability personal injury claims related to the floor mat entrapment of accelerator pedals and slow-to-return or sticky accelerator pedal cases are pending in several consolidated cases in federal and state courts, as well as in individual cases in various other states. The judges in the consolidated federal action and the consolidated California state action have approved an Intensive Settlement Process (“ISP”) for such claims in those actions. Under the ISP, all individual claims within the consolidated actions are stayed pending completion of a process to assess whether they can be resolved on terms acceptable to the parties. Cases not resolved after completion of the ISP will then proceed to discovery and toward trial. Toyota has offered the ISP process to plaintiffs in other consolidated actions and in individual cases, as well.

Toyota has been named as a defendant in 27 economic loss class action lawsuits, which have been consolidated for pretrial purposes in the United States District Court for the Southern District of Florida, arising out of allegations that Takata airbags installed in Toyota vehicles are defective. These lawsuits are at a very early stage.

Toyota also has various other legal actions, other governmental proceedings and other claims pending against it, including other product liability claims in the United States.

Beyond the amounts accrued with respect to all aforementioned matters, Toyota is unable to estimate a range of reasonably possible loss, if any, for the pending legal matters because (i) many of the proceedings are in evidence gathering stages, (ii) significant factual issues need to be resolved, (iii) the legal theory or nature of the claims is unclear, (iv) the outcome of future motions or appeals is unknown and/or (v) the outcomes of other matters of these types vary widely and do not appear sufficiently similar to offer meaningful guidance. Based upon information currently available to Toyota, however, Toyota believes that its losses from these matters, if any, beyond the amounts accrued, would not have a material adverse effect on Toyota’s financial position, results of operations or cash flows.

Toyota purchases materials that are equivalent to approximately 10% of material costs from a supplier which is an affiliated company.

The parent company has a concentration of labor supply in employees working under collective bargaining agreements and a substantial portion of these employees are working under the agreement that will expire on December 31, 2017.

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Segment data

12 Months Ended

Mar. 31, 2015

Segment data

24. Segment data:

The operating segments reported below are the segments of Toyota for which separate financial information is available and for which operating income/loss amounts are evaluated regularly by executive management in deciding how to allocate resources and in assessing performance.

The major portions of Toyota’s operations on a worldwide basis are derived from the Automotive and Financial Services business segments. The Automotive segment designs, manufactures and distributes sedans, minivans, compact cars, sport-utility vehicles, trucks and related parts and accessories. The Financial Services segment consists primarily of financing, and vehicle and equipment leasing operations to assist in the merchandising of the parent company and its affiliated companies products as well as other products. The All Other segment includes the design, manufacturing and sales of housing, telecommunications and other businesses.

The following tables present certain information regarding Toyota’s industry or geographic segments and overseas revenues by destination as of and for the years ended March 31, 2013, 2014 and 2015.

Segment operating results and assets -

As of and for the year ended March 31, 2013:

	Yen in millions
	Automotive		Financial Services		All Other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Net revenues
Sales to external customers		20,378,762		1,150,042		535,388		—			22,064,192
Inter-segment sales and transfers		40,338		20,628		531,073		(592,039	)		—
Total		20,419,100		1,170,670		1,066,461		(592,039	)		22,064,192
Operating expenses		19,474,396		854,850		1,012,845		(598,787	)		20,743,304
Operating income		944,704		315,820		53,616		6,748			1,320,888
Assets		13,179,741		16,231,473		1,310,115		4,761,988			35,483,317
Investment in equity method investees		2,033,040		4,925		6,968		57,651			2,102,584
Depreciation expenses		745,880		336,528		22,701		—			1,105,109
Capital expenditure		937,695		1,005,326		29,286		1,845			1,974,152

As of and for the year ended March 31, 2014:

	Yen in millions
	Automotive		Financial Services		All Other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Net revenues
Sales to external customers		23,733,855		1,379,267		578,789		—			25,691,911
Inter-segment sales and transfers		47,549		41,780		572,491		(661,820	)		—
Total		23,781,404		1,421,047		1,151,280		(661,820	)		25,691,911
Operating expenses		21,842,626		1,126,156		1,087,010		(655,993	)		23,399,799
Operating income		1,938,778		294,891		64,270		(5,827	)		2,292,112
Assets		14,275,376		18,943,587		1,597,297		6,621,213			41,437,473
Investment in equity method investees		2,343,217		7,129		9,418		69,812			2,429,576
Depreciation expenses		789,266		437,896		23,691		—			1,250,853
Capital expenditure		1,044,510		1,624,944		39,930		(30,693	)		2,678,691

As of and for the year ended March 31, 2015:

	Yen in millions
	Automotive		Financial Services		All Other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Net revenues
Sales to external customers		25,006,224		1,621,685		606,612		—			27,234,521
Inter-segment sales and transfers		55,905		39,464		649,179		(744,548	)		—
Total		25,062,129		1,661,149		1,255,791		(744,548	)		27,234,521
Operating expenses		22,736,819		1,299,316		1,190,141		(742,319	)		24,483,957
Operating income		2,325,310		361,833		65,650		(2,229	)		2,750,564
Assets		15,897,022		22,378,941		1,889,433		7,564,434			47,729,830
Investment in equity method investees		2,588,127		8,801		10,000		84,294			2,691,222
Depreciation expenses		819,280		564,619		25,176		—			1,409,075
Capital expenditure		1,262,670		2,086,481		39,503		(31,086	)		3,357,568

Geographic Information -

As of and for the year ended March 31, 2013:

	Yen in millions
	Japan		North America		Europe		Asia		Other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Net revenues
Sales to external customers		7,910,456		6,167,821		2,003,113		4,058,629		1,924,173		—			22,064,192
Inter-segment sales and transfers		4,910,562		116,604		80,000		326,847		170,092		(5,604,105	)		—
Total		12,821,018		6,284,425		2,083,113		4,385,476		2,094,265		(5,604,105	)		22,064,192
Operating expenses		12,244,683		6,062,500		2,056,651		4,009,421		1,960,521		(5,590,472	)		20,743,304
Operating income		576,335		221,925		26,462		376,055		133,744		(13,633	)		1,320,888
Assets		12,296,731		11,841,471		2,199,256		3,305,319		2,616,164		3,224,376			35,483,317
Long-lived assets		2,929,346		2,633,067		288,288		590,021		410,517		—			6,851,239

As of and for the year ended March 31, 2014:

	Yen in millions
	Japan		North America		Europe		Asia		Other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Net revenues
Sales to external customers		8,532,875		7,938,615		2,614,070		4,475,382		2,130,969		—			25,691,911
Inter-segment sales and transfers		5,764,595		178,484		110,889		402,290		205,672		(6,661,930	)		—
Total		14,297,470		8,117,099		2,724,959		4,877,672		2,336,641		(6,661,930	)		25,691,911
Operating expenses		12,787,305		7,791,047		2,666,731		4,481,935		2,294,073		(6,621,292	)		23,399,799
Operating income		1,510,165		326,052		58,228		395,737		42,568		(40,638	)		2,292,112
Assets		13,231,184		13,720,958		2,576,806		4,013,429		2,731,695		5,163,401			41,437,473
Long-lived assets		2,945,247		3,276,273		318,872		725,924		374,982		—			7,641,298

As of and for the year ended March 31, 2015:

	Yen in millions
	Japan		North America		Europe		Asia		Other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Net revenues
Sales to external customers		8,338,881		9,430,450		2,690,803		4,531,178		2,243,209		—			27,234,521
Inter-segment sales and transfers		6,064,986		247,146		157,491		450,062		206,029		(7,125,714	)		—
Total		14,403,867		9,677,596		2,848,294		4,981,240		2,449,238		(7,125,714	)		27,234,521
Operating expenses		12,832,391		9,093,077		2,767,176		4,559,458		2,337,729		(7,105,874	)		24,483,957
Operating income		1,571,476		584,519		81,118		421,782		111,509		(19,840	)		2,750,564
Assets		14,466,432		16,961,700		2,640,054		4,753,850		2,903,474		6,004,320			47,729,830
Long-lived assets		3,062,463		4,632,536		301,736		874,207		424,777		—			9,295,719

“Other” consists of Central and South America, Oceania, Africa and the Middle East.

Revenues are attributed to geographies based on the country location of the parent company or the subsidiary that transacted the sale with the external customer.

There are no any individually material countries with respect to revenues, and long-lived assets included in other foreign countries.

Unallocated amounts included in assets represent assets held for corporate purposes, which mainly consist of cash and cash equivalents and marketable securities. Such corporate assets were ¥5,599,970 million, ¥7,659,617 million and ¥8,742,168 million, as of March 31, 2013, 2014 and 2015, respectively.

Transfers between industry or geographic segments are made at amounts which Toyota’s management believes approximate arm’s-length transactions. In measuring the reportable segments’ income or losses, operating income consists of revenue less operating expenses.

Overseas revenues by destination -

The following information shows revenues that are attributed to countries based on location of customers, excluding customers in Japan. In addition to the disclosure requirements under U.S.GAAP, Toyota discloses this information in order to provide financial statements users with valuable information.

	Yen in millions
	For the years ended March 31,
	2013		2014		2015
North America		6,790,453		7,919,832		9,405,305
Europe		1,901,118		2,495,829		2,555,368
Asia		3,940,175		4,252,632		4,231,077
Other		3,929,775		4,616,944		4,947,169

“Other” consists of Central and South America, Oceania, Africa and the Middle East, etc.

Certain financial statements data on non-financial services and financial services businesses -

The financial data below presents separately Toyota’s non-financial services and financial services businesses.

Balance sheets -

	Yen in millions
	March 31,
	2014			2015
Assets
Non-Financial Services Businesses
Current assets
Cash and cash equivalents		1,411,860			1,680,994
Marketable securities		1,770,142			2,251,581
Trade accounts and notes receivable, less allowance for doubtful accounts		2,102,495			2,178,984
Inventories		1,894,536			2,137,021
Prepaid expenses and other current assets		1,689,497			1,898,558
Total current assets		8,868,530			10,147,138
Investments and other assets		9,524,349			10,765,747
Property, plant and equipment		4,886,194			5,346,553
Total Non-Financial Services Businesses assets		23,279,073			26,259,438
Financial Services Business
Current assets
Cash and cash equivalents		629,310			603,563
Marketable securities		276,735			530,518
Finance receivables, net		5,628,934			6,269,862
Prepaid expenses and other current assets		903,022			1,007,249
Total current assets		7,438,001			8,411,192
Noncurrent finance receivables, net		8,102,294			9,202,531
Investments and other assets		648,188			816,052
Property, plant and equipment		2,755,104			3,949,166
Total Financial Services Business assets		18,943,587			22,378,941
Eliminations		(785,187	)		(908,549	)
Total assets		41,437,473			47,729,830

Assets in the non-financial services include unallocated corporate assets.

	Yen in millions
	March 31,
	2014			2015
Liabilities
Non-Financial Services Businesses
Current liabilities
Short-term borrowings		587,809			567,566
Current portion of long-term debt		131,215			116,496
Accounts payable		2,180,190			2,372,354
Accrued expenses		2,218,495			2,567,998
Income taxes payable		583,115			338,680
Other current liabilities		1,283,730			1,437,114
Total current liabilities		6,984,554			7,400,208
Long-term liabilities
Long-term debt		526,498			564,746
Accrued pension and severance costs		756,229			866,930
Other long-term liabilities		1,506,806			1,872,881
Total long-term liabilities		2,789,533			3,304,557
Total Non-Financial Services Businesses liabilities		9,774,087			10,704,765
Financial Services Business
Current liabilities
Short-term borrowings		4,610,449			4,849,826
Current portion of long-term debt		2,834,445			3,830,413
Accounts payable		45,687			45,195
Accrued expenses		108,953			116,868
Income taxes payable		11,714			10,106
Other current liabilities		685,278			802,666
Total current liabilities		8,296,526			9,655,074
Long-term liabilities
Long-term debt		8,084,565			9,526,991
Accrued pension and severance costs		11,389			13,363
Other long-term liabilities		840,218			1,091,616
Total long-term liabilities		8,936,172			10,631,970
Total Financial Services Business liabilities		17,232,698			20,287,044
Eliminations		(788,299	)		(909,308	)
Total liabilities		26,218,486			30,082,501
Total Toyota Motor Corporation shareholders’ equity		14,469,148			16,788,131
Noncontrolling interests		749,839			859,198
Total shareholders’ equity		15,218,987			17,647,329
Total liabilities and shareholders’ equity		41,437,473			47,729,830

Statements of income -

	Yen in millions
	For the years ended March 31,
	2013			2014			2015
Non-Financial Services Businesses
Net revenues		20,943,634			24,343,613			25,643,508
Costs and expenses
Cost of revenues		18,034,256			20,004,553			20,933,168
Selling, general and administrative		1,899,997			2,334,404			2,319,262
Total costs and expenses		19,934,253			22,338,957			23,252,430
Operating income		1,009,381			2,004,656			2,391,078
Other income (expense), net		79,837			140,067			136,797
Income before income taxes and equity in earnings of affiliated companies		1,089,218			2,144,723			2,527,875
Provision for income taxes		436,223			669,173			763,445
Equity in earnings of affiliated companies		230,078			316,612			306,749
Net income		883,073			1,792,162			2,071,179
Less - Net income attributable to noncontrolling interests		(119,359	)		(164,709	)		(130,172	)
Net income attributable to Toyota Motor Corporation - Non-Financial Services Businesses		763,714			1,627,453			1,941,007
Financial Services Business
Net revenues		1,170,670			1,421,047			1,661,149
Costs and expenses
Cost of revenues		633,306			840,905			955,380
Selling, general and administrative		221,544			285,251			343,936
Total costs and expenses		854,850			1,126,156			1,299,316
Operating income		315,820			294,891			361,833
Other income (expense), net		(970	)		1,451			3,190
Income before income taxes and equity in earnings of affiliated companies		314,850			296,342			365,023
Provision for income taxes		116,033			98,589			130,049
Equity in earnings of affiliated companies		1,441			1,764			1,796
Net income		200,258			199,517			236,770
Less - Net income attributable to noncontrolling interests		(1,961	)		(3,819	)		(4,417	)
Net income attributable to Toyota Motor Corporation - Financial Services Business		198,297			195,698			232,353
Eliminations		152			(32	)		(22	)
Net income attributable to Toyota Motor Corporation		962,163			1,823,119			2,173,338

Statements of cash flows -

	Yen in millions									Yen in millions
	For the year ended March 31, 2013									For the year ended March 31, 2014
	Non-Financial Services Businesses			Financial Services Business			Consolidated			Non-Financial Services Businesses			Financial Services Business			Consolidated
Cash flows from operating activities
Net income		883,073			200,258			1,083,482			1,792,162			199,517			1,991,648
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation		768,581			336,528			1,105,109			812,957			437,896			1,250,853
Provision for doubtful accounts and credit losses		1,745			25,622			27,367			3,405			46,313			49,718
Pension and severance costs, less payments		(23,514	)		3,085			(20,429	)		21,842			(1,188	)		20,654
Losses on disposal of fixed assets		32,005			216			32,221			27,925			732			28,657
Unrealized losses on available-for-sale securities, net		2,104			—			2,104			560			5,636			6,197
Deferred income taxes		89,834			70,743			160,008			(108,318	)		51,995			(56,279	)
Equity in earnings of affiliated companies		(230,078	)		(1,441	)		(231,519	)		(316,612	)		(1,764	)		(318,376	)
Changes in operating assets and liabilities, and other		472,514			32,066			292,973			1,010,360			(269,875	)		672,963
Net cash provided by operating activities		1,996,264			667,077			2,451,316			3,244,281			469,262			3,646,035
Cash flows from investing activities
Additions to finance receivables		—			(16,877,678	)		(10,004,928	)		—			(20,598,521	)		(11,953,064	)
Collection of and proceeds from sales of finance receivables		—			15,784,681			9,102,856			—			19,612,456			11,025,353
Additions to fixed assets excluding equipment leased to others		(839,756	)		(14,805	)		(854,561	)		(956,232	)		(13,789	)		(970,021	)
Additions to equipment leased to others		(129,070	)		(990,521	)		(1,119,591	)		(97,515	)		(1,611,155	)		(1,708,670	)
Proceeds from sales of fixed assets excluding equipment leased to others		38,051			1,140			39,191			38,311			880			39,191
Proceeds from sales of equipment leased to others		68,571			464,870			533,441			35,995			708,344			744,339
Purchases of marketable securities and security investments		(2,980,821	)		(431,602	)		(3,412,423	)		(4,227,802	)		(510,476	)		(4,738,278	)
Proceeds from sales of and maturity of marketable securities and security investments		2,285,566			383,525			2,669,091			2,813,373			505,954			3,319,327
Payment for additional investments in affiliated companies, net of cash acquired		16,216			—			16,216			6,603			—			6,603
Changes in investments and other assets, and other		17,206			(77,848	)		3,396			(125,353	)		(4,607	)		(101,028	)
Net cash used in investing activities		(1,524,037	)		(1,758,238	)		(3,027,312	)		(2,512,620	)		(1,910,914	)		(4,336,248	)
Cash flows from financing activities
Proceeds from issuance of long-term debt		182,114			3,089,484			3,191,223			121,723			3,780,228			3,890,310
Payments of long-term debt		(328,380	)		(2,415,566	)		(2,682,136	)		(169,233	)		(2,831,116	)		(2,988,923	)
Increase (decrease) in short-term borrowings		(162,782	)		388,416			201,261			21,808			465,731			467,976
Dividends paid to Toyota Motor Corporation shareholders		(190,008	)		—			(190,008	)		(396,030	)		—			(396,030	)
Dividends paid to noncontrolling interests		(45,640	)		—			(45,640	)		(63,065	)		—			(63,065	)
Reissuance (repurchase) of treasury stock		2,542			—			2,542			9,212			—			9,212
Net cash provided by (used in) financing activities		(542,154	)		1,062,334			477,242			(475,585	)		1,414,843			919,480
Effect of exchange rate changes on cash and cash equivalents		72,700			65,151			137,851			48,375			45,231			93,606
Net increase in cash and cash equivalents		2,773			36,324			39,097			304,451			18,422			322,873
Cash and cash equivalents at beginning of year		1,104,636			574,564			1,679,200			1,107,409			610,888			1,718,297
Cash and cash equivalents at end of year		1,107,409			610,888			1,718,297			1,411,860			629,310			2,041,170

	Yen in millions
	For the year ended March 31, 2015
	Non-Financial Services Businesses			Financial Services Business			Consolidated
Cash flows from operating activities
Net income		2,071,179			236,770			2,307,904
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation		844,456			564,619			1,409,075
Provision for doubtful accounts and credit losses		(1,598	)		80,567			78,969
Pension and severance costs, less payments		(5,263	)		2,102			(3,161	)
Losses on disposal of fixed assets		31,601			24			31,625
Unrealized losses on available-for-sale securities, net		2,565			13			2,578
Deferred income taxes		(114,122	)		87,260			(26,887	)
Equity in earnings of affiliated companies		(306,749	)		(1,796	)		(308,545	)
Changes in operating assets and liabilities, and other		356,269			(191,791	)		194,195
Net cash provided by operating activities		2,878,338			777,768			3,685,753
Cash flows from investing activities
Additions to finance receivables		—			(22,325,159	)		(13,126,596	)
Collection of and proceeds from sales of finance receivables		—			21,668,847			12,450,388
Additions to fixed assets excluding equipment leased to others		(1,133,102	)		(13,216	)		(1,146,318	)
Additions to equipment leased to others		(137,985	)		(2,073,265	)		(2,211,250	)
Proceeds from sales of fixed assets excluding equipment leased to others		40,032			1,515			41,547
Proceeds from sales of equipment leased to others		40,878			762,545			803,423
Purchases of marketable securities and security investments		(2,530,591	)		(663,703	)		(3,194,294	)
Proceeds from sales of and maturity of marketable securities and security investments		2,198,799			484,202			2,683,001
Payment for additional investments in affiliated companies, net of cash acquired		—			—			—
Changes in investments and other assets, and other		(114,094	)		(9,669	)		(113,391	)
Net cash used in investing activities		(1,636,063	)		(2,167,903	)		(3,813,490	)
Cash flows from financing activities
Proceeds from issuance of long-term debt		119,449			4,960,157			5,029,018
Payments of long-term debt		(100,627	)		(3,373,842	)		(3,462,237	)
Increase (decrease) in short-term borrowings		(47,026	)		(259,931	)		(288,724	)
Dividends paid to Toyota Motor Corporation shareholders		(554,933	)		—			(554,933	)
Dividends paid to noncontrolling interests		(69,295	)		—			(69,295	)
Reissuance (repurchase) of treasury stock		(347,784	)		—			(347,784	)
Net cash provided by (used in) financing activities		(1,000,216	)		1,326,384			306,045
Effect of exchange rate changes on cash and cash equivalents		27,075			38,004			65,079
Net increase (decrease) in cash and cash equivalents		269,134			(25,747	)		243,387
Cash and cash equivalents at beginning of year		1,411,860			629,310			2,041,170
Cash and cash equivalents at end of year		1,680,994			603,563			2,284,557

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Nature of Operations

12 Months Ended

Mar. 31, 2015

Nature of Operations

1. Nature of operations:

Toyota and its affiliated companies are primarily engaged in the design, manufacture, and sale of sedans, minivans, compact cars, sport-utility vehicles, trucks and related parts and accessories throughout the world. In addition, Toyota and its affiliated companies provide financing, vehicle and equipment leasing and certain other financial services primarily to its dealers and their customers to support the sales of vehicles and other products manufactured by Toyota and its affiliated companies.

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Per Share Amounts

12 Months Ended

Mar. 31, 2015

Per Share Amounts

25. Per share amounts:

Reconciliations of the differences between basic and diluted net income attributable to Toyota Motor Corporation per share for the years ended March 31, 2013, 2014 and 2015 are as follows:

	Yen in millions			Thousands of shares		Yen
	Net income attributable to Toyota Motor Corporation			Weighted- average shares		Net income attributable to Toyota Motor Corporation per share
For the year ended March 31, 2013
Basic net income attributable to Toyota Motor Corporation per common share		962,163			3,166,909		303.82
Effect of dilutive securities
Assumed exercise of dilutive stock options		(32	)		246
Diluted net income attributable to Toyota Motor Corporation per common share		962,131			3,167,155		303.78
For the year ended March 31, 2014
Basic net income attributable to Toyota Motor Corporation per common share		1,823,119			3,168,989		575.30
Effect of dilutive securities
Assumed exercise of dilutive stock options		(85	)		1,922
Diluted net income attributable to Toyota Motor Corporation per common share		1,823,034			3,170,911		574.92
For the year ended March 31, 2015
Basic net income attributable to Toyota Motor Corporation per common share		2,173,338			3,158,851		688.02
Effect of dilutive securities
Assumed exercise of dilutive stock options		(42	)		1,578
Diluted net income attributable to Toyota Motor Corporation per common share		2,173,296			3,160,429		687.66

Stock options that were not included in the computation of diluted net income attributable to Toyota Motor Corporation per share for the years ended March 31, 2013, 2014 and 2015 were 8,682 thousand shares, 2,415 thousand shares and 733 thousand shares, respectively, because the options’ exercise prices were greater than the average market price per common share during the period.

In addition to the disclosure requirements under U.S.GAAP, Toyota discloses the information below in order to provide financial statements users with valuable information.

The following table shows Toyota Motor Corporation shareholders’ equity per share as of March 31, 2014 and 2015. Toyota Motor Corporation shareholders’ equity per share amounts are calculated by dividing Toyota Motor Corporation shareholders’ equities’ amount at the end of each period by the number of shares issued and outstanding, excluding treasury stock at the end of the corresponding period.

	Yen in millions		Thousands of shares		Yen
	Toyota Motor Corporation Shareholders’ equity		Shares issued and outstanding at the end of the year (excluding treasury stock)		Toyota Motor Corporation Shareholders’ equity per share
As of March 31, 2014		14,469,148		3,169,766		4,564.74
As of March 31, 2015		16,788,131		3,146,814		5,334.96

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Short-term Borrowings (Detail) - JPY (¥) ¥ in Millions	Mar. 31, 2015	Mar. 31, 2014
Short-term Debt [Line Items]
Loans, principally from banks, with a weighted-average interest at March 31, 2014 and March 31, 2015 of 2.57% and of 2.83% per annum, respectively	¥ 1,167,792	¥ 1,165,580
Commercial paper with a weighted-average interest at March 31, 2014 and March 31, 2015 of 0.49% and of 0.41% per annum, respectively	3,880,396	3,665,240
Short-term borrowings	¥ 5,048,188	¥ 4,830,820

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Components of Net Periodic Pension Cost (Detail) - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Japanese plans
Net Period Benefit Cost Assumptions [Line Items]
Service cost	¥ 73,256	¥ 64,549	¥ 60,261
Interest cost	21,746	24,518	27,804
Expected return on plan assets	(31,255)	(26,768)	(22,352)
Amortization of prior service costs	(4,723)	(5,566)	(8,033)
Recognized net actuarial loss	7,302	12,562	16,619
Amortization of net transition obligation	0	0	0
Net periodic pension cost	66,326	69,295	74,299
Foreign Plans
Net Period Benefit Cost Assumptions [Line Items]
Service cost	41,147	36,908	27,943
Interest cost	37,993	32,153	24,300
Expected return on plan assets	(40,784)	(34,059)	(23,177)
Amortization of prior service costs	377	359	369
Recognized net actuarial loss	2,892	5,224	2,884
Amortization of net transition obligation	0	0	0
Net periodic pension cost	¥ 41,625	¥ 40,585	¥ 32,319

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Inventories (Tables)

12 Months Ended

Mar. 31, 2015

Components of Inventories

Inventories consist of the following:

	Yen in millions
	March 31,
	2014		2015
Finished goods		1,159,762		1,365,818
Raw materials		384,635		401,040
Work in process		258,133		270,113
Supplies and other		92,174		100,647
Total		1,894,704		2,137,618

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Lease commitments (Tables)

12 Months Ended

Mar. 31, 2015

Analysis of Leased Assets Under Capital Leases

An analysis of leased assets under capital leases is as follows:

	Yen in millions
	March 31,
	2014			2015
Class of property
Building		15,828			15,872
Machinery and equipment		30,770			30,764
Less - Accumulated depreciation		(24,985	)		(27,647	)
		21,613			18,989

Future Minimum Lease Payments Under Capital Leases Together with Present Value of Net Minimum Lease Payments

Future minimum lease payments under capital leases together with the present value of the net minimum lease payments as of March 31, 2015 are as follows:

Years ending March 31,	Yen in millions
2016		4,558
2017		3,442
2018		2,585
2019		2,258
2020		1,757
Thereafter		10,498
Total minimum lease payments		25,098
Less - Amount representing interest		(5,639	)
Present value of net minimum lease payments		19,459
Less - Current obligations		(3,743	)
Long-term capital lease obligations		15,716

Minimum Rental Payments Required Under Operating Leases Relating to Land, Buildings and Equipment

The minimum rental payments required under operating leases relating primarily to land, buildings and equipment having initial or remaining non-cancelable lease terms in excess of one year at March 31, 2015 are as follows:

Years ending March 31,	Yen in millions
2016		14,765
2017		12,343
2018		10,540
2019		7,361
2020		5,461
Thereafter		25,904
Total minimum future rentals		76,374

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Summary of Vehicles and Equipment on Operating Lease (Detail) - JPY (¥) ¥ in Millions	Mar. 31, 2015	Mar. 31, 2014
Property Subject to or Available for Operating Lease [Line Items]
Vehicles and equipment on operating leases, gross	¥ 5,199,986	¥ 3,709,560
Less - Accumulated depreciation	(1,080,936)	(808,764)
Less - Allowance for credit losses	(9,366)	(7,220)
Vehicles and equipment on operating leases, net	4,109,684	2,893,576
Vehicles
Property Subject to or Available for Operating Lease [Line Items]
Vehicles and equipment on operating leases, gross	5,169,524	3,674,969
Equipment
Property Subject to or Available for Operating Lease [Line Items]
Vehicles and equipment on operating leases, gross	163,195	129,029
Deferred income and other
Property Subject to or Available for Operating Lease [Line Items]
Vehicles and equipment on operating leases, gross	¥ (132,733)	¥ (94,438)

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Consolidated Balance Sheets - JPY (¥) ¥ in Millions	Mar. 31, 2015	Mar. 31, 2014
Current assets
Cash and cash equivalents	¥ 2,284,557	¥ 2,041,170
Time deposits	149,321	180,207
Marketable securities	2,782,099	2,046,877
Trade accounts and notes receivable, less allowance for doubtful accounts of ¥18,780 million in 2014 and ¥40,849 million in 2015	2,108,660	2,036,232
Finance receivables, net	6,269,862	5,628,934
Other receivables	420,708	351,182
Inventories	2,137,618	1,894,704
Deferred income taxes	978,179	866,386
Prepaid expenses and other current assets	805,393	672,014
Total current assets	17,936,397	15,717,706
Noncurrent finance receivables, net	9,202,531	8,102,294
Investments and other assets
Marketable securities and other securities investments	7,632,126	6,765,043
Affiliated companies	2,691,460	2,429,778
Employees receivables	45,206	44,966
Other	926,391	736,388
Total investments and other assets	11,295,183	9,976,175
Property, plant and equipment
Land	1,354,815	1,314,040
Buildings	4,282,839	4,073,335
Machinery and equipment	10,945,377	10,381,285
Vehicles and equipment on operating leases	5,199,986	3,709,560
Construction in progress	581,412	286,571
Total property, plant and equipment, at cost	22,364,429	19,764,791
Less - Accumulated depreciation	(13,068,710)	(12,123,493)
Total property, plant and equipment, net	9,295,719	7,641,298
Total assets	47,729,830	41,437,473
Current liabilities
Short-term borrowings	5,048,188	4,830,820
Current portion of long-term debt	3,915,304	2,949,663
Accounts payable	2,410,588	2,213,218
Other payables	913,013	845,426
Accrued expenses	2,668,666	2,313,160
Income taxes payable	348,786	594,829
Other current liabilities	1,126,951	933,569
Total current liabilities	16,431,496	14,680,685
Long-term liabilities
Long-term debt	10,014,395	8,546,910
Accrued pension and severance costs	880,293	767,618
Deferred income taxes	2,298,469	1,811,846
Other long-term liabilities	457,848	411,427
Total long-term liabilities	13,651,005	11,537,801
Total liabilities	30,082,501	26,218,486
Toyota Motor Corporation shareholders' equity
Common stock, no par value, authorized: 10,000,000,000 shares in 2014 and 2015; issued: 3,447,997,492 shares in 2014 and 3,417,997,492 shares in 2015	397,050	397,050
Additional paid-in capital	547,054	551,308
Retained earnings	15,591,947	14,116,295
Accumulated other comprehensive income (loss)	1,477,545	528,161
Treasury stock, at cost, 278,231,473 shares in 2014 and 271,183,861 shares in 2015	(1,225,465)	(1,123,666)
Total Toyota Motor Corporation shareholders' equity	16,788,131	14,469,148
Noncontrolling interests	859,198	749,839
Total shareholders' equity	¥ 17,647,329	¥ 15,218,987
Commitments and contingencies
Total liabilities and shareholders' equity	¥ 47,729,830	¥ 41,437,473

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Product Warranties and Recalls and Other Safety Measures (Tables)

12 Months Ended

Mar. 31, 2015

Net Changes in Liabilities for Quality Assurances

The net changes in liabilities for quality assurances above for the years ended March 31, 2013, 2014 and 2015 consist of the following:

	Yen in millions
	For the years ended March 31,
	2013			2014			2015
Liabilities for quality assurances at beginning of year		839,834			1,003,023			1,154,021
Payments made during year		(344,279	)		(383,572	)		(509,488	)
Provision for quality assurances		491,542			524,442			686,006
Changes relating to pre-existing quality assurances		(8,383	)		(7,248	)		(25,619	)
Other		24,309			17,376			23,996
Liabilities for quality assurances at end of year		1,003,023			1,154,021			1,328,916

Net Changes in Liabilities for Recalls and Other Safety Measures which are Comprised in Liabilities for Quality Assurances

The table below shows the net changes in liabilities for recalls and other safety measures which are comprised in liabilities for quality assurances above for the years ended March 31, 2013, 2014 and 2015.

	Yen in millions
	For the years ended March 31,
	2013			2014			2015
Liabilities for recalls and other safety measures at beginning of year		468,697			566,406			680,475
Payments made during year		(180,925	)		(207,652	)		(357,447	)
Provision for recalls and other safety measures		270,883			315,574			421,618
Other		7,751			6,147			10,404
Liabilities for recalls and other safety measures at end of year		566,406			680,475			755,050

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Net Changes in Total Valuation Allowance for Deferred Tax Assets (Detail) - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Valuation Allowance [Line Items]
Valuation allowance at beginning of year	¥ 189,894	¥ 284,835	¥ 309,268
Additions	34,485	23,390	38,285
Deductions	(50,247)	(128,928)	(70,986)
Other	(4,321)	10,597	8,268
Valuation allowance at end of year	¥ 169,811	¥ 189,894	¥ 284,835

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Balance Sheets - Non-financial Services and Financial Services Businesses (Detail) - JPY (¥) ¥ in Millions	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Current assets
Cash and cash equivalents	¥ 2,284,557	¥ 2,041,170	¥ 1,718,297	¥ 1,679,200
Marketable securities	2,782,099	2,046,877
Inventories	2,137,618	1,894,704
Prepaid expenses and other current assets	805,393	672,014
Total current assets	17,936,397	15,717,706
Noncurrent finance receivables, net	9,202,531	8,102,294
Investments and other assets	11,295,183	9,976,175
Property, plant and equipment	9,295,719	7,641,298	6,851,239
Total assets	47,729,830	41,437,473	35,483,317
Current liabilities
Short-term borrowings	5,048,188	4,830,820
Current portion of long-term debt	3,915,304	2,949,663
Accounts payable	2,410,588	2,213,218
Accrued expenses	2,668,666	2,313,160
Income taxes payable	348,786	594,829
Other current liabilities	1,126,951	933,569
Total current liabilities	16,431,496	14,680,685
Long-term liabilities
Long-term debt	10,014,395	8,546,910
Accrued pension and severance costs	880,293	767,618
Other long-term liabilities	457,848	411,427
Total long-term liabilities	13,651,005	11,537,801
Total liabilities	30,082,501	26,218,486
Total Toyota Motor Corporation shareholders' equity	16,788,131	14,469,148
Noncontrolling interests	859,198	749,839
Total shareholders' equity	17,647,329	15,218,987	12,772,856	11,066,478
Total liabilities and shareholders' equity	47,729,830	41,437,473
Segment Reconciling Items
Current assets
Total assets	(908,549)	(785,187)
Long-term liabilities
Total liabilities	(909,308)	(788,299)
Non Financial Services Businesses
Current assets
Cash and cash equivalents	1,680,994	1,411,860	1,107,409	1,104,636
Marketable securities	2,251,581	1,770,142
Trade accounts and notes receivable, less allowance for doubtful accounts	2,178,984	2,102,495
Inventories	2,137,021	1,894,536
Prepaid expenses and other current assets	1,898,558	1,689,497
Total current assets	10,147,138	8,868,530
Investments and other assets	10,765,747	9,524,349
Property, plant and equipment	5,346,553	4,886,194
Total assets	26,259,438	23,279,073
Current liabilities
Short-term borrowings	567,566	587,809
Current portion of long-term debt	116,496	131,215
Accounts payable	2,372,354	2,180,190
Accrued expenses	2,567,998	2,218,495
Income taxes payable	338,680	583,115
Other current liabilities	1,437,114	1,283,730
Total current liabilities	7,400,208	6,984,554
Long-term liabilities
Long-term debt	564,746	526,498
Accrued pension and severance costs	866,930	756,229
Other long-term liabilities	1,872,881	1,506,806
Total long-term liabilities	3,304,557	2,789,533
Total liabilities	10,704,765	9,774,087
Financial Services Business
Current assets
Cash and cash equivalents	603,563	629,310	¥ 610,888	¥ 574,564
Marketable securities	530,518	276,735
Finance receivables, net	6,269,862	5,628,934
Prepaid expenses and other current assets	1,007,249	903,022
Total current assets	8,411,192	7,438,001
Noncurrent finance receivables, net	9,202,531	8,102,294
Investments and other assets	816,052	648,188
Property, plant and equipment	3,949,166	2,755,104
Total assets	22,378,941	18,943,587
Current liabilities
Short-term borrowings	4,849,826	4,610,449
Current portion of long-term debt	3,830,413	2,834,445
Accounts payable	45,195	45,687
Accrued expenses	116,868	108,953
Income taxes payable	10,106	11,714
Other current liabilities	802,666	685,278
Total current liabilities	9,655,074	8,296,526
Long-term liabilities
Long-term debt	9,526,991	8,084,565
Accrued pension and severance costs	13,363	11,389
Other long-term liabilities	1,091,616	840,218
Total long-term liabilities	10,631,970	8,936,172
Total liabilities	¥ 20,287,044	¥ 17,232,698

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Projected Benefit Obligation, Accumulated Benefit Obligation and Fair Value of Plan Assets for which Accumulated Benefit Obligations Exceed Plan Assets (Detail) - JPY (¥) ¥ in Millions	Mar. 31, 2015	Mar. 31, 2014
Japanese plans
Schedule of Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Line Items]
Projected benefit obligation	¥ 838,224	¥ 792,445
Accumulated benefit obligation	805,107	732,695
Fair value of plan assets	217,738	204,343
Foreign Plans
Schedule of Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Line Items]
Projected benefit obligation	341,416	175,238
Accumulated benefit obligation	324,160	153,254
Fair value of plan assets	¥ 65,533	¥ 19,136

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Consolidated Statements of Shareholders' Equity - JPY (¥) ¥ in Millions	Total	Common stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss)	Treasury stock, at cost	Total Toyota Motor Corporation shareholders' equity	Noncontrolling interests
Beginning Balance at Mar. 31, 2012	¥ 11,066,478	¥ 397,050	¥ 550,650	¥ 11,917,074	¥ (1,178,833)	¥ (1,135,680)	¥ 10,550,261	¥ 516,217
Equity transaction with noncontrolling interests and other	5,636		675				675	4,961
Comprehensive income
Net income	1,083,482			962,163			962,163	121,319
Other comprehensive income (loss)
Foreign currency translation adjustments	461,754				434,638		434,638	27,116
Unrealized gains (losses) on securities	374,209				368,507		368,507	5,702
Pension liability adjustments	14,711				19,565		19,565	(4,854)
Total comprehensive income	1,934,156						1,784,873	149,283
Dividends paid to Toyota Motor Corporation shareholders	(190,008)			(190,008)			(190,008)
Dividends paid to noncontrolling interests	(45,640)							(45,640)
Repurchase and reissuance of treasury stock	2,234		(285)	(23)		2,542	2,234
Ending Balance at Mar. 31, 2013	12,772,856	397,050	551,040	12,689,206	(356,123)	(1,133,138)	12,148,035	624,821
Equity transaction with noncontrolling interests and other	3,513		528				528	2,985
Comprehensive income
Net income	1,991,648			1,823,119			1,823,119	168,529
Other comprehensive income (loss)
Foreign currency translation adjustments	301,889				296,942		296,942	4,947
Unrealized gains (losses) on securities	499,560				493,750		493,750	5,810
Pension liability adjustments	99,404				93,592		93,592	5,812
Total comprehensive income	2,892,501						2,707,403	185,098
Dividends paid to Toyota Motor Corporation shareholders	(396,030)			(396,030)			(396,030)
Dividends paid to noncontrolling interests	(63,065)							(63,065)
Repurchase and reissuance of treasury stock	9,212		(260)			9,472	9,212
Ending Balance at Mar. 31, 2014	15,218,987	397,050	551,308	14,116,295	528,161	(1,123,666)	14,469,148	749,839
Equity transaction with noncontrolling interests and other	6,679		(422)				(422)	7,101
Comprehensive income
Net income	2,307,904			2,173,338			2,173,338	134,566
Other comprehensive income (loss)
Foreign currency translation adjustments	404,352				380,448		380,448	23,904
Unrealized gains (losses) on securities	577,703				567,002		567,002	10,701
Pension liability adjustments	4,316				1,934		1,934	2,382
Total comprehensive income	3,294,275						3,122,722	171,553
Dividends paid to Toyota Motor Corporation shareholders	(554,933)			(554,933)			(554,933)
Dividends paid to noncontrolling interests	(69,295)							(69,295)
Repurchase of treasury stock	(360,233)					(360,233)	(360,233)
Reissuance of treasury stock	111,849		(2,136)	(23,290)		137,275	111,849
Retirement of treasury stock			(1,696)	(119,463)		121,159
Ending Balance at Mar. 31, 2015	¥ 17,647,329	¥ 397,050	¥ 547,054	¥ 15,591,947	¥ 1,477,545	¥ (1,225,465)	¥ 16,788,131	¥ 859,198

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Reconciliation of Differences Between Statutory Tax Rate and Effective Income Tax Rate (Detail) - Japanese Tax Authority	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Reconciliation of Statutory Federal Tax Rate [Line Items]
Statutory tax rate	35.20%	37.60%	37.60%
Increase (reduction) in taxes resulting from:
Non-deductible expenses	1.50%	2.20%	0.60%
Deferred tax liabilities on undistributed earnings of foreign subsidiaries	1.00%	1.50%	1.80%
Deferred tax liabilities on undistributed earnings of affiliated companies accounted for by the equity method	2.50%	3.00%	4.10%
Valuation allowance	(0.50%)	(4.30%)	1.70%
Tax credits	(5.30%)	(6.50%)	(3.10%)
The difference between the statutory tax rate in Japan and that of foreign subsidiaries	(2.40%)	(3.20%)	(4.80%)
Unrecognized tax benefits adjustments	3.20%	0.00%	0.10%
Revision to reduce deferred tax assets and liabilities at the fiscal year-end due to changes in tax rates	(1.90%)	0.90%	0.00%
Other	(2.40%)	0.30%	1.30%
Effective income tax rate	30.90%	31.50%	39.30%

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Reconciliations of Differences Between Basic and Diluted Net Income Attributable to Toyota Motor Corporation Per Share (Detail) - JPY (¥) ¥ / shares in Units, shares in Thousands, ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Earnings Per Share Disclosure [Line Items]
Net income attributable to Toyota Motor Corporation, basic	¥ 2,173,338	¥ 1,823,119	¥ 962,163
Effect of dilutive securities
Assumed exercise of dilutive stock options	(42)	(85)	(32)
Net income attributable to Toyota Motor Corporation, diluted	¥ 2,173,296	¥ 1,823,034	¥ 962,131
Weighted-average shares, basic	3,158,851	3,168,989	3,166,909
Effect of dilutive securities
Assumed exercise of dilutive stock options	1,578	1,922	246
Weighted-average shares, diluted	3,160,429	3,170,911	3,167,155
Net income attributable to Toyota Motor Corporation per share, basic	¥ 688.02	¥ 575.30	¥ 303.82
Effect of dilutive securities
Assumed exercise of dilutive stock options
Net income attributable to Toyota Motor Corporation per share, diluted	¥ 687.66	¥ 574.92	¥ 303.78

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Toyota Motor Corporation Shareholders' Equity Per Share (Detail) - JPY (¥) ¥ / shares in Units, shares in Thousands, ¥ in Millions	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Total Toyota Motor Corporation shareholders' equity	¥ 16,788,131	¥ 14,469,148
Shares issued and outstanding at the end of the year (excluding treasury stock)	3,146,814	3,169,766
Toyota Motor Corporation Shareholders' equity per share	¥ 5,334.96	¥ 4,564.74

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Finance Receivables on Nonaccrual Status (Detail) - JPY (¥) ¥ in Millions	Mar. 31, 2015	Mar. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables on nonaccrual status	¥ 33,802	¥ 12,229
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables on nonaccrual status	7,629	5,962
Finance leases
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables on nonaccrual status	5,562	780
Wholesale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables on nonaccrual status	11,573	1,406
Real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables on nonaccrual status	8,592	4,035
Working capital
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables on nonaccrual status	¥ 446	¥ 46

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Shareholders' equity - Additional Information (Detail) - JPY (¥) ¥ / shares in Units, ¥ in Millions		12 Months Ended
	Jun. 17, 2014	Mar. 31, 2015	Mar. 31, 2014	Mar. 26, 2014
Stockholders Equity Note [Line Items]
Percentage of distributions from surplus appropriated as capital or retained earnings reserve		10.00%
Percentage of total amount of capital reserve and retained earnings reserves to stated capital		25.00%
Retained earnings, reserve		¥ 186,555	¥ 180,177
Retained earnings related to the equity in undistributed earnings of companies accounted for by the equity method		¥ 1,880,835
Treasury stock, number of shares authorized to be reissued	30,000,000
Price per share authorized for reissuance	¥ 1	¥ 1
Treasury stock, number of shares authorized for retirement				30,000,000
Other income (expense)
Stockholders Equity Note [Line Items]
Retirement and reissuance of treasury stock		¥ 99,400
Treasury stock, at cost
Stockholders Equity Note [Line Items]
Retirement and reissuance of treasury stock		246,807
Additional paid-in capital
Stockholders Equity Note [Line Items]
Retirement and reissuance of treasury stock		4,624
Retained earnings
Stockholders Equity Note [Line Items]
Retirement and reissuance of treasury stock		142,753
Maximum
Stockholders Equity Note [Line Items]
Stock repurchase, number of shares authorized at a meeting of the Board of Directors				60,000,000
Stock repurchase, authorized amount				¥ 360,000
Parent Company
Stockholders Equity Note [Line Items]
Retained earnings, available for dividend payments		7,635,250	¥ 6,890,426
Cash dividends included in retained earnings at year-end		¥ 393,352
Cash dividends per share		¥ 125

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Significant subsequent events

12 Months Ended

Mar. 31, 2015

Significant subsequent events

28. Significant subsequent events:

Issuance of Class Shares -

At the Meeting of the Board of Directors on April 28, 2015, TMC resolved to submit to shareholders, at TMC’s Ordinary General Meeting of Shareholders held on June 16, 2015 (the “Ordinary General Meeting of Shareholders”), agenda to partially amend its articles of incorporation pertaining to the establishment of the First Series Model AA Class Shares (the “First Series Model AA Class Shares”) through the Fifth Series of Model AA Class Shares (individually and collectively, “Model AA Class Shares”), and to delegate to the Board of Directors the power to decide matters pertaining to the offering of the First Series Model AA Class Shares. At the Meeting of the Board of Directors, TMC also resolved to issue the First Series Model AA Class Shares through a public offering, subject to the above agenda being approved at the Ordinary General Meeting of Shareholders. Since the above agenda was approved at the Ordinary General Meeting of Shareholders, the Board of Directors resolved the offering terms of the First Series Model AA Class Shares pursuant to the above delegation.

To avoid the dilution of its common shares (“Common Shares”) as a result of the issuance of the First Series Model AA Class Shares, TMC at the Meeting of the Board of Directors resolved to repurchase the Common Shares.

Presented below is additional information regarding the issuance of First Series Model AA Class Shares and repurchase of common share in response to issuance of the First Series Model AA Class Shares.

(1) Issuance of the First Series Model AA Class Shares

Reason for issuing Model AA Class Shares -

Fundings for research and development for next-generation innovation, including the development of fuel battery vehicles, research on infrastructure and development of computerized and sophisticated intelligence mobility technology.

Details of Model AA Class Shares -

Name of shares to be offered for subscription	Model AA Class Shares
Total number of authorized shares	150,000,000 shares (aggregate number of First Series Model AA Class Shares through Fifth Series Model AA Class Shares, maximum)
Voting rights	Model AA Class Shares shall have voting rights. The number of shares constituting one unit (tangen) of shares of TMC shall be 100.
Transfer restrictions	Model AA Class Shares shall have transfer restrictions.

Details of offering terms for the First Series Model AA Class Shares -

Expected issuance date (Payment date)	July 24, 2015
Method of offering	Public offering in Japan
Number of shares to be issued	TMC has already resolved that the number of shares to be issued is up to a maximum of 50 million shares and a minimum of 30 million shares. The specific number of shares to be issued has not yet been determined and will be determined on any date from July 2, 2015 to July 7, 2015 (the “Issue Price Determination Date”).
Issue Price	For determination of the Issue Price, an approach similar to the book-building approach specified in Article 25 of the Rules Regarding Underwriting of Securities prescribed by the Japan Securities Dealers Association will apply, and the Issue Price will then be determined in comprehensive consideration of demand based on the provisional range (*), the price level of the Common Shares to which the value of the First Series Model AA Class Shares are expected to be significantly linked, the risk of price volatility, etc.
	* The provisional range for the Issue Price shall be calculated by multiplying the closing price of regular trading of Common Shares on the Tokyo Stock Exchange on the Issue Price Determination Date (the closing price on the previous day, in the event there is no closing price on the Issue Price Determination Date) by any number through 1.26 to 1.30. Any fractions of less than one yen shall be disregarded.
Dividends	Dividends per First Series Model AA Class Share shall be 0.5% of the Issue Price regarding the fiscal year of TMC in which the issuance date of the First Series Model AA Class Shares falls. From and after the second fiscal year, the dividends shall incrementally increase by 0.5% annually until the fifth fiscal year. From and after the fifth fiscal year, the dividends shall be 2.5% of the Issue Price.
Shareholder’s right	After a date falling approximately five years following the date of issuance, shareholders of the First Series Model AA Class Shares shall have conversion right into Common Shares and cash put options.
TMC’s right	After a date falling approximately five years following the date of issuance, TMC shall have cash call options.

The First Series Model AA Class Shares will not be treated as shareholders’ equity because the shareholders of the First Series Model AA Class Shares will have cash put options and hence, the First Series Model AA Class Shares will be reported as a separate line item between liabilities and shareholders’ equity.

(2) Repurchase of share in response to the issuance of the First Series Model AA Class Shares

At the Meeting of the Board of Directors held on June 16, 2015, TMC resolved to repurchase the Common Shares pursuant to Article 156 of the Companies Act as applied to Article 165, Paragraph 3 of the Companies Act, as set forth below.

Reason for repurchasing shares -

To avoid the dilution of the Common Shares as a result of the issuance of the First Series Model AA Class Shares.

Details of matters relating to repurchase -

Kind of stock to be repurchased	Common stock of TMC
Number of shares to be repurchased	50,000,000 shares (maximum)
Total purchase price for repurchase of shares	¥600,000 million (maximum)
Method of acquisition	Purchase in the market
Period of repurchase	From July 27, 2015 to March 31, 2016

Repurchase of share -

At the Meeting of the Board of Directors held on May 8, 2015, TMC resolved to repurchase the Common Shares pursuant to Article 156 of the Companies Act as applied to Article 165, Paragraph 3 of the Companies Act, as set forth below.

Reason for repurchasing shares -

To return capital to shareholders in addition to promoting capital efficiency and agile capital policy in view of the business environment.

Details of matters relating to repurchase -

Kind of stock to be repurchased	Common stock of TMC
Number of shares to be repurchased	40,000,000 shares (maximum)
Total purchase price for repurchase of shares	¥300,000 million (maximum)
Method of acquisition	Purchase in the market
Period of repurchase	After the issuance of the First Series Model AA Class Shares, until March 31, 2016

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Segment Operating Results and Assets (Detail) - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Net revenues
Revenues	¥ 27,234,521	¥ 25,691,911	¥ 22,064,192
Operating expenses	24,483,957	23,399,799	20,743,304
Operating income	2,750,564	2,292,112	1,320,888
Assets	47,729,830	41,437,473	35,483,317
Investment in equity method investees	2,691,222	2,429,576	2,102,584
Depreciation expenses	1,409,075	1,250,853	1,105,109
Capital expenditure	3,357,568	2,678,691	1,974,152
Sales to external customers
Net revenues
Revenues	27,234,521	25,691,911	22,064,192
Inter-segment Elimination
Net revenues
Revenues	(744,548)	(661,820)	(592,039)
Operating expenses	(742,319)	(655,993)	(598,787)
Operating income	(2,229)	(5,827)	6,748
Assets	7,564,434	6,621,213	4,761,988
Investment in equity method investees	84,294	69,812	57,651
Capital expenditure	(31,086)	(30,693)	1,845
Inter-segment Elimination | Inter-segment sales and transfers
Net revenues
Revenues	(744,548)	(661,820)	(592,039)
Automotive | Operating Segments
Net revenues
Revenues	25,062,129	23,781,404	20,419,100
Operating expenses	22,736,819	21,842,626	19,474,396
Operating income	2,325,310	1,938,778	944,704
Assets	15,897,022	14,275,376	13,179,741
Investment in equity method investees	2,588,127	2,343,217	2,033,040
Depreciation expenses	819,280	789,266	745,880
Capital expenditure	1,262,670	1,044,510	937,695
Automotive | Operating Segments | Sales to external customers
Net revenues
Revenues	25,006,224	23,733,855	20,378,762
Automotive | Operating Segments | Inter-segment sales and transfers
Net revenues
Revenues	55,905	47,549	40,338
Financial Services | Operating Segments
Net revenues
Revenues	1,661,149	1,421,047	1,170,670
Operating expenses	1,299,316	1,126,156	854,850
Operating income	361,833	294,891	315,820
Assets	22,378,941	18,943,587	16,231,473
Investment in equity method investees	8,801	7,129	4,925
Depreciation expenses	564,619	437,896	336,528
Capital expenditure	2,086,481	1,624,944	1,005,326
Financial Services | Operating Segments | Sales to external customers
Net revenues
Revenues	1,621,685	1,379,267	1,150,042
Financial Services | Operating Segments | Inter-segment sales and transfers
Net revenues
Revenues	39,464	41,780	20,628
All Other | Operating Segments
Net revenues
Revenues	1,255,791	1,151,280	1,066,461
Operating expenses	1,190,141	1,087,010	1,012,845
Operating income	65,650	64,270	53,616
Assets	1,889,433	1,597,297	1,310,115
Investment in equity method investees	10,000	9,418	6,968
Depreciation expenses	25,176	23,691	22,701
Capital expenditure	39,503	39,930	29,286
All Other | Operating Segments | Sales to external customers
Net revenues
Revenues	606,612	578,789	535,388
All Other | Operating Segments | Inter-segment sales and transfers
Net revenues
Revenues	¥ 649,179	¥ 572,491	¥ 531,073

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Finance receivables - Additional Information (Detail) - Wholesale and other dealer loans - Financing receivable	Mar. 31, 2015	Mar. 31, 2014
North America
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of assets	59.30%	57.10%
Europe
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of assets	9.50%	10.80%
Japan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of assets	7.90%	8.90%
Asia
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of assets	12.80%	11.40%
Other Countries
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of assets	10.50%	11.80%

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Income Taxes

12 Months Ended

Mar. 31, 2015

Income Taxes

15. Income taxes:

The components of income before income taxes comprise the following:

	Yen in millions
	For the years ended March 31,
	2013		2014		2015
Income before income taxes:
Parent company and domestic subsidiaries		651,852		1,621,013		1,685,909
Foreign subsidiaries		751,797		820,067		1,206,919
		1,403,649		2,441,080		2,892,828

The provision for income taxes consists of the following:

	Yen in millions
	For the years ended March 31,
	2013		2014			2015
Current income tax expense:
Parent company and domestic subsidiaries		178,662		634,458			552,122
Foreign subsidiaries		213,016		189,629			368,234
Total current		391,678		824,087			920,356
Deferred income tax expense (benefit):
Parent company and domestic subsidiaries		140,041		(122,898	)		(77,653	)
Foreign subsidiaries		19,967		66,619			50,766
Total deferred		160,008		(56,279	)		(26,887	)
Total provision		551,686		767,808			893,469

Toyota is subject to a number of different income taxes which, in the aggregate, indicate a statutory rate in Japan of approximately 37.6%, 37.6% and 35.2% for the years ended March 31, 2013, 2014 and 2015, respectively. The statutory tax rates in effect for the year in which the temporary differences are expected to reverse are used to calculate the tax effects of temporary differences which are expected to reverse in the future years. Reconciliation of the differences between the statutory tax rate and the effective income tax rate is as follows:

	For the years ended March 31,
	2013			2014			2015
Statutory tax rate		37.6	%		37.6	%		35.2	%
Increase (reduction) in taxes resulting from:
Non-deductible expenses		0.6			2.2			1.5
Deferred tax liabilities on undistributed earnings of foreign subsidiaries		1.8			1.5			1.0
Deferred tax liabilities on undistributed earnings of affiliated companies accounted for by the equity method		4.1			3.0			2.5
Valuation allowance		1.7			(4.3	)		(0.5	)
Tax credits		(3.1	)		(6.5	)		(5.3	)
The difference between the statutory tax rate in Japan and that of foreign subsidiaries		(4.8	)		(3.2	)		(2.4	)
Unrecognized tax benefits adjustments		0.1			0.0			3.2
Revision to reduce deferred tax assets and liabilities at the fiscal year-end due to changes in tax rates		0.0			0.9			(1.9	)
Other		1.3			0.3			(2.4	)
Effective income tax rate		39.3	%		31.5	%		30.9	%

“Unrecognized tax benefits adjustments” for the year ended March 31, 2015 reflects a charge for the settlement of a pre 2012 tax position in a foreign jurisdiction.

Significant components of deferred tax assets and liabilities are as follows:

	Yen in millions
	March 31,
	2014			2015
Deferred tax assets
Accrued pension and severance costs		179,159			184,215
Accrued expenses and liabilities for quality assurances		523,473			573,246
Other accrued employees’ compensation		126,721			126,366
Operating loss carryforwards for tax purposes		164,070			259,896
Tax credit carryforwards		51,046			42,059
Property, plant and equipment and other assets		213,799			220,226
Other		307,443			288,012
Gross deferred tax assets		1,565,711			1,694,020
Less - Valuation allowance		(189,894	)		(169,811	)
Total deferred tax assets		1,375,817			1,524,209
Deferred tax liabilities
Unrealized gains on securities, net		(608,428	)		(810,192	)
Undistributed earnings of foreign subsidiaries		(37,556	)		(27,692	)
Undistributed earnings of affiliated companies accounted for by the equity method		(663,249	)		(686,692	)
Basis difference of acquired assets		(35,261	)		(31,946	)
Lease transactions		(828,911	)		(1,162,540	)
Other		(39,286	)		(21,597	)
Gross deferred tax liabilities		(2,212,691	)		(2,740,659	)
Net deferred tax liability		(836,874	)		(1,216,450	)

The deferred tax assets and liabilities above that comprise the net deferred tax liability are included in the consolidated balance sheets as follows:

	Yen in millions
	March 31,
	2014			2015
Deferred tax assets
Deferred income taxes (Current assets)		866,386			978,179
Investments and other assets - Other		133,537			132,548
Deferred tax liabilities
Other current liabilities		(24,951	)		(28,708	)
Deferred income taxes (Long-term liabilities)		(1,811,846	)		(2,298,469	)
Net deferred tax liability		(836,874	)		(1,216,450	)

The factors used to assess the likelihood of realization of the deferred tax assets are the future reversal of existing taxable temporary differences, the future taxable income and available tax planning strategies that are prudent and feasible. All available evidence, both positive and negative, is considered to determine whether, based on the weight of that evidence, a valuation allowance is needed for deferred tax assets which are not more-likely-than-not to be realized.

The accounting for deferred tax assets represents Toyota’s current best estimate based on all available evidence. Unanticipated events or changes could result in re-evaluating the realizability of deferred tax assets.

Operating loss carryforwards for tax purposes as of March 31, 2015 in Japan and foreign countries were ¥22,162 million and ¥758,890 million, respectively, and are available as an offset against future taxable income. The majority of these carryforwards in Japan and foreign countries expire in years 2016 to 2024 and expire in years 2016 to 2034, respectively. Tax credit carryforwards as of March 31, 2015 in Japan and foreign countries were ¥24,453 million and ¥17,606 million, respectively, and the majority of these carryforwards in Japan and foreign countries expire in years 2016 to 2018 and expire in years 2016 to 2035, respectively.

The valuation allowance mainly relates to deferred tax assets of operating loss and foreign tax credit carryforwards for tax purposes that are not expected to be realized. The net changes in the total valuation allowance for deferred tax assets for the years ended March 31, 2013, 2014 and 2015 consist of the following:

	Yen in millions
	For the years ended March 31,
	2013			2014			2015
Valuation allowance at beginning of year		309,268			284,835			189,894
Additions		38,285			23,390			34,485
Deductions		(70,986	)		(128,928	)		(50,247	)
Other		8,268			10,597			(4,321	)
Valuation allowance at end of year		284,835			189,894			169,811

“Other” includes the impact of consolidation and deconsolidation of certain entities due to changes in ownership interest and currency translation adjustments during the years ended March 31, 2013, 2014 and 2015.

Because management intends to reinvest undistributed earnings of foreign subsidiaries to the extent not expected to be remitted in the foreseeable future, management has made no provision for income taxes on those undistributed earnings aggregating ¥3,174,864 million as of March 31, 2015. Toyota estimates an additional tax provision of ¥151,989 million would be required if the full amount of those undistributed earnings were remitted.

A summary of the gross unrecognized tax benefits changes for the years ended March 31, 2013, 2014 and 2015 is as follows:

	Yen in millions
	For the years ended March 31,
	2013			2014			2015
Balance at beginning of year		16,901			22,447			19,393
Additions based on tax positions related to the current year		2,401			310			593
Additions for tax positions of prior years		4,339			491			94,852
Reductions for tax positions of prior years		(1,619	)		(1,273	)		(4,015	)
Reductions for tax positions related to lapse of statute of limitations		—			—			(58	)
Reductions for settlements		(2,776	)		(3,771	)		(98,929	)
Other		3,201			1,189			1,808
Balance at end of year		22,447			19,393			13,644

The amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was not material at March 31, 2013, 2014 and 2015, respectively. Toyota does not believe it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within the next twelve months.

Interest and penalties related to income tax liabilities are included in “Other income (loss), net”. The amounts of interest and penalties accrued as of and recognized for the years ended March 31, 2013, 2014 and 2015, were not material.

Toyota remains subject to income tax examination for the tax returns related to the years beginning on and after April 1, 2008 and January 1, 2000, with various tax jurisdictions in Japan and foreign countries, respectively.

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Summary of significant accounting policies (Policies)

12 Months Ended

Mar. 31, 2015

Basis of consolidation and accounting for investments in affiliated companies

Basis of consolidation and accounting for investments in affiliated companies -

The consolidated financial statements include the accounts of the parent company, its majority-owned subsidiary companies and variable interest entities of which Toyota is the primary beneficiary. All significant intercompany transactions and accounts have been eliminated. Investments in affiliated companies in which Toyota exercises significant influence, but which it does not control, are stated at cost plus equity in undistributed earnings. Consolidated net income includes Toyota’s equity in current earnings of such companies, after elimination of unrealized intercompany profits. Investments in such companies are reduced to net realizable value if a decline in market value is determined other-than-temporary. Investments in non-public companies in which Toyota does not exercise significant influence (generally less than a 20% ownership interest) are stated at cost.

Estimates

Estimates -

The preparation of Toyota’s consolidated financial statements in conformity with U.S.GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. The more significant estimates include: product warranties, liabilities accrued for recalls and other safety measures, allowance for doubtful accounts and credit losses, residual values for leased assets, impairment of long-lived assets, pension costs and obligations, fair value of derivative financial instruments, other-than-temporary losses on marketable securities, litigation liabilities and valuation allowance for deferred tax assets.

Translation of foreign currencies

Translation of foreign currencies -

All asset and liability accounts of foreign subsidiaries and affiliated companies are translated into Japanese yen at appropriate year-end current exchange rates and all income and expense accounts of those subsidiaries are translated at the average exchange rates for each period. The foreign currency translation adjustments are included as a component of accumulated other comprehensive income.

Foreign currency receivables and payables are translated at appropriate year-end current exchange rates and the resulting transaction gains or losses are recorded in operations currently.

Revenue recognition

Revenue recognition -

Revenues from sales of vehicles and parts are generally recognized upon delivery which is considered to have occurred when the dealer has taken title to the product and the risk and reward of ownership have been substantively transferred, except as described below.

Toyota’s sales incentive programs principally consist of cash payments to dealers calculated based on vehicle volume or a model sold by a dealer during a certain period of time. Toyota accrues these incentives as revenue reductions upon the sale of a vehicle corresponding to the program by the amount determined in the related incentive program.

Revenues from the sales of vehicles under which Toyota conditionally guarantees the minimum resale value are recognized on a pro rata basis from the date of sale to the first exercise date of the guarantee in a manner similar to operating lease accounting. The underlying vehicles of these transactions are recorded as assets and are depreciated in accordance with Toyota’s depreciation policy.

Revenues from retail financing contracts and finance leases are recognized using the effective yield method. Revenues from operating leases are recognized on a straight-line basis over the lease term.

The sale of certain vehicles includes a determinable amount for the contract, which entitles customers to free vehicle maintenance. Such revenues from free maintenance contracts are deferred and recognized as revenue over the period of the contract, which approximates the pattern of the related costs.

Other costs

Other costs -

Advertising and sales promotion costs are expensed as incurred. Advertising costs were ¥330,870 million, ¥419,409 million and ¥435,150 million for the years ended March 31, 2013, 2014 and 2015, respectively.

Toyota generally warrants its products against certain manufacturing and other defects. Provisions for product warranties are provided for specific periods of time and/or usage of the product and vary depending upon the nature of the product, the geographic location of the sale and other factors. Toyota records a provision for estimated product warranty costs at the time the related sale is recognized based on estimates that Toyota will incur to repair or replace product parts that fail while under warranty. The amount of accrued estimated warranty costs is primarily based on historical experience as to product failures as well as current information on repair costs. The amount of warranty costs accrued also contains an estimate of warranty claim recoveries to be received from suppliers.

In addition to product warranties above, Toyota accrues for costs of recalls and other safety measures based on management’s estimates when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. Toyota employs an estimation model, to accrue at the time of vehicle sale, an amount that represents management’s best estimate of expenses related to future recalls and other safety measures. The estimation model for recalls and other safety measures takes into account Toyota’s historical experience of recalls and other safety measures.

Litigation liabilities are established to cover probable losses on various lawsuits based on the information currently available. Attorneys’ fees are expensed as incurred.

Research and development costs are expensed as incurred. Research and development costs were ¥807,454 million, ¥910,517 million and ¥1,004,547 million for the years ended March 31, 2013, 2014 and 2015, respectively.

Cash and cash equivalents

Cash and cash equivalents -

Cash and cash equivalents include all highly liquid investments with original maturities of three months or less, that are readily convertible to known amounts of cash and are so near maturity that they present insignificant risk of changes in value because of changes in interest rates.

Marketable securities

Marketable securities -

Marketable securities consist of debt and equity securities. Debt and equity securities designated as available-for-sale are carried at fair value with unrealized gains or losses included as a component of accumulated other comprehensive income in shareholders’ equity, net of applicable taxes. Individual securities classified as available-for-sale are reduced to net realizable value for other-than-temporary declines in market value. In determining if a decline in value is other-than-temporary, Toyota considers the length of time and the extent to which the fair value has been less than the carrying value, the financial condition and prospects of the company and Toyota’s ability and intent to retain its investment in the company for a period of time sufficient to allow for any anticipated recovery in market value. Realized gains and losses, which are determined on the average-cost method, are reflected in the consolidated statements of income when realized.

Security investments in non-public companies

Security investments in non-public companies -

Security investments in non-public companies are carried at cost as fair value is not readily determinable. If the value of a non-public security investment is estimated to have declined and such decline is judged to be other-than-temporary, Toyota recognizes the impairment of the investment and the carrying value is reduced to its fair value. Determination of impairment is based on the consideration of such factors as operating results, business plans and estimated future cash flows. Fair value is determined principally through the use of the latest financial information.

Finance receivables

Finance receivables -

Finance receivables recorded on Toyota’s consolidated balance sheets are comprised of the unpaid principal balance, plus accrued interest, less charge-offs, net of any unearned income and deferred origination costs and the allowance for credit losses. Deferred origination costs are amortized so as to approximate a level rate of return over the term of the related contracts.

The determination of portfolio segments is based primarily on the qualitative consideration of the nature of Toyota’s business operations and finance receivables. The three portfolio segments within finance receivables are as follows:

Retail receivables portfolio segment -

The retail receivables portfolio segment consists of retail installment sales contracts acquired mainly from dealers (“auto loans”) including credit card loans. These contracts acquired must first meet specified credit standards. Thereafter, Toyota retains responsibility for contract collection and administration.

The contract periods of auto loans primarily range from 2 to 7 years. Toyota acquires security interests in the vehicles financed and has the right to repossess vehicles if customers fail to meet their contractual obligations. Almost all auto loans are non-recourse, which relieves the dealers from financial responsibility in the event of repossession.

Toyota classifies retail receivables portfolio segment into one class based on common risk characteristics associated with the underlying finance receivables, the similarity of the credit risks, and the quantitative materiality.

Finance lease receivables portfolio segment -

Toyota acquires new vehicle lease contracts originated primarily through dealers. The contract periods of these primarily range from 2 to 5 years. Lease contracts acquired must first meet specified credit standards after which Toyota assumes ownership of the leased vehicle. Toyota is responsible for contract collection and administration during the lease period.

Toyota is generally permitted to take possession of the vehicle upon a default by the lessee. The residual value is estimated at the time the vehicle is first leased. Vehicles returned to Toyota at the end of their leases are sold by auction.

Toyota classifies finance lease receivables portfolio segment into one class based on common risk characteristics associated with the underlying finance receivables and the similarity of the credit risks.

Wholesale and other dealer loan receivables portfolio segment -

Toyota provides wholesale financing to qualified dealers to finance inventories. Toyota acquires security interests in vehicles financed at wholesale. In cases where additional security interests would be required, Toyota takes dealership assets or personal assets, or both, as additional security. If a dealer defaults, Toyota has the right to liquidate any assets acquired and seek legal remedies.

Toyota also makes term loans to dealers for business acquisitions, facilities refurbishment, real estate purchases and working capital requirements. These loans are typically secured with liens on real estate, other dealership assets and/or personal assets of the dealers.

Toyota classifies wholesale and other dealer loan receivables portfolio segment into three classes of wholesale, real estate and working capital, based on the risk characteristics associated with the underlying finance receivables.

A receivable account balance is considered impaired when, based on current information and events, it is probable that Toyota will be unable to collect all amounts due according to the terms of the contract. Factors such as payment history, compliance with terms and conditions of the underlying loan agreement and other subjective factors related to the financial stability of the borrower are considered when determining whether a loan is impaired. Impaired finance receivables include certain nonaccrual receivables for which a specific reserve has been assessed. An account modified as a troubled debt restructuring is considered to be impaired. A troubled debt restructuring occurs when an account is modified through a concession to a borrower experiencing financial difficulty.

All classes of wholesale and other dealer loan receivables portfolio segment are placed on nonaccrual status when full payment of principal or interest is in doubt, or when principal or interest is 90 days or more contractually past due, whichever occurs first. Collateral dependent loans are placed on nonaccrual status if collateral is insufficient to cover principal and interest. Interest accrued but not collected at the date a receivable is placed on nonaccrual status is reversed against interest income. In addition, the amortization of net deferred fees is suspended.

Interest income on nonaccrual receivables is recognized only to the extent it is received in cash. Accounts are restored to accrual status only when interest and principal payments are brought current and future payments are reasonably assured. Receivable balances are written-off against the allowance for credit losses when it is probable that a loss has been realized. Retail receivables class and finance lease receivables class are not placed generally on nonaccrual status when principal or interest is 90 days or more past due. However, these receivables are generally written-off against the allowance for credit losses when payments due are no longer expected to be received or the account is 120 days contractually past due, whichever occurs first.

As of March 31, 2014 and 2015, finance receivables on nonaccrual status are as follows:

	Yen in millions
	March 31,
	2014		2015
Retail		5,962		7,629
Finance leases		780		5,562
Wholesale		1,406		11,573
Real estate		4,035		8,592
Working capital		46		446
		12,229		33,802

As of March 31, 2014 and 2015, finance receivables 90 days or more past due and accruing are as follows:

	Yen in millions
	March 31,
	2014		2015
Retail		23,352		28,147
Finance leases		3,504		3,954
		26,856		32,101

Allowance for credit losses

Allowance for credit losses -

Allowance for credit losses is established to cover probable losses on finance receivables and vehicles and equipment on operating leases, resulting from the inability of customers to make required payments. Provision for credit losses is included in selling, general and administrative expenses.

The allowance for credit losses is based on a systematic, ongoing review and evaluation performed as part of the credit-risk evaluation process, historical loss experience, the size and composition of the portfolios, current economic events and conditions, the estimated fair value and adequacy of collateral and other pertinent factors. Vehicles and equipment on operating leases are not within the scope of accounting guidance governing the disclosure of portfolio segments.

Retail receivables portfolio segment -

Toyota calculates allowance for credit losses to cover probable losses on retail receivables by applying reserve rates to such receivables. Reserve rates are calculated mainly by historical loss experience, current economic events and conditions and other pertinent factors.

Finance lease receivables portfolio segment -

Toyota calculates allowance for credit losses to cover probable losses on finance lease receivables by applying reserve rates to such receivables. Reserve rates are calculated mainly by historical loss experience, current economic events and conditions and other pertinent factors such as used car markets.

Wholesale and other dealer loan receivables portfolio segment -

Toyota calculates allowance for credit losses to cover probable losses on wholesale and other dealer loan receivables by applying reserve rates to such receivables. Reserve rates are calculated mainly by financial conditions of the dealers, terms of collateral setting, current economic events and conditions and other pertinent factors.

Toyota establishes specific reserves to cover the estimated losses on individually impaired receivables within the wholesale and other dealer loan receivables portfolio segment. Specific reserves on impaired receivables are determined by the present value of expected future cash flows or the fair value of collateral when it is probable that such receivables will be unable to be fully collected. The fair value of the underlying collateral is used if the receivable is collateral-dependent. The receivable is determined collateral-dependent if the repayment of the loan is expected to be provided by the underlying collateral. For the receivables in which the fair value of the underlying collateral was in excess of the outstanding balance, no allowance was provided.

Troubled debt restructurings in the retail receivables and finance lease receivables portfolio segments are specifically identified as impaired and aggregated with their respective portfolio segments when determining the allowance for credit losses. Impaired loans in the retail receivables and finance lease receivables portfolio segments are insignificant for individual evaluation and Toyota has determined that allowance for credit losses for each of the retail receivables and finance lease receivables portfolio segments would not be materially different if they had been individually evaluated for impairment.

Specific reserves on impaired receivables within the wholesale and other dealer loan receivables portfolio segment are recorded by an increase to the allowance for credit losses based on the related measurement of impairment. Related collateral, if recoverable, is repossessed and sold and the account balance is written-off.

Any shortfall between proceeds received and the carrying cost of repossessed collateral is charged to the allowance. Recoveries are reversed from the allowance for credit losses.

Allowance for residual value losses

Allowance for residual value losses -

Toyota is exposed to risk of loss on the disposition of off-lease vehicles to the extent that sales proceeds are not sufficient to cover the carrying value of the leased asset at lease termination. Toyota maintains an allowance to cover probable estimated losses related to unguaranteed residual values on its owned portfolio. The allowance is evaluated considering projected vehicle return rates and projected loss severity. Factors considered in the determination of projected return rates and loss severity include historical and market information on used vehicle sales, trends in lease returns and new car markets, and general economic conditions. Management evaluates the foregoing factors, develops several potential loss scenarios, and reviews allowance levels to determine whether reserves are considered adequate to cover the probable range of losses.

The allowance for residual value losses is maintained in amounts considered by Toyota to be appropriate in relation to the estimated losses on its owned portfolio. Upon disposal of the assets, the allowance for residual losses is adjusted for the difference between the net book value and the proceeds from sale.

Inventories

Inventories -

Inventories are valued at cost, not in excess of market, cost being determined on the “average-cost” basis, except for the cost of finished products carried by certain subsidiary companies which is determined on the “specific identification” basis or “last-in, first-out” (“LIFO”) basis. Inventories valued on the LIFO basis totaled ¥323,249 million and ¥402,180 million at March 31, 2014 and 2015, respectively. Had the “first-in, first-out” basis been used for those companies using the LIFO basis, inventories would have been ¥46,244 million and ¥39,165 million higher than reported at March 31, 2014 and 2015, respectively.

Property, plant and equipment

Property, plant and equipment -

Property, plant and equipment are stated at cost. Major renewals and improvements are capitalized; minor replacements, maintenance and repairs are charged to current operations. Depreciation of property, plant and equipment is mainly computed on the declining-balance method for the parent company and Japanese subsidiaries and on the straight-line method for foreign subsidiary companies at rates based on estimated useful lives of the respective assets according to general class, type of construction and use. The estimated useful lives range from 2 to 65 years for buildings and from 2 to 20 years for machinery and equipment.

Vehicles and equipment on operating leases to third parties are originated by dealers and acquired by certain consolidated subsidiaries. Such subsidiaries are also the lessors of certain property that they acquire directly. Vehicles and equipment on operating leases are depreciated primarily on a straight-line method over the lease term, generally from 2 to 5 years, to the estimated residual value. Incremental direct costs incurred in connection with the acquisition of operating lease contracts are capitalized and amortized on a straight-line method over the lease term.

Long-lived assets

Long-lived assets -

Toyota reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. An impairment loss would be recognized when the carrying amount of an asset group exceeds the estimated undiscounted cash flows expected to result from the use of the asset and its eventual disposition. The amount of the impairment loss to be recorded is calculated by the excess of the carrying value of the asset group over its fair value. Fair value is determined mainly using a discounted cash flow valuation method.

Goodwill and intangible assets

Goodwill and intangible assets -

Goodwill is not material to Toyota’s consolidated balance sheets.

Intangible assets consist mainly of software. Intangible assets with a definite life are amortized on a straight-line basis with estimated useful lives mainly of 5 years. Intangible assets with an indefinite life are tested for impairment whenever events or circumstances indicate that a carrying amount of an asset (asset group) may not be recoverable.

An impairment loss would be recognized when the carrying amount of an asset exceeds the estimated undiscounted cash flows used in determining the fair value of the asset. The amount of the impairment loss to be recorded is generally determined by the difference between the fair value of the asset using a discounted cash flow valuation method and the current book value.

Employee benefit obligations

Employee benefit obligations -

Toyota has both defined benefit and defined contribution plans for employees’ retirement benefits. Retirement benefit obligations are measured by actuarial calculations in accordance with U.S.GAAP. The funded status of the defined benefit postretirement plans is recognized on the consolidated balance sheets as prepaid pension and severance costs or accrued pension and severance costs, and the funded status change is recognized in the year in which it occurs through other comprehensive income.

Environmental matters

Environmental matters -

Environmental expenditures relating to current operations are expensed or capitalized as appropriate. Expenditures relating to existing conditions caused by past operations, which do not contribute to current or future revenues, are expensed. Liabilities for remediation costs are recorded when they are probable and reasonably estimable, generally no later than the completion of feasibility studies or Toyota’s commitment to a plan of action. The cost of each environmental liability is estimated by using current technology available and various engineering, financial and legal specialists within Toyota based on current law. Such liabilities do not reflect any offset for possible recoveries from insurance companies and are not discounted. There were no material changes in these liabilities for all periods presented.

Income taxes

Income taxes -

The provision for income taxes is computed based on the pretax income included in the consolidated statements of income. The asset and liability approach is used to recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized.

Derivative financial instruments

Derivative financial instruments -

Toyota employs derivative financial instruments, including forward foreign currency exchange contracts, foreign currency options, interest rate swaps, interest rate currency swap agreements and interest rate options to manage its exposure to fluctuations in interest rates and foreign currency exchange rates. All derivative financial instruments are recorded on the consolidated balance sheets at fair value, taking into consideration the effects of legally enforceable master netting agreements that allow us to net settle positive and negative positions and offset cash collateral held with the same counterparty on a net basis. Toyota does not use derivatives for speculation or trading purposes. Changes in the fair value of derivatives are recorded each period in current earnings or through other comprehensive income, depending on whether a derivative is designated as part of a hedge transaction and the type of hedge transaction. The ineffective portion of all hedges is recognized currently in operations.

Net income attributable to Toyota Motor Corporation per share

Net income attributable to Toyota Motor Corporation per share -

Basic net income attributable to Toyota Motor Corporation per common share is calculated by dividing net income attributable to Toyota Motor Corporation by the weighted-average number of shares outstanding during the reported period. The calculation of diluted net income attributable to Toyota Motor Corporation per common share is similar to the calculation of basic net income attributable to Toyota Motor Corporation per share, except that the weighted-average number of shares outstanding includes the additional dilution from the assumed exercise of dilutive stock options.

Stock-based compensation

Stock-based compensation -

Toyota measures compensation expense for its stock-based compensation plan based on the grant-date fair value of the award, and accounts for the award.

Other comprehensive income

Other comprehensive income -

Other comprehensive income refers to revenues, expenses, gains and losses that, under U.S.GAAP are included in comprehensive income, but are excluded from net income as these amounts are recorded directly as an adjustment to shareholders’ equity. Toyota’s other comprehensive income is primarily comprised of unrealized gains/losses on marketable securities designated as available-for-sale, foreign currency translation adjustments and adjustments attributed to pension liabilities associated with Toyota’s defined benefit pension plans.

Accounting changes

Accounting changes -

In July 2013, the FASB issued updated guidance on uncertain tax positions. This guidance requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward for tax purposes, a similar tax loss, or a tax credit carryforward. Toyota adopted this guidance on April 1, 2014. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements.

Recent pronouncements to be adopted in future periods

Recent pronouncements to be adopted in future periods -

In May 2014, the FASB issued updated guidance on the recognition of revenue from contracts with customers. This guidance will supersede the current revenue recognition guidance. This guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Management is evaluating the impact of adopting this guidance on Toyota’s consolidated financial statements.

In February 2015, the FASB issued updated guidance that amends the analysis a reporting entity must perform to determine whether it should consolidate certain legal entities. This guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Management is evaluating the impact of adopting this guidance on Toyota’s consolidated financial statements.

In April 2015, the FASB issued updated guidance that requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. This guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Management is evaluating the impact of adopting this guidance on Toyota’s consolidated financial statements.

In April 2015, the FASB issued updated guidance to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement. This guidance is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. Management is evaluating the impact of adopting this guidance on Toyota’s consolidated financial statements.

Reclassifications

Reclassifications -

Certain prior year amounts have been reclassified to conform to the presentations as of and for the year ended March 31, 2015.

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Changes in Number of Shares of Common Stock Issued (Detail) - shares	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Reconciliation of Common Stock Outstanding [Line Items]
Balance at beginning of year	3,447,997,492	3,447,997,492	3,447,997,492
Issuance during the year	0	0	0
Purchase and retirement	(30,000,000)
Balance at end of year	3,417,997,492	3,447,997,492	3,447,997,492

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Gains and Losses on Derivative Financial Instruments and Hedged Items Reported in Consolidated Statement of Income (Detail) - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Fair value hedging derivative financial instruments | Interest rate and currency swap agreements | Cost of financing operations
Derivative Instruments, Gain (Loss) [Line Items]
Gains or (losses) on derivative financial instruments	¥ (15,488)	¥ (2,719)	¥ (23,965)
Gains or (losses) on hedged items	15,595	3,106	24,738
Undesignated derivative financial instruments | Interest rate and currency swap agreements | Cost of financing operations
Derivative Instruments, Gain (Loss) [Line Items]
Gains or (losses) on derivative financial instruments	(57,015)	199	(24,204)
Undesignated derivative financial instruments | Interest rate and currency swap agreements | Foreign exchange gain (loss), net
Derivative Instruments, Gain (Loss) [Line Items]
Gains or (losses) on derivative financial instruments	6,459	(2,862)	1,617
Undesignated derivative financial instruments | Foreign exchange forward and option contracts | Cost of financing operations
Derivative Instruments, Gain (Loss) [Line Items]
Gains or (losses) on derivative financial instruments	31,738	20,333	(4,572)
Undesignated derivative financial instruments | Foreign exchange forward and option contracts | Foreign exchange gain (loss), net
Derivative Instruments, Gain (Loss) [Line Items]
Gains or (losses) on derivative financial instruments	¥ (4,108)	¥ (930)	¥ (49,239)

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Accumulated other comprehensive income

12 Months Ended

Mar. 31, 2015

Accumulated other comprehensive income

17. Accumulated other comprehensive income:

Changes in accumulated other comprehensive income (loss) are as follows:

	Yen in millions
	Foreign currency translation adjustments			Unrealized gains (losses) on securities			Pension liability adjustments			Accumulated other comprehensive income (loss)
Balance at March 31, 2012		(1,248,118	)		298,306			(229,021	)		(1,178,833	)
Other comprehensive income (loss) before reclassifications, net of taxes of ¥(12,664) million, ¥(176,417) million, ¥(6,624) million and ¥(195,705) million		461,754			348,011			7,207			816,972
Reclassifications, net of taxes of ¥— million, ¥(17,497) million, ¥(4,335) million and ¥(21,832) million		—			26,198			7,504			33,702
Other comprehensive income (loss), net of tax		461,754			374,209			14,711			850,674
Less - Other comprehensive income attributable to noncontrolling interests		(27,116	)		(5,702	)		4,854			(27,964	)
Balance at March 31, 2013		(813,480	)		666,813			(209,456	)		(356,123	)
Other comprehensive income (loss) before reclassifications, net of taxes of ¥(25,139) million, ¥(255,959) million, ¥(44,987) million and ¥(326,085) million		301,889			507,566			91,507			900,962
Reclassifications, net of taxes of ¥— million, ¥5,209 million, ¥(4,682) million and ¥527 million		—			(8,006	)		7,897			(109	)
Other comprehensive income (loss), net of tax		301,889			499,560			99,404			900,853
Less - Other comprehensive income attributable to noncontrolling interests		(4,947	)		(5,810	)		(5,812	)		(16,569	)
Balance at March 31, 2014		(516,538	)		1,160,563			(115,864	)		528,161
Other comprehensive income (loss) before reclassifications, net of taxes of ¥(8,742) million, ¥(309,767) million, ¥2,853 million and ¥(315,656) million		404,352			596,417			621			1,001,390
Reclassifications, net of taxes of ¥— million, ¥11,013 million, ¥(2,153) million and ¥8,860 million		—			(18,714	)		3,695			(15,019	)
Other comprehensive income (loss), net of tax		404,352			577,703			4,316			986,371
Less - Other comprehensive income attributable to noncontrolling interests		(23,904	)		(10,701	)		(2,382	)		(36,987	)
Balance at March 31, 2015		(136,090	)		1,727,565			(113,930	)		1,477,545

Reclassifications for the years ended March 31, 2014 and 2015 consist of the following:

	Yen in millions
	For the years ended March 31,						Affected line items in the consolidated statements of income
	2014			2015
Unrealized gains (losses) on securities:
		(29	)		(7,727	)	Financing operations
		5,079			(14,552	)	Foreign exchange gain, net
		(18,469	)		(7,446	)	Other income (loss), net
		(13,419	)		(29,725	)	Income before income taxes and equity in earnings of affiliated companies
		5,209			11,013		Provision for income taxes
		204			(2	)	Equity in earnings of affiliated companies
		(8,006	)		(18,714	)	Net income
Pension liability adjustments:
Recognized net actuarial loss		17,786			10,194		*1
Amortization of prior service costs		(5,207	)		(4,346	)	*1
		12,579			5,848		Income before income taxes and equity in earnings of affiliated companies
		(4,682	)		(2,153	)	Provision for income taxes
		7,897			3,695		Net income
Total reclassifications, net of tax		(109	)		(15,019	)

Amounts of reclassifications in parentheses indicate gains in the consolidated statements of income.

*1: These components are included in the computation of net periodic pension cost. See note 19 to the consolidated financial statements for additional information.

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Amount of Finance Receivables Segregated into Aging Categories Based on Number of Days Outstanding (Detail) - JPY (¥) ¥ in Millions	Mar. 31, 2015	Mar. 31, 2014
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	¥ 16,298,284	¥ 14,470,193
Retail
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current	11,821,070	10,366,261
30-59 days past due	129,649	105,056
60-89 days past due	29,552	22,824
90 days or greater past due	35,573	29,223
Total	12,015,844	10,523,364
Finance leases
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current	1,147,488	1,062,194
30-59 days past due	4,179	3,396
60-89 days past due	1,985	1,490
90 days or greater past due	4,709	4,099
Total	1,158,361	1,071,179
Wholesale
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current	1,540,395	1,434,534
30-59 days past due	2	8
90 days or greater past due		20
Total	1,540,397	1,434,562
Real estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current	854,791	739,659
30-59 days past due	70	525
60-89 days past due		70
90 days or greater past due	26
Total	854,887	740,254
Working capital
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current	728,689	700,819
90 days or greater past due	106	15
Total	¥ 728,795	¥ 700,834

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Summary of Options Outstanding and Options Exercisable (Detail) - Mar. 31, 2015 - ¥ / shares	Total
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding Exercise price range, Lower range	¥ 3,183
Outstanding Exercise price range, Upper range	¥ 7,278
Outstanding Number of shares	3,503,500
Outstanding Weighted- average exercise price	¥ 4,632
Outstanding Weighted- average remaining life Years	2 years 18 days
Exercisable Number of shares	3,503,500
Exercisable Weighted- average exercise price	¥ 4,632
3,183 - 5,000
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding Exercise price range, Lower range	3,183
Outstanding Exercise price range, Upper range	¥ 5,000
Outstanding Number of shares	2,770,300
Outstanding Weighted- average exercise price	¥ 3,931
Outstanding Weighted- average remaining life Years	2 years 6 months
Exercisable Number of shares	2,770,300
Exercisable Weighted- average exercise price	¥ 3,931
5,001 - 7,278
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding Exercise price range, Lower range	5,001
Outstanding Exercise price range, Upper range	¥ 7,278
Outstanding Number of shares	733,200
Outstanding Weighted- average exercise price	¥ 7,278
Outstanding Weighted- average remaining life Years	3 months 29 days
Exercisable Number of shares	733,200
Exercisable Weighted- average exercise price	¥ 7,278

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Consolidated Statements of Cash Flows - Entity [Domain] - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities
Net income	¥ 2,307,904	¥ 1,991,648	¥ 1,083,482
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	1,409,075	1,250,853	1,105,109
Provision for doubtful accounts and credit losses	78,969	49,718	27,367
Pension and severance costs, less payments	(3,161)	20,654	(20,429)
Losses on disposal of fixed assets	31,625	28,657	32,221
Unrealized losses on available-for-sale securities, net	2,578	6,197	2,104
Deferred income taxes	(26,887)	(56,279)	160,008
Equity in earnings of affiliated companies	(308,545)	(318,376)	(231,519)
Changes in operating assets and liabilities, and other
Increase in accounts and notes receivable	(69,477)	(121,926)	(168,260)
(Increase) decrease in inventories	(171,001)	(110,819)	50,483
Increase in other current assets	(43,355)	(77,645)	(47,033)
Increase (decrease) in accounts payable	150,058	65,312	(209,284)
Increase (decrease) in accrued income taxes	(246,043)	438,527	22,127
Increase in other current liabilities	494,254	277,659	280,083
Other	79,759	201,855	364,857
Net cash provided by operating activities	3,685,753	3,646,035	2,451,316
Cash flows from investing activities
Additions to finance receivables	(13,126,596)	(11,953,064)	(10,004,928)
Collection of finance receivables	12,426,475	10,990,546	9,063,011
Proceeds from sales of finance receivables	23,913	34,807	39,845
Additions to fixed assets excluding equipment leased to others	(1,146,318)	(970,021)	(854,561)
Additions to equipment leased to others	(2,211,250)	(1,708,670)	(1,119,591)
Proceeds from sales of fixed assets excluding equipment leased to others	41,547	39,191	39,191
Proceeds from sales of equipment leased to others	803,423	744,339	533,441
Purchases of marketable securities and security investments	(3,194,294)	(4,738,278)	(3,412,423)
Proceeds from sales of marketable securities and security investments	113,348	538,894	35,178
Proceeds upon maturity of marketable securities and security investments	2,569,653	2,780,433	2,633,913
Payment for additional investments in affiliated companies, net of cash acquired		6,603	16,216
Changes in investments and other assets, and other	(113,391)	(101,028)	3,396
Net cash used in investing activities	(3,813,490)	(4,336,248)	(3,027,312)
Cash flows from financing activities
Proceeds from issuance of long-term debt	5,029,018	3,890,310	3,191,223
Payments of long-term debt	(3,462,237)	(2,988,923)	(2,682,136)
Increase (decrease) in short-term borrowings	(288,724)	467,976	201,261
Dividends paid to Toyota Motor Corporation shareholders	(554,933)	(396,030)	(190,008)
Dividends paid to noncontrolling interests	(69,295)	(63,065)	(45,640)
Reissuance (repurchase) of treasury stock	(347,784)	9,212	2,542
Net cash provided by financing activities	306,045	919,480	477,242
Effect of exchange rate changes on cash and cash equivalents	65,079	93,606	137,851
Net increase in cash and cash equivalents	243,387	322,873	39,097
Cash and cash equivalents at beginning of year	2,041,170	1,718,297	1,679,200
Cash and cash equivalents at end of year	¥ 2,284,557	¥ 2,041,170	¥ 1,718,297

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Consolidated Balance Sheets (Parenthetical) - JPY (¥) ¥ in Millions, None in scaling factor is -9223372036854775296	Mar. 31, 2015	Mar. 31, 2014
Trade accounts and notes receivable, allowance for doubtful accounts	¥ 40,849	¥ 18,780
Common stock, no par value
Common stock, authorized	10,000,000,000	10,000,000,000
Common stock, issued	3,417,997,492	3,447,997,492
Treasury stock, shares	271,183,861	278,231,473

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Allowance for doubtful accounts and credit losses

12 Months Ended

Mar. 31, 2015

Allowance for doubtful accounts and credit losses

10. Allowance for doubtful accounts and credit losses:

The net changes in the allowance for doubtful accounts relating to trade accounts and notes receivable for the years ended March 31, 2013, 2014 and 2015 are as follows:

	Yen in millions
	For the years ended March 31,
	2013			2014			2015
Allowance for doubtful accounts at beginning of year		44,097			46,144			47,518
Provision for doubtful accounts, net of reversal		1,745			3,405			(1,598	)
Write-offs		(457	)		(1,162	)		(289	)
Other		759			(869	)		4,779
Allowance for doubtful accounts at end of year		46,144			47,518			50,410

“Other” includes the impact of currency translation adjustments for the years ended March 31, 2013, 2014 and 2015.

A portion of the allowance for doubtful accounts balance at March 31, 2014 and 2015 totaling ¥28,738 million and ¥9,561 million, respectively, is attributed to certain non-current receivable balances which are reported as “Other” assets in the consolidated balance sheets.

The net changes in the allowance for credit losses relating to finance receivables and vehicles and equipment on operating leases for the years ended March 31, 2013, 2014 and 2015 are as follows:

	Yen in millions
	For the years ended March 31,
	2013			2014			2015
Allowance for credit losses at beginning of year		140,363			147,049			153,602
Provision for credit losses, net of reversal		25,622			46,313			80,567
Charge-offs		(56,701	)		(65,359	)		(84,310	)
Recoveries		14,690			16,662			18,173
Other		23,075			8,937			10,006
Allowance for credit losses at end of year		147,049			153,602			178,038

“Other” primarily includes the impact of currency translation adjustments for the years ended March 31, 2013, 2014 and 2015.

The net changes in the allowance for credit losses above relating to retail receivables portfolio segment, finance lease receivables portfolio segment and wholesale and other dealer loan receivables portfolio segment for the years ended March 31, 2013, 2014 and 2015 are as follows:

	Yen in millions
	For the year ended March 31, 2013
	Retail			Finance leases			Wholesale and other dealer loans
Allowance for credit losses at beginning of year		77,353			30,637			24,238
Provision for credit losses, net of reversal		29,079			(4,063	)		(2,006	)
Charge-offs		(48,528	)		(2,775	)		(110	)
Recoveries		12,795			590			3
Other		13,159			4,539			4,118
Allowance for credit losses at end of year		83,858			28,928			26,243

	Yen in millions
	For the year ended March 31, 2014
	Retail			Finance leases			Wholesale and other dealer loans
Allowance for credit losses at beginning of year		83,858			28,928			26,243
Provision for credit losses, net of reversal		42,055			1,847			(807	)
Charge-offs		(55,733	)		(2,554	)		(626	)
Recoveries		14,051			587			16
Other		5,208			1,777			1,532
Allowance for credit losses at end of year		89,439			30,585			26,358

	Yen in millions
	For the year ended March 31, 2015
	Retail			Finance leases			Wholesale and other dealer loans
Allowance for credit losses at beginning of year		89,439			30,585			26,358
Provision for credit losses, net of reversal		70,129			(858	)		2,531
Charge-offs		(71,403	)		(2,568	)		(603	)
Recoveries		15,008			497			78
Other		6,143			1,647			1,689
Allowance for credit losses at end of year		109,316			29,303			30,053

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Components of Accumulated Other Comprehensive Income (Loss) and Related Changes, Net of Taxes (Detail) - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), beginning balance	¥ 528,161	¥ (356,123)	¥ (1,178,833)
Other comprehensive income (loss) before reclassifications, net of taxes	1,001,390	900,962	816,972
Reclassifications, net of taxes	(15,019)	(109)	33,702
Other comprehensive income (loss), net of tax	986,371	900,853	850,674
Less - Other comprehensive income attributable to noncontrolling interests	(36,987)	(16,569)	(27,964)
Accumulated other comprehensive income (loss), ending balance	1,477,545	528,161	(356,123)
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), beginning balance	(516,538)	(813,480)	(1,248,118)
Other comprehensive income (loss) before reclassifications, net of taxes	404,352	301,889	461,754
Other comprehensive income (loss), net of tax	404,352	301,889	461,754
Less - Other comprehensive income attributable to noncontrolling interests	(23,904)	(4,947)	(27,116)
Accumulated other comprehensive income (loss), ending balance	(136,090)	(516,538)	(813,480)
Unrealized gains (losses) on securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), beginning balance	1,160,563	666,813	298,306
Other comprehensive income (loss) before reclassifications, net of taxes	596,417	507,566	348,011
Reclassifications, net of taxes	(18,714)	(8,006)	26,198
Other comprehensive income (loss), net of tax	577,703	499,560	374,209
Less - Other comprehensive income attributable to noncontrolling interests	(10,701)	(5,810)	(5,702)
Accumulated other comprehensive income (loss), ending balance	1,727,565	1,160,563	666,813
Pension liability adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), beginning balance	(115,864)	(209,456)	(229,021)
Other comprehensive income (loss) before reclassifications, net of taxes	621	91,507	7,207
Reclassifications, net of taxes	3,695	7,897	7,504
Other comprehensive income (loss), net of tax	4,316	99,404	14,711
Less - Other comprehensive income attributable to noncontrolling interests	(2,382)	(5,812)	4,854
Accumulated other comprehensive income (loss), ending balance	¥ (113,930)	¥ (115,864)	¥ (209,456)

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Income taxes - Additional Information (Detail) - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Income Taxes [Line Items]
Tax credit carryforwards	¥ 42,059	¥ 51,046
Japanese Tax Authority
Income Taxes [Line Items]
Statutory tax rate	35.20%	37.60%	37.60%
Operating loss carryforwards for tax purposes	¥ 22,162
Tax credit carryforwards	24,453
Undistributed earnings of foreign subsidiaries	3,174,864
Undistributed earnings of foreign subsidiaries, additional tax provision, estimate	¥ 151,989
Tax years remain open to examination by various tax jurisdictions	On and after April 1, 2008
Japanese Tax Authority | Minimum
Income Taxes [Line Items]
Expiration date for operating loss carryforwards	2016
Expiration date for tax credit carryforwards	2016
Japanese Tax Authority | Maximum
Income Taxes [Line Items]
Expiration date for operating loss carryforwards	2024
Expiration date for tax credit carryforwards	2018
Foreign Tax Authority
Income Taxes [Line Items]
Operating loss carryforwards for tax purposes	¥ 758,890
Tax credit carryforwards	¥ 17,606
Tax years remain open to examination by various tax jurisdictions	On and after January 1, 2000
Foreign Tax Authority | Minimum
Income Taxes [Line Items]
Expiration date for operating loss carryforwards	2016
Expiration date for tax credit carryforwards	2016
Foreign Tax Authority | Maximum
Income Taxes [Line Items]
Expiration date for operating loss carryforwards	2034
Expiration date for tax credit carryforwards	2035

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Components of Income Before Income Taxes (Detail) - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Income before income taxes:
Parent company and domestic subsidiaries	¥ 1,685,909	¥ 1,621,013	¥ 651,852
Foreign subsidiaries	1,206,919	820,067	751,797
Income before income taxes and equity in earnings of affiliated companies	¥ 2,892,828	¥ 2,441,080	¥ 1,403,649

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Notional Amounts of Derivative Financial Instruments (Detail) - JPY (¥) ¥ in Millions	Mar. 31, 2015	Mar. 31, 2014
Undesignated derivative financial instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative financial instruments, notional amount	¥ 21,259,585	¥ 17,100,804
Interest rate and currency swap agreements | Undesignated derivative financial instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative financial instruments, notional amount	18,634,479	15,135,193
Foreign exchange forward and option contracts | Undesignated derivative financial instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative financial instruments, notional amount	2,625,106	1,965,611
Fair value hedging derivative financial instruments | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative financial instruments, notional amount	85,561	151,704
Fair value hedging derivative financial instruments | Interest rate and currency swap agreements | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative financial instruments, notional amount	¥ 85,561	¥ 151,704

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Geographic Information (Detail) - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Net revenues
Revenues	¥ 27,234,521	¥ 25,691,911	¥ 22,064,192
Operating expenses	24,483,957	23,399,799	20,743,304
Operating income	2,750,564	2,292,112	1,320,888
Assets	47,729,830	41,437,473	35,483,317
Long-lived assets	9,295,719	7,641,298	6,851,239
Geography Eliminations
Net revenues
Revenues	(7,125,714)	(6,661,930)	(5,604,105)
Operating expenses	(7,105,874)	(6,621,292)	(5,590,472)
Operating income	(19,840)	(40,638)	(13,633)
Assets	6,004,320	5,163,401	3,224,376
Sales to external customers
Net revenues
Revenues	27,234,521	25,691,911	22,064,192
Inter-segment sales and transfers | Geography Eliminations
Net revenues
Revenues	(7,125,714)	(6,661,930)	(5,604,105)
Japan | Reportable Geographical Components
Net revenues
Revenues	14,403,867	14,297,470	12,821,018
Operating expenses	12,832,391	12,787,305	12,244,683
Operating income	1,571,476	1,510,165	576,335
Assets	14,466,432	13,231,184	12,296,731
Long-lived assets	3,062,463	2,945,247	2,929,346
Japan | Sales to external customers | Reportable Geographical Components
Net revenues
Revenues	8,338,881	8,532,875	7,910,456
Japan | Inter-segment sales and transfers | Reportable Geographical Components
Net revenues
Revenues	6,064,986	5,764,595	4,910,562
North America | Reportable Geographical Components
Net revenues
Revenues	9,677,596	8,117,099	6,284,425
Operating expenses	9,093,077	7,791,047	6,062,500
Operating income	584,519	326,052	221,925
Assets	16,961,700	13,720,958	11,841,471
Long-lived assets	4,632,536	3,276,273	2,633,067
North America | Sales to external customers | Reportable Geographical Components
Net revenues
Revenues	9,430,450	7,938,615	6,167,821
North America | Inter-segment sales and transfers | Reportable Geographical Components
Net revenues
Revenues	247,146	178,484	116,604
Europe | Reportable Geographical Components
Net revenues
Revenues	2,848,294	2,724,959	2,083,113
Operating expenses	2,767,176	2,666,731	2,056,651
Operating income	81,118	58,228	26,462
Assets	2,640,054	2,576,806	2,199,256
Long-lived assets	301,736	318,872	288,288
Europe | Sales to external customers | Reportable Geographical Components
Net revenues
Revenues	2,690,803	2,614,070	2,003,113
Europe | Inter-segment sales and transfers | Reportable Geographical Components
Net revenues
Revenues	157,491	110,889	80,000
Asia | Reportable Geographical Components
Net revenues
Revenues	4,981,240	4,877,672	4,385,476
Operating expenses	4,559,458	4,481,935	4,009,421
Operating income	421,782	395,737	376,055
Assets	4,753,850	4,013,429	3,305,319
Long-lived assets	874,207	725,924	590,021
Asia | Sales to external customers | Reportable Geographical Components
Net revenues
Revenues	4,531,178	4,475,382	4,058,629
Asia | Inter-segment sales and transfers | Reportable Geographical Components
Net revenues
Revenues	450,062	402,290	326,847
Other Countries | Reportable Geographical Components
Net revenues
Revenues	2,449,238	2,336,641	2,094,265
Operating expenses	2,337,729	2,294,073	1,960,521
Operating income	111,509	42,568	133,744
Assets	2,903,474	2,731,695	2,616,164
Long-lived assets	424,777	374,982	410,517
Other Countries | Sales to external customers | Reportable Geographical Components
Net revenues
Revenues	2,243,209	2,130,969	1,924,173
Other Countries | Inter-segment sales and transfers | Reportable Geographical Components
Net revenues
Revenues	¥ 206,029	¥ 205,672	¥ 170,092

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Details of Matters Relating to Repurchase (Detail) - JPY (¥) ¥ in Millions	Jun. 16, 2015	May. 08, 2015	Mar. 26, 2014
Maximum
Equity, Class of Treasury Stock [Line Items]
Stock repurchase, number of shares authorized at a meeting of the Board of Directors			60,000,000
Total purchase price for repurchase of shares			¥ 360,000
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Kind of stock to be repurchased	Common stock of TMC	Common stock of TMC
Method of acquisition	Purchase in the market	Purchase in the market
Period of repurchase	From July 27, 2015 to March 31, 2016	After the issuance of the First Series Model AA Class Shares, until March 31, 2016
Subsequent Event | Maximum
Equity, Class of Treasury Stock [Line Items]
Stock repurchase, number of shares authorized at a meeting of the Board of Directors	50,000,000	40,000,000
Total purchase price for repurchase of shares	¥ 600,000	¥ 300,000

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Changes in Level 3 Plan Assets Measured At Fair Value (Detail) - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Japanese plans
Defined Benefit Plan Disclosure [Line Items]
Balance at beginning of year	¥ 1,244,466	¥ 1,090,258
Actual return on plan assets	212,908	133,964
Balance at end of year	1,447,802	1,244,466	¥ 1,090,258
Foreign Plans
Defined Benefit Plan Disclosure [Line Items]
Balance at beginning of year	580,982	479,239
Actual return on plan assets	59,800	56,300
Balance at end of year	713,528	580,982	479,239
Debt securities | Japanese plans
Defined Benefit Plan Disclosure [Line Items]
Balance at beginning of year	343,842
Balance at end of year	362,109	343,842
Debt securities | Foreign Plans
Defined Benefit Plan Disclosure [Line Items]
Balance at beginning of year	147,941
Balance at end of year	195,438	147,941
Other | Japanese plans
Defined Benefit Plan Disclosure [Line Items]
Balance at beginning of year	70,387
Balance at end of year	143,789	70,387
Other | Foreign Plans
Defined Benefit Plan Disclosure [Line Items]
Balance at beginning of year	85,213
Balance at end of year	96,433	85,213
Level 3 | Japanese plans
Defined Benefit Plan Disclosure [Line Items]
Balance at beginning of year	48,082	41,976	40,656
Actual return on plan assets	1,171	3,585	441
Purchases, sales and settlements	1,087	2,521	879
Balance at end of year	50,340	48,082	41,976
Level 3 | Foreign Plans
Defined Benefit Plan Disclosure [Line Items]
Balance at beginning of year	47,866
Balance at end of year	66,830	47,866
Level 3 | Debt securities | Japanese plans
Defined Benefit Plan Disclosure [Line Items]
Balance at beginning of year	322	441	591
Actual return on plan assets	2	2	3
Purchases, sales and settlements	(91)	(121)	(153)
Balance at end of year	¥ 233	¥ 322	441
Level 3 | Debt securities | Foreign Plans
Defined Benefit Plan Disclosure [Line Items]
Balance at beginning of year
Balance at end of year
Level 3 | Other | Japanese plans
Defined Benefit Plan Disclosure [Line Items]
Balance at beginning of year	¥ 47,760	¥ 41,535	40,065
Actual return on plan assets	1,169	3,583	438
Purchases, sales and settlements	1,178	2,642	1,032
Balance at end of year	50,107	47,760	41,535
Level 3 | Other | Foreign Plans
Defined Benefit Plan Disclosure [Line Items]
Balance at beginning of year	47,866	40,607	31,377
Actual return on plan assets	4,699	791	2,472
Purchases, sales and settlements	7,698	1,987	2,599
Other	6,567	4,481	4,159
Balance at end of year	¥ 66,830	¥ 47,866	¥ 40,607

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Document and Entity Information - Mar. 31, 2015 - shares	Total
Document Type	20-F
Amendment Flag	false
Document Period End Date	Mar. 31, 2015
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Trading Symbol	TM
Entity Registrant Name	TOYOTA MOTOR CORP/
Entity Central Index Key	0001094517
Current Fiscal Year End Date	--03-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	3,146,813,631

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Estimated Fair Value of Toyota's Financial Instrument, Excluding Marketable Securities and Other Securities Investment and Affiliated Companies and Derivative Financial Instruments (Detail) - JPY (¥) ¥ in Millions	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Assets (Liabilities)
Cash and cash equivalents	¥ 2,284,557	¥ 2,041,170	¥ 1,718,297	¥ 1,679,200
Time deposits	149,321	180,207
Other receivables	420,708	351,182
Short-term borrowings	(5,048,188)	(4,830,820)
Level 3
Assets (Liabilities)
Total finance receivables, net	40,901	22,432
Carrying amount
Assets (Liabilities)
Cash and cash equivalents	2,284,557	2,041,170
Time deposits	149,321	180,207
Total finance receivables, net	14,437,459	12,775,669
Other receivables	420,708	351,182
Short-term borrowings	(5,048,188)	(4,830,820)
Long-term debt including the current portion	(13,910,240)	(11,474,777)
Estimated fair value
Assets (Liabilities)
Cash and cash equivalents	2,284,557	2,041,170
Time deposits	149,321	180,207
Total finance receivables, net	14,656,825	13,058,756
Other receivables	420,708	351,182
Short-term borrowings	(5,048,188)	(4,830,820)
Long-term debt including the current portion	(14,158,015)	(11,615,422)
Estimated fair value | Level 1
Assets (Liabilities)
Cash and cash equivalents	1,936,070	1,639,624
Estimated fair value | Level 2
Assets (Liabilities)
Cash and cash equivalents	348,487	401,546
Time deposits	149,321	180,207
Short-term borrowings	(5,044,376)	(4,830,820)
Long-term debt including the current portion	(12,589,871)	(10,410,754)
Estimated fair value | Level 3
Assets (Liabilities)
Total finance receivables, net	14,656,825	13,058,756
Other receivables	420,708	351,182
Short-term borrowings	(3,812)
Long-term debt including the current portion	¥ (1,568,144)	¥ (1,204,668)

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Affiliated Companies and Variable Interest Entities

12 Months Ended

Mar. 31, 2015

Affiliated Companies and Variable Interest Entities

11. Affiliated companies and variable interest entities:

Investments in and transactions with affiliated companies -

Summarized financial information for affiliated companies accounted for by the equity method is shown below:

	Yen in millions
	March 31,
	2014		2015
Current assets		10,813,254		11,380,649
Noncurrent assets		10,172,524		11,890,150
Total assets		20,985,778		23,270,799
Current liabilities		7,120,877		7,330,762
Long-term liabilities and noncontrolling interests		5,217,723		5,965,242
Affiliated companies accounted for by the equity method shareholders’ equity		8,647,178		9,974,795
Total liabilities and shareholders’ equity		20,985,778		23,270,799
Toyota’s share of affiliated companies accounted for by the equity method shareholders’ equity		2,429,576		2,691,222
Number of affiliated companies accounted for by the equity method at end of period		54		54

	Yen in millions
	For the years ended March 31,
	2013		2014		2015
Net revenues		24,242,046		28,289,687		30,163,457
Gross profit		2,620,892		3,385,048		3,614,946
Net income attributable to affiliated companies accounted for by the equity method		705,249		963,003		966,133
Equity in earnings of affiliated companies attributable to Toyota Motor Corporation		231,519		318,376		308,545

Entities comprising a significant portion of Toyota’s investment in affiliated companies and percentage of ownership are presented below:

	Percentage of ownership
	March 31,
Name of affiliated companies	2014			2015
Denso Corporation		24.9	%		24.9	%
Toyota Industries Corporation		24.7	%		24.6	%
Aisin Seiki Co., Ltd.		23.4	%		23.3	%
Toyota Tsusho Corporation		22.0	%		22.0	%
Toyoda Gosei Co., Ltd.		43.0	%		43.0	%

Certain affiliated companies accounted for by the equity method with carrying amounts of ¥1,811,245 million and ¥2,010,249 million at March 31, 2014 and 2015, respectively, were quoted on various established markets at an aggregate value of ¥2,320,128 million and ¥2,889,079 million, respectively. Toyota evaluated its investments in affiliated companies, considering the length of time and the extent to which the quoted market prices have been less than the carrying amounts, the financial condition and near-term prospects of the affiliated companies and Toyota’s ability and intent to retain those investments in the companies for a period of time. Toyota did not recognize any impairment loss for the years ended March 31, 2013, 2014 and 2015.

Account balances and transactions with affiliated companies are presented below:

	Yen in millions
	March 31,
	2014		2015
Trade accounts and notes receivable, and other receivables		253,312		266,999
Accounts payable and other payables		599,334		635,878

	Yen in millions
	For the years ended March 31,
	2013		2014		2015
Net revenues		1,926,854		1,854,708		1,785,238
Purchases		4,020,138		4,289,583		5,065,613

Dividends from affiliated companies accounted for by the equity method for the years ended March 31, 2013, 2014 and 2015 were ¥126,977 million, ¥147,039 million and ¥174,485 million, respectively.

Toyota does not have any significant related party transactions other than transactions with affiliated companies in the ordinary course of business.

Variable Interest Entities -

Toyota enters into securitization transactions using special-purpose entities, that are considered variable interest entities (“VIEs”). Although the finance receivables and vehicles on operating leases related to securitization transactions have been legally sold to the VIEs, Toyota has both the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance and the obligation to absorb losses of the VIEs or the right to receive benefits from the VIEs that could potentially be significant to the VIEs. As a result, Toyota is considered the primary beneficiary of the VIEs and therefore consolidates the VIEs.

Related to securitization transactions, ¥1,439,796 million and ¥1,845,092 million retail finance receivables, ¥16,447 million and ¥144,729 million vehicles on operating leases, ¥84,052 million and ¥112,004 million restricted cash and ¥1,205,293 million and ¥1,572,185 million secured debt were included in Toyota’s consolidated financial statements as of March 31, 2014 and 2015, respectively. The creditors of the VIEs do not have recourse to Toyota’s general credit with the exception of debts guaranteed by Toyota. Risks to which Toyota is exposed including credit, interest rate, and/or prepayment risks are not incremental compared with the situation before Toyota enters into securitization transactions.

As for VIEs other than those specified above, neither the aggregate size nor Toyota’s involvements are material to Toyota’s consolidated financial statements.

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Entities Comprising Significant Portion of Toyota's Investment in Affiliated Companies and Percentage of Ownership (Detail)	Mar. 31, 2015	Mar. 31, 2014
Denso Corporation
Schedule of Equity Method Investments [Line Items]
Percentage of ownership	24.90%	24.90%
Toyota Industries Corporation
Schedule of Equity Method Investments [Line Items]
Percentage of ownership	24.60%	24.70%
Aisin Seiki Co Ltd
Schedule of Equity Method Investments [Line Items]
Percentage of ownership	23.30%	23.40%
Toyota Tsusho Corporation
Schedule of Equity Method Investments [Line Items]
Percentage of ownership	22.00%	22.00%
Toyoda Gosei Co Ltd
Schedule of Equity Method Investments [Line Items]
Percentage of ownership	43.00%	43.00%

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Net Changes in Liabilities for Recalls and Other Safety Measures which are Comprised in Liabilities for Quality Assurances (Detail) - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Product Liability Contingency [Line Items]
Liabilities for recalls and other safety measures at beginning of year	¥ 680,475	¥ 566,406	¥ 468,697
Payments made during year	(357,447)	(207,652)	(180,925)
Provision for recalls and other safety measures	421,618	315,574	270,883
Other	10,404	6,147	7,751
Liabilities for recalls and other safety measures at end of year	¥ 755,050	¥ 680,475	¥ 566,406

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Consolidated Statements of Income - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Net revenues
Sales of products	¥ 25,612,836	¥ 24,312,644	¥ 20,914,150
Financing operations	1,621,685	1,379,267	1,150,042
Total net revenues	27,234,521	25,691,911	22,064,192
Costs and expenses
Cost of products sold	20,916,362	19,988,245	18,010,569
Cost of financing operations	925,314	812,894	630,426
Selling, general and administrative	2,642,281	2,598,660	2,102,309
Total costs and expenses	24,483,957	23,399,799	20,743,304
Operating income	2,750,564	2,292,112	1,320,888
Other income (expense)
Interest and dividend income	147,122	115,410	98,673
Interest expense	(22,871)	(19,630)	(22,967)
Foreign exchange gain, net	88,140	50,260	5,551
Other income (loss), net	(70,127)	2,928	1,504
Total other income (expense)	142,264	148,968	82,761
Income before income taxes and equity in earnings of affiliated companies	2,892,828	2,441,080	1,403,649
Provision for income taxes	893,469	767,808	551,686
Equity in earnings of affiliated companies	308,545	318,376	231,519
Net income	2,307,904	1,991,648	1,083,482
Less - Net income attributable to noncontrolling interests	(134,566)	(168,529)	(121,319)
Net income attributable to Toyota Motor Corporation	¥ 2,173,338	¥ 1,823,119	¥ 962,163
Net income attributable to Toyota Motor Corporation per share
- Basic	¥ 688.02	¥ 575.30	¥ 303.82
- Diluted	687.66	574.92	303.78
Cash dividends per share	¥ 200.00	¥ 165.00	¥ 90.00

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Marketable securities and other securities investments

12 Months Ended

Mar. 31, 2015

Marketable securities and other securities investments

5. Marketable securities and other securities investments:

Marketable securities and other securities investments include public and corporate bonds and common stocks for which the aggregate cost, gross unrealized gains and losses and fair value are as follows:

	Yen in millions
	March 31, 2014
	Cost		Gross unrealized gains		Gross unrealized losses		Fair value
Available-for-sale
Public and corporate bonds		5,879,336		290,964		5,377		6,164,923
Common stocks		619,811		1,377,653		268		1,997,196
Other		538,306		34,076		49		572,333
Total		7,037,453		1,702,693		5,694		8,734,452
Securities not practicable to determine fair value
Public and corporate bonds		433
Common stocks		77,035
Total		77,468
	Yen in millions
	March 31, 2015
	Cost		Gross unrealized gains		Gross unrealized losses		Fair value
Available-for-sale
Public and corporate bonds		6,848,348		337,341		4,738		7,180,951
Common stocks		621,750		2,083,164		100		2,704,814
Other		387,085		43,649		12		430,722
Total		7,857,183		2,464,154		4,850		10,316,487
Securities not practicable to determine fair value
Public and corporate bonds		20,404
Common stocks		77,334
Total		97,738

Public and corporate bonds included in available-for-sale represent 50% of Japanese bonds, and 50% of U.S., European and other bonds as of March 31, 2014, and 43% of Japanese bonds, and 57% of U.S., European and other bonds as of March 31, 2015. Listed stocks on the Japanese stock markets represent 86% and 88% of common stocks which are included in available-for-sale as of March 31, 2014 and 2015, respectively. Public and corporate bonds include government bonds, and “Other” includes investment trusts.

Unrealized losses continuing over a 12 month period or more in the aggregate were not material at March 31, 2014 and 2015.

As of March 31, 2014 and 2015, maturities of public and corporate bonds included in available-for-sale are mainly from 1 to 10 years.

Proceeds from sales of available-for-sale securities were ¥35,178 million, ¥538,894 million and ¥113,348 million for the years ended March 31, 2013, 2014 and 2015, respectively. On those sales, gross realized gains were ¥1,048 million, ¥25,099 million and ¥17,912 million and gross realized losses were ¥31 million, ¥404 million and ¥161 million, respectively.

During the years ended March 31, 2013, 2014 and 2015, Toyota recognized impairment losses on available-for-sale securities of ¥2,104 million, ¥6,197 million and ¥2,578 million, respectively, which are included in “Other income (loss), net” and other in the accompanying consolidated statements of income.

In the ordinary course of business, Toyota maintains long-term investment securities, included in “Marketable securities and other securities investments” and issued by a number of non-public companies which are recorded at cost, as their fair values were not readily determinable. Management employs a systematic methodology to assess the recoverability of such investments by reviewing the financial viability of the underlying companies and the prevailing market conditions in which these companies operate to determine if Toyota’s investment in each individual company is impaired and whether the impairment is other-than-temporary. Toyota periodically performs this impairment test for significant investments recorded at cost. If the impairment is determined to be other-than-temporary, the carrying value of the investment is written-down by the impaired amount and the losses are recognized currently in operations.

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Acquisitions and Dispositions

12 Months Ended

Mar. 31, 2015

Acquisitions and Dispositions

4. Acquisitions and dispositions:

During the years ended March 31, 2013, 2014 and 2015, Toyota made several acquisitions and dispositions, however the assets and liabilities acquired or transferred were not material.

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Restructuring charges and asset impairments - Additional Information (Detail) - 12 months ended Mar. 31, 2014 - JPY (¥) ¥ in Millions	Total
Restructuring and Impairment Costs [Line Items]
Restructuring, description	TMC and Toyota Motor Corporation Australia Ltd., its production and sales subsidiary in Australia, decided to end their vehicle and engine production in Australia by the end of 2017.
Restructuring, completion date	2017
Costs and expenses relating to end of production in subsidiary	¥ 83,073
Long-lived assets impairment charges	47,190
Other restructuring charges	¥ 35,883

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Shareholders' Equity

12 Months Ended

Mar. 31, 2015

Shareholders' Equity

16. Shareholders’ equity:

Changes in the number of shares of common stock issued have resulted from the following:

	For the years ended March 31,
	2013		2014		2015
Common stock issued
Balance at beginning of year		3,447,997,492		3,447,997,492		3,447,997,492
Issuance during the year		—		—		—
Purchase and retirement		—		—		(30,000,000	)
Balance at end of year		3,447,997,492		3,447,997,492		3,417,997,492

The Companies Act provides that an amount equal to 10% of distributions from surplus paid by the parent company and its Japanese subsidiaries be appropriated as a capital reserve or a retained earnings reserve. No further appropriations are required when the total amount of the capital reserve and the retained earnings reserve reaches 25% of stated capital.

The retained earnings reserve included in retained earnings as of March 31, 2014 and 2015 were ¥180,177 million and ¥186,555 million, respectively. The Companies Act provides that the retained earnings reserve of the parent company and its Japanese subsidiaries is restricted and unable to be used for dividend payments, and is excluded from the calculation of the profit available for dividend.

The amounts of statutory retained earnings of the parent company available for dividend payments to shareholders were ¥6,890,426 million and ¥7,635,250 million as of March 31, 2014 and 2015, respectively. In accordance with customary practice in Japan, the distributions from surplus are not accrued in the financial statements for the corresponding period, but are recorded in the subsequent accounting period after shareholders’ approval has been obtained. Retained earnings at March 31, 2015 include amounts representing year-end cash dividends of ¥393,352 million, ¥125 per share, which were approved at the Ordinary General Shareholders’ Meeting, held on June 16, 2015.

Retained earnings at March 31, 2015 include ¥1,880,835 million relating to equity in undistributed earnings of affiliated companies accounted for by the equity method.

At the Meeting of the Board of Directors held on March 26, 2014, Toyota Motor Corporation (“TMC”) resolved to reissue 30,000 thousand shares of treasury stock at ¥1 per share by way of third-party allotment, to repurchase up to 60,000 thousand shares of TMC’s common stock at a total purchase price of up to ¥360,000 million and to retire 30,000 thousand shares of treasury stock.

The reissuance of treasury stock was subject to the approval at Ordinary General Shareholders’ Meeting held in June 2014, and the repurchase of TMC’s common stock and retirement of treasury stock were each subject to the approval of the reissuance of treasury stock at such Ordinary General Shareholders’ Meeting. The delegation to TMC’s Board of Directors of the power to decide the terms of such reissuance was approved at such Ordinary General Shareholders’ Meeting held on June 17, 2014.

Presented below is additional information regarding the reissuance, repurchase and retirement of treasury stock.

Reissuance of treasury stock

Reason for reissuing treasury stock -

TMC resolved at the Meeting of the Board of Directors held on March 26, 2014 to establish Toyota Mobility Foundation, a General Incorporated Foundation (the “Foundation”). The reissuance of treasury stock was made by way of third-party allotment to a trust that was established by TMC to provide funding for the activities of the Foundation through dividends, etc. on TMC’s common stock.

Details of matters relating to reissuance -

Number of shares reissued	30,000,000 shares
Price of reissuance	¥1 per share
Amount of proceeds	¥30 million

Repurchase of treasury stock

Reason for repurchasing treasury stock -

The repurchase was made to avoid the dilution of TMC’s shares triggered by the reissuance of treasury stock described above, and to effect capital efficiency and agile capital policy in view of the management environment.

Details of matters relating to repurchase -

Number of shares repurchased	55,521,900 shares
Total purchase price for repurchase of shares	¥359,994 million

Retirement of treasury stock

Reason for retiring treasury stock -

The retirement was made to relieve concerns regarding the dilution of TMC’s share value due to reissuance of treasury stock in the future.

Details of matters relating to retirement -

Number of shares retired 30,000,000 shares

The amount on retirement of treasury stock and the amount of the difference between fair value and book value of treasury stock on reissuance for the Foundation were treated as a reduction in additional paid-in capital and retained earnings and the amount of the difference between amount of proceeds and fair value of treasury stock on reissuance was included in Other income (expense). The fair value of treasury stock was measured using a dividend discount model due to the restrictions on transfer in the reissued stock for the Foundation. As a result, treasury stock, additional paid-in capital, retained earnings and Other income (expense) decreased by ¥246,807million, ¥4,624million, ¥142,753million and ¥99,400million, respectively.

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Short-Term Borrowings and Long-Term Debt

12 Months Ended

Mar. 31, 2015

Short-Term Borrowings and Long-Term Debt

12. Short-term borrowings and long-term debt:

Short-term borrowings at March 31, 2014 and 2015 consist of the following:

	Yen in millions
	March 31,
	2014		2015
Loans, principally from banks, with a weighted-average interest at March 31, 2014 and March 31, 2015 of 2.57% and of 2.83% per annum, respectively		1,165,580		1,167,792
Commercial paper with a weighted-average interest at March 31, 2014 and March 31, 2015 of 0.49% and of 0.41% per annum, respectively		3,665,240		3,880,396
		4,830,820		5,048,188

As of March 31, 2015, Toyota has unused short-term lines of credit amounting to ¥2,070,086 million of which ¥729,454 million related to commercial paper programs. Under these programs, Toyota is authorized to obtain short-term financing at prevailing interest rates for periods not in excess of 360 days.

Long-term debt at March 31, 2014 and 2015 comprises the following:

	Yen in millions
	March 31,
	2014			2015
Unsecured loans, representing obligations principally to banks, due 2014 to 2029 in 2014 and due 2015 to 2029 in 2015 with interest ranging from 0.00% to 39.50% per annum in 2014 and from 0.01% to 39.50% per annum in 2015		3,368,711			3,712,598
Secured loans, representing obligations principally to finance receivables securitization due 2014 to 2030 in 2014 and due 2015 to 2030 in 2015 with interest ranging from 0.10% to 12.00% per annum in 2014 and from 0.10% to 2.92% per annum in 2015		1,226,080			1,594,489
Medium-term notes of consolidated subsidiaries, due 2014 to 2047 in 2014 and due 2015 to 2047 in 2015 with interest ranging from 0.10% to 9.40% per annum in 2014 and from 0.13% to 9.40% per annum in 2015		5,355,176			6,740,355
Unsecured notes of parent company, due 2014 to 2023 in 2014 and due 2015 to 2024 in 2015 with interest ranging from 0.19% to 3.00% per annum in 2014 and from 0.19% to 3.00% per annum in 2015		400,000			380,000
Unsecured notes of consolidated subsidiaries, due 2014 to 2031 in 2014 and due 2015 to 2032 in 2015 with interest ranging from 0.08% to 41.79% per annum in 2014 and from 0.03% to 41.79% per annum in 2015		1,124,810			1,469,218
Secured notes of consolidated subsidiaries, due 2016 to 2018 in 2015 with interest ranging from 8.40% to 9.55% per annum in 2015		—			13,580
Long-term capital lease obligations, due 2014 to 2030 in 2014 and due 2015 to 2030 in 2015 with interest ranging from 0.50% to 14.73% per annum in 2014 and from 0.50% to 14.73% per annum in 2015		21,796			19,459
		11,496,573			13,929,699
Less - Current portion due within one year		(2,949,663	)		(3,915,304	)
		8,546,910			10,014,395

As of March 31, 2015, approximately 48%, 12%, 8% and 32% of long-term debt are denominated in U.S. dollars, Japanese yen, Australian dollars and other currencies, respectively.

As of March 31, 2015, property, plant and equipment with a book value of ¥192,329 million and other assets aggregating ¥1,875,174 million were pledged as collateral mainly for certain debt obligations of subsidiaries. These other assets principally consist of securitized finance receivables.

The aggregate amounts of annual maturities of long-term debt during the next five years are as follows:

Years ending March 31,	Yen in millions
2016		3,915,304
2017		2,380,969
2018		2,867,620
2019		1,690,587
2020		1,718,136

Standard agreements with certain banks include provisions that collateral (including sums on deposit with such banks) or guarantees will be furnished upon the banks’ request and that any collateral furnished, pursuant to such agreements or otherwise, will be applicable to all present or future indebtedness to such banks. During the year ended March 31, 2015, Toyota has not received any significant requests from these banks.

As of March 31, 2015, Toyota has unused long-term lines of credit amounting to ¥8,980,430 million.

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Short-term Borrowings (Parenthetical) (Detail)	Mar. 31, 2015	Mar. 31, 2014
Short Term Bank Loans and Notes Payable
Short-term Debt [Line Items]
Short-term borrowings, weighted-average interest rate	2.83%	2.57%
Commercial Paper
Short-term Debt [Line Items]
Short-term borrowings, weighted-average interest rate	0.41%	0.49%

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Inventories

12 Months Ended

Mar. 31, 2015

Inventories

8. Inventories:

Inventories consist of the following:

	Yen in millions
	March 31,
	2014		2015
Finished goods		1,159,762		1,365,818
Raw materials		384,635		401,040
Work in process		258,133		270,113
Supplies and other		92,174		100,647
Total		1,894,704		2,137,618

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Finance Receivables 90 Days or More Past Due and Accruing (Detail) - JPY (¥) ¥ in Millions	Mar. 31, 2015	Mar. 31, 2014
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance receivables past due over 90 days and still accruing	¥ 32,101	¥ 26,856
Retail
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance receivables past due over 90 days and still accruing	28,147	23,352
Finance leases
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance receivables past due over 90 days and still accruing	¥ 3,954	¥ 3,504

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Amounts Recognized in Consolidated Balance Sheet Associated with Defined Benefit Plans (Detail) - JPY (¥) ¥ in Millions	Mar. 31, 2015	Mar. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Accrued pension and severance costs	¥ 880,293	¥ 767,618
Japanese plans
Defined Benefit Plan Disclosure [Line Items]
Accrued expenses (Accrued pension and severance costs)	26,906	25,088
Accrued pension and severance costs	595,598	573,301
Investments and other assets - Other (Prepaid pension and severance costs)	(349,081)	(185,335)
Net amount recognized	273,423	413,054
Foreign Plans
Defined Benefit Plan Disclosure [Line Items]
Accrued expenses (Accrued pension and severance costs)	2,411	2,509
Accrued pension and severance costs	284,695	194,317
Investments and other assets - Other (Prepaid pension and severance costs)	(23,704)	(72,225)
Net amount recognized	¥ 263,402	¥ 124,601

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Finance Receivables

12 Months Ended

Mar. 31, 2015

Finance Receivables

6. Finance receivables:

Finance receivables consist of the following:

	Yen in millions
	March 31,
	2014			2015
Retail		10,523,364			12,015,844
Finance leases		1,071,179			1,158,361
Wholesale and other dealer loans		2,875,650			3,124,079
		14,470,193			16,298,284
Deferred origination costs		161,956			179,905
Unearned income		(754,539	)		(837,124	)
Allowance for credit losses
Retail		(89,439	)		(109,316	)
Finance leases		(30,585	)		(29,303	)
Wholesale and other dealer loans		(26,358	)		(30,053	)
Total allowance for credit losses		(146,382	)		(168,672	)
Total finance receivables, net		13,731,228			15,472,393
Less - Current portion		(5,628,934	)		(6,269,862	)
Noncurrent finance receivables, net		8,102,294			9,202,531

Finance receivables were geographically distributed as follows: in North America 57.1%, in Asia 11.4%, in Europe 10.8%, in Japan 8.9% and in Other 11.8% as of March 31, 2014, and in North America 59.3%, in Asia 12.8%, in Europe 9.5%, in Japan 7.9% and in Other 10.5% as of March 31, 2015.

The contractual maturities of retail receivables, the future minimum lease payments on finance leases and the contractual maturities of wholesale and other dealer loans at March 31, 2015 are summarized as follows:

	Yen in millions
Years ending March 31,	Retail		Finance leases		Wholesale and other dealer loans
2016		3,990,339		305,178		2,284,565
2017		2,947,412		225,863		282,667
2018		2,303,402		171,359		193,257
2019		1,548,457		94,781		145,660
2020		792,183		30,905		96,535
Thereafter		434,051		7,405		121,395
		12,015,844		835,491		3,124,079

Finance leases consist of the following:

	Yen in millions
	March 31,
	2014			2015
Minimum lease payments		781,736			835,491
Estimated unguaranteed residual values		289,443			322,870
		1,071,179			1,158,361
Deferred origination costs		4,592			4,791
Less - Unearned income		(89,627	)		(98,915	)
Less - Allowance for credit losses		(30,585	)		(29,303	)
Finance leases, net		955,559			1,034,934

Toyota is exposed to credit risk on Toyota’s finance receivables. Credit risk is the risk of loss arising from the failure of customers or dealers to meet the terms of their contracts with Toyota or otherwise fail to perform as agreed. Toyota estimates allowance for credit losses by variety of credit-risk evaluation process to cover probable and estimable losses above.

The table below shows the amount of the finance receivables segregated into aging categories based on the number of days outstanding as of March 31, 2014 and 2015:

	Yen in millions
	March 31, 2014
	Retail		Finance leases		Wholesale		Real estate		Working capital
Current		10,366,261		1,062,194		1,434,534		739,659		700,819
30-59 days past due		105,056		3,396		8		525		—
60-89 days past due		22,824		1,490		—		70		—
90 days or greater past due		29,223		4,099		20		—		15
Total		10,523,364		1,071,179		1,434,562		740,254		700,834
	Yen in millions
	March 31, 2015
	Retail		Finance leases		Wholesale		Real estate		Working capital
Current		11,821,070		1,147,488		1,540,395		854,791		728,689
30-59 days past due		129,649		4,179		2		70		—
60-89 days past due		29,552		1,985		—		—		—
90 days or greater past due		35,573		4,709		—		26		106
Total		12,015,844		1,158,361		1,540,397		854,887		728,795

The tables below show the recorded investment for each credit quality of the finance receivable within the wholesale and other dealer loan receivables portfolio segment in the United States and other regions as of March 31, 2014 and 2015:

United States

The wholesale and other dealer loan receivables portfolio segment is primarily segregated into credit qualities below based on internal risk assessments by dealers.

Performing: Account not classified as either Credit Watch, At Risk or Default

Credit Watch: Account designated for elevated attention

At Risk: Account where there is an increased likelihood that default may exist based on qualitative and quantitative factors

Default: Account is not currently meeting contractual obligations or we have temporarily waived certain contractual requirements

	Yen in millions
	March 31, 2014
	Wholesale		Real estate		Working capital		Total
Performing		836,703		390,218		169,027		1,395,948
Credit Watch		131,934		88,032		16,233		236,199
At Risk		2,441		1,247		2,556		6,244
Default		58		—		616		674
Total		971,136		479,497		188,432		1,639,065

	Yen in millions
	March 31, 2015
	Wholesale		Real estate		Working capital		Total
Performing		960,542		454,451		197,369		1,612,362
Credit Watch		136,537		101,221		21,197		258,955
At Risk		7,230		4,476		3,806		15,512
Default		4,340		482		273		5,095
Total		1,108,649		560,630		222,645		1,891,924

Other regions

Credit qualities of the wholesale and other dealer loan receivables portfolio segment in other regions are also monitored based on internal risk assessments by dealers on a consistent basis as in the United States. These accounts classified as “Credit Watch” or “At Risk” were not significant in other regions, and consequently the tables below summarize information for two categories, “Performing” and “Default”.

	Yen in millions
	March 31, 2014
	Wholesale		Real estate		Working capital		Total
Performing		460,946		259,056		511,855		1,231,857
Default		2,480		1,701		547		4,728
Total		463,426		260,757		512,402		1,236,585

	Yen in millions
	March 31, 2015
	Wholesale		Real estate		Working capital		Total
Performing		428,889		292,007		505,675		1,226,571
Default		2,859		2,250		475		5,584
Total		431,748		294,257		506,150		1,232,155

The tables below summarize information about impaired finance receivables:

	Yen in millions
	Recorded investment				Unpaid principal balance				Individually evaluated allowance
	March 31,				March 31,				March 31,
	2014		2015		2014		2015		2014		2015
Impaired account balances individually evaluated for impairment with an allowance:
Wholesale		4,745		11,810		4,745		11,810		483		2,387
Real estate		4,476		8,136		4,476		8,136		1,421		2,054
Working capital		2,977		4,881		2,977		4,881		2,720		4,376
Total		12,198		24,827		12,198		24,827		4,624		8,817
Impaired account balances individually evaluated for impairment without an allowance:
Wholesale		5,217		13,644		5,217		13,644
Real estate		9,257		10,935		9,257		10,935
Working capital		384		312		384		312
Total		14,858		24,891		14,858		24,891
Impaired account balances aggregated and evaluated for impairment:
Retail		34,179		32,907		33,661		32,541
Finance leases		177		118		168		104
Total		34,356		33,025		33,829		32,645
Total impaired account balances:
Retail		34,179		32,907		33,661		32,541
Finance leases		177		118		168		104
Wholesale		9,962		25,454		9,962		25,454
Real estate		13,733		19,071		13,733		19,071
Working capital		3,361		5,193		3,361		5,193
Total		61,412		82,743		60,885		82,363

	Yen in millions
	Average impaired finance receivables				Interest income recognized
	For the years ended March 31,				For the years ended March 31,
	2014		2015		2014		2015
Total impaired account balances:
Retail		37,997		33,722		2,760		2,389
Finance leases		175		155		6		4
Wholesale		14,464		13,977		100		110
Real estate		15,201		14,634		501		439
Working capital		4,591		3,813		200		110
Total		72,428		66,301		3,567		3,052

The amount of finance receivables modified as a troubled debt restructuring for the year ended March 31, 2015 was not significant for all classes of finance receivables. Finance receivables modified as troubled debt restructurings for the year ended March 31, 2015 and for which there was a payment default were not significant for all classes of such receivables.

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Other Receivables

12 Months Ended

Mar. 31, 2015

Other Receivables

7. Other receivables:

Other receivables relate to arrangements with certain component manufacturers whereby Toyota procures inventory for these component manufactures and is reimbursed for the related purchases.

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Statement of Cash Flows - Non-financial Services and Financial Services Businesses (Detail) - Entity [Domain] - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities
Net income	¥ 2,307,904	¥ 1,991,648	¥ 1,083,482
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	1,409,075	1,250,853	1,105,109
Provision for doubtful accounts and credit losses	78,969	49,718	27,367
Pension and severance costs, less payments	(3,161)	20,654	(20,429)
Losses on disposal of fixed assets	31,625	28,657	32,221
Unrealized losses on available-for-sale securities, net	2,578	6,197	2,104
Deferred income taxes	(26,887)	(56,279)	160,008
Equity in earnings of affiliated companies	(308,545)	(318,376)	(231,519)
Changes in operating assets and liabilities, and other	194,195	672,963	292,973
Net cash provided by operating activities	3,685,753	3,646,035	2,451,316
Cash flows from investing activities
Additions to finance receivables	(13,126,596)	(11,953,064)	(10,004,928)
Collection of and proceeds from sales of finance receivables	12,450,388	11,025,353	9,102,856
Additions to fixed assets excluding equipment leased to others	(1,146,318)	(970,021)	(854,561)
Additions to equipment leased to others	(2,211,250)	(1,708,670)	(1,119,591)
Proceeds from sales of fixed assets excluding equipment leased to others	41,547	39,191	39,191
Proceeds from sales of equipment leased to others	803,423	744,339	533,441
Purchases of marketable securities and security investments	(3,194,294)	(4,738,278)	(3,412,423)
Proceeds from sales of and maturity of marketable securities and security investments	2,683,001	3,319,327	2,669,091
Payment for additional investments in affiliated companies, net of cash acquired		6,603	16,216
Changes in investments and other assets, and other	(113,391)	(101,028)	3,396
Net cash used in investing activities	(3,813,490)	(4,336,248)	(3,027,312)
Cash flows from financing activities
Proceeds from issuance of long-term debt	5,029,018	3,890,310	3,191,223
Payments of long-term debt	(3,462,237)	(2,988,923)	(2,682,136)
Increase (decrease) in short-term borrowings	(288,724)	467,976	201,261
Dividends paid to Toyota Motor Corporation shareholders	(554,933)	(396,030)	(190,008)
Dividends paid to noncontrolling interests	(69,295)	(63,065)	(45,640)
Reissuance (repurchase) of treasury stock	(347,784)	9,212	2,542
Net cash provided by (used in) financing activities	306,045	919,480	477,242
Effect of exchange rate changes on cash and cash equivalents	65,079	93,606	137,851
Net increase (decrease) in cash and cash equivalents	243,387	322,873	39,097
Cash and cash equivalents at beginning of year	2,041,170	1,718,297	1,679,200
Cash and cash equivalents at end of year	2,284,557	2,041,170	1,718,297
Non Financial Services Businesses
Cash flows from operating activities
Net income	2,071,179	1,792,162	883,073
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	844,456	812,957	768,581
Provision for doubtful accounts and credit losses	(1,598)	3,405	1,745
Pension and severance costs, less payments	(5,263)	21,842	(23,514)
Losses on disposal of fixed assets	31,601	27,925	32,005
Unrealized losses on available-for-sale securities, net	2,565	560	2,104
Deferred income taxes	(114,122)	(108,318)	89,834
Equity in earnings of affiliated companies	(306,749)	(316,612)	(230,078)
Changes in operating assets and liabilities, and other	356,269	1,010,360	472,514
Net cash provided by operating activities	2,878,338	3,244,281	1,996,264
Cash flows from investing activities
Additions to fixed assets excluding equipment leased to others	(1,133,102)	(956,232)	(839,756)
Additions to equipment leased to others	(137,985)	(97,515)	(129,070)
Proceeds from sales of fixed assets excluding equipment leased to others	40,032	38,311	38,051
Proceeds from sales of equipment leased to others	40,878	35,995	68,571
Purchases of marketable securities and security investments	(2,530,591)	(4,227,802)	(2,980,821)
Proceeds from sales of and maturity of marketable securities and security investments	2,198,799	2,813,373	2,285,566
Payment for additional investments in affiliated companies, net of cash acquired		6,603	16,216
Changes in investments and other assets, and other	(114,094)	(125,353)	17,206
Net cash used in investing activities	(1,636,063)	(2,512,620)	(1,524,037)
Cash flows from financing activities
Proceeds from issuance of long-term debt	119,449	121,723	182,114
Payments of long-term debt	(100,627)	(169,233)	(328,380)
Increase (decrease) in short-term borrowings	(47,026)	21,808	(162,782)
Dividends paid to Toyota Motor Corporation shareholders	(554,933)	(396,030)	(190,008)
Dividends paid to noncontrolling interests	(69,295)	(63,065)	(45,640)
Reissuance (repurchase) of treasury stock	(347,784)	9,212	2,542
Net cash provided by (used in) financing activities	(1,000,216)	(475,585)	(542,154)
Effect of exchange rate changes on cash and cash equivalents	27,075	48,375	72,700
Net increase (decrease) in cash and cash equivalents	269,134	304,451	2,773
Cash and cash equivalents at beginning of year	1,411,860	1,107,409	1,104,636
Cash and cash equivalents at end of year	1,680,994	1,411,860	1,107,409
Financial Services Business
Cash flows from operating activities
Net income	236,770	199,517	200,258
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	564,619	437,896	336,528
Provision for doubtful accounts and credit losses	80,567	46,313	25,622
Pension and severance costs, less payments	2,102	(1,188)	3,085
Losses on disposal of fixed assets	24	732	216
Unrealized losses on available-for-sale securities, net	13	5,636
Deferred income taxes	87,260	51,995	70,743
Equity in earnings of affiliated companies	(1,796)	(1,764)	(1,441)
Changes in operating assets and liabilities, and other	(191,791)	(269,875)	32,066
Net cash provided by operating activities	777,768	469,262	667,077
Cash flows from investing activities
Additions to finance receivables	(22,325,159)	(20,598,521)	(16,877,678)
Collection of and proceeds from sales of finance receivables	21,668,847	19,612,456	15,784,681
Additions to fixed assets excluding equipment leased to others	(13,216)	(13,789)	(14,805)
Additions to equipment leased to others	(2,073,265)	(1,611,155)	(990,521)
Proceeds from sales of fixed assets excluding equipment leased to others	1,515	880	1,140
Proceeds from sales of equipment leased to others	762,545	708,344	464,870
Purchases of marketable securities and security investments	(663,703)	(510,476)	(431,602)
Proceeds from sales of and maturity of marketable securities and security investments	484,202	505,954	383,525
Changes in investments and other assets, and other	(9,669)	(4,607)	(77,848)
Net cash used in investing activities	(2,167,903)	(1,910,914)	(1,758,238)
Cash flows from financing activities
Proceeds from issuance of long-term debt	4,960,157	3,780,228	3,089,484
Payments of long-term debt	(3,373,842)	(2,831,116)	(2,415,566)
Increase (decrease) in short-term borrowings	(259,931)	465,731	388,416
Net cash provided by (used in) financing activities	1,326,384	1,414,843	1,062,334
Effect of exchange rate changes on cash and cash equivalents	38,004	45,231	65,151
Net increase (decrease) in cash and cash equivalents	(25,747)	18,422	36,324
Cash and cash equivalents at beginning of year	629,310	610,888	574,564
Cash and cash equivalents at end of year	¥ 603,563	¥ 629,310	¥ 610,888

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Vehicles and Equipment on Operating Leases

12 Months Ended

Mar. 31, 2015

Vehicles and Equipment on Operating Leases

9. Vehicles and equipment on operating leases:

Vehicles and equipment on operating leases consist of the following:

	Yen in millions
	March 31,
	2014			2015
Vehicles		3,674,969			5,169,524
Equipment		129,029			163,195
Less - Deferred income and other		(94,438	)		(132,733	)
		3,709,560			5,199,986
Less - Accumulated depreciation		(808,764	)		(1,080,936	)
Less - Allowance for credit losses		(7,220	)		(9,366	)
Vehicles and equipment on operating leases, net		2,893,576			4,109,684

Rental income from vehicles and equipment on operating leases was ¥476,935 million, ¥586,983 million and ¥726,515 million for the years ended March 31, 2013, 2014 and 2015, respectively. Future minimum rentals from vehicles and equipment on operating leases are due in installments as follows:

Years ending March 31,	Yen in millions
2016		728,864
2017		461,905
2018		200,318
2019		50,092
2020		11,587
Thereafter		1,633
Total minimum future rentals		1,454,399

The future minimum rentals as shown above should not be considered indicative of future cash collections.

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Financing Receivables (Detail) - JPY (¥) ¥ in Millions	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables	¥ 16,298,284	¥ 14,470,193
Deferred origination costs	179,905	161,956
Unearned income	(837,124)	(754,539)
Allowance for credit losses	(168,672)	(146,382)
Total finance receivables, net	15,472,393	13,731,228
Less - Current portion	(6,269,862)	(5,628,934)
Noncurrent finance receivables, net	9,202,531	8,102,294
Total finance receivables, net	15,472,393	13,731,228
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables	12,015,844	10,523,364
Allowance for credit losses	(109,316)	(89,439)	¥ (83,858)	¥ (77,353)
Finance leases
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables	1,158,361	1,071,179
Allowance for credit losses	(29,303)	(30,585)	(28,928)	(30,637)
Wholesale and other dealer loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables	3,124,079	2,875,650
Allowance for credit losses	¥ (30,053)	¥ (26,358)	¥ (26,243)	¥ (24,238)

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Expected Benefit Payments Associated with Pension and Postretirement Benefit Plans (Detail) ¥ in Millions	Mar. 31, 2015 JPY (¥)
Japanese plans
Schedule of Pension Expected Future Benefit Payments [Line Items]
2016	¥ 69,606
2017	69,709
2018	70,611
2019	77,296
2020	78,321
From 2021 to 2025	416,805
Total	782,348
Foreign Plans
Schedule of Pension Expected Future Benefit Payments [Line Items]
2016	12,977
2017	13,896
2018	14,947
2019	16,375
2020	17,604
From 2021 to 2025	108,976
Total	¥ 184,775

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Short-term borrowings and long-term debt - Additional Information (Detail) - Mar. 31, 2015 - JPY (¥) ¥ in Millions	Total
Debt Instrument [Line Items]
Unused short-term lines of credit	¥ 2,070,086
Assets pledged as collateral mainly for certain debt obligations of subsidiaries	192,329
Other assets pledged as collateral mainly for certain debt obligations of subsidiaries	1,875,174
Unused long-term lines of credit	8,980,430
Commercial Paper
Debt Instrument [Line Items]
Unused short-term lines of credit	¥ 729,454
Currency, U.S. Dollar
Debt Instrument [Line Items]
Percentage of debt	48.00%
Currency, Japanese Yen
Debt Instrument [Line Items]
Percentage of debt	12.00%
Currency, Australian Dollar
Debt Instrument [Line Items]
Percentage of debt	8.00%
Other Foreign Currency Denominated Debt
Debt Instrument [Line Items]
Percentage of debt	32.00%

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Summary of Contractual Maturities (Detail) ¥ in Millions	Mar. 31, 2015 JPY (¥)
Retail
Contractual Maturities [Line Items]
2016	¥ 3,990,339
2017	2,947,412
2018	2,303,402
2019	1,548,457
2020	792,183
Thereafter	434,051
Financing Receivables, Gross , Total	12,015,844
Finance leases
Contractual Maturities [Line Items]
2016	305,178
2017	225,863
2018	171,359
2019	94,781
2020	30,905
Thereafter	7,405
Financing Receivables, Gross , Total	835,491
Wholesale and other dealer loans
Contractual Maturities [Line Items]
2016	2,284,565
2017	282,667
2018	193,257
2019	145,660
2020	96,535
Thereafter	121,395
Financing Receivables, Gross , Total	¥ 3,124,079

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Retirement of Treasury Stock (Detail) - 12 months ended Mar. 31, 2015 - shares	Total
Equity, Class of Treasury Stock [Line Items]
Reason for retiring treasury stock	The retirement was made to relieve concerns regarding the dilution of TMC's share value due to reissuance of treasury stock in the future.
Number of shares retired	30,000,000

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Marketable securities and other securities investments - Additional Information (Detail) - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Net Investment Income [Line Items]
Proceeds from sales of available-for-sale securities	¥ 113,348	¥ 538,894	¥ 35,178
Gross realized gains on sales of available-for-sale securities	17,912	25,099	1,048
Gross realized losses on sales of available-for-sale securities	161	404	31
Impairment losses recognized on available-for-sale securities	¥ 2,578	¥ 6,197	¥ 2,104
Public and Corporate Bonds | Available-for-sale Securities
Net Investment Income [Line Items]
Maturity period for securities, minimum	1 year	1 year
Maturity period for securities, maximum	10 years	10 years
Public and Corporate Bonds | Japanese bonds | Available-for-sale Securities
Net Investment Income [Line Items]
Percentage of assets	43.00%	50.00%
Public and Corporate Bonds | U.S., European and other bonds | Available-for-sale Securities
Net Investment Income [Line Items]
Percentage of assets	57.00%	50.00%
Common stocks | Japan | Available-for-sale Securities
Net Investment Income [Line Items]
Percentage of assets	88.00%	86.00%

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Provision for Income Taxes (Detail) - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Current income tax expense:
Current income tax expense	¥ 920,356	¥ 824,087	¥ 391,678
Deferred income tax expense (benefit):
Deferred income tax expense (benefit)	(26,887)	(56,279)	160,008
Provision for income taxes	893,469	767,808	551,686
Parent Company And Domestic Subsidiaries
Current income tax expense:
Current income tax expense	552,122	634,458	178,662
Deferred income tax expense (benefit):
Deferred income tax expense (benefit)	(77,653)	(122,898)	140,041
Foreign Subsidiaries
Current income tax expense:
Current income tax expense	368,234	189,629	213,016
Deferred income tax expense (benefit):
Deferred income tax expense (benefit)	¥ 50,766	¥ 66,619	¥ 19,967

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Minimum Rental Payments Required Under Operating Leases Relating to Land, Buildings and Equipment (Detail) ¥ in Millions	Mar. 31, 2015 JPY (¥)
Schedule of Operating Leases [Line Items]
2016	¥ 14,765
2017	12,343
2018	10,540
2019	7,361
2020	5,461
Thereafter	25,904
Total minimum future rentals	¥ 76,374

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Restructuring charges and asset impairments

12 Months Ended

Mar. 31, 2015

Restructuring charges and asset impairments

27. Restructuring charges and asset impairments:

In February 2014, TMC and Toyota Motor Corporation Australia Ltd., its production and sales subsidiary in Australia, decided to end their vehicle and engine production in Australia by the end of 2017. In fiscal 2014, Toyota recorded costs and expenses of ¥83,073 million relating to the end of production in Australia in the automotive segment. These costs and expenses consist primarily of long-lived assets impairment charges of ¥47,190 million and other restructuring charges of ¥35,883 million. In fiscal 2015, Toyota recorded additional charges which were not material. Toyota expects to incur additional charges each year from fiscal 2016 through the year 2017 which are not material to Toyota.

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Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance at beginning of year	¥ 16,636	¥ 12,016	¥ 6,423
Total gains (losses)
Included in income (loss)	(5,986)	3,432	2,142
Included in other comprehensive income (loss)	227	(228)	58
Purchases and issuances	4,055	2,575	3,607
Settlements	(4,083)	(3,134)	(3,906)
Other	2,478	1,975	3,692
Balance at end of year	13,327	16,636	12,016
Derivative financial instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance at beginning of year	7,544	5,127	4,739
Total gains (losses)
Included in income (loss)	(5,953)	3,460	2,118
Settlements	(1,169)	(1,579)	(2,343)
Other	588	536	613
Balance at end of year	1,010	7,544	5,127
Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance at beginning of year	9,092	6,889	1,684
Total gains (losses)
Included in income (loss)	(33)	(28)	24
Included in other comprehensive income (loss)	227	(228)	58
Purchases and issuances	4,055	2,575	3,607
Settlements	(2,914)	(1,555)	(1,563)
Other	1,890	1,439	3,079
Balance at end of year	¥ 12,317	¥ 9,092	¥ 6,889

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Derivative financial instruments (Tables)

12 Months Ended

Mar. 31, 2015

Fair Values of Derivative Financial Instruments

The following table summarizes the fair values of derivative financial instruments as of March 31, 2014 and 2015:

	Yen in millions
	March 31,
	2014			2015
Derivative assets
Derivative financial instruments designated as hedging instruments
Interest rate and currency swap agreements
Prepaid expenses and other current assets		1,254			527
Investments and other assets - Other		36,572			2,880
Total		37,826			3,407
Undesignated derivative financial instruments
Interest rate and currency swap agreements
Prepaid expenses and other current assets		23,182			57,915
Investments and other assets - Other		159,644			242,404
Total		182,826			300,319
Foreign exchange forward and option contracts
Prepaid expenses and other current assets		7,052			35,594
Investments and other assets - Other		—			—
Total		7,052			35,594
Total derivative assets		227,704			339,320
Counterparty netting		(85,331	)		(117,794	)
Collateral received		(78,554	)		(76,891	)
Carrying value of derivative assets		63,819			144,635
Derivative liabilities
Derivative financial instruments designated as hedging instruments
Interest rate and currency swap agreements
Other current liabilities		(1,442	)		(4,793	)
Other long-term liabilities		—			(401	)
Total		(1,442	)		(5,194	)
Undesignated derivative financial instruments
Interest rate and currency swap agreements
Other current liabilities		(32,569	)		(94,801	)
Other long-term liabilities		(132,161	)		(253,428	)
Total		(164,730	)		(348,229	)
Foreign exchange forward and option contracts
Other current liabilities		(9,468	)		(7,307	)
Other long-term liabilities		(5	)		(1	)
Total		(9,473	)		(7,308	)
Total derivative liabilities		(175,645	)		(360,731	)
Counterparty netting		85,331			117,794
Collateral posted		61,680			213,937
Carrying value of derivative liabilities		(28,634	)		(29,000	)

Notional Amounts of Derivative Financial Instruments

The following table summarizes the notional amounts of derivative financial instruments as of March 31, 2014 and 2015:

	Yen in millions
	March 31,
	2014				2015
	Designated derivative financial instruments		Undesignated derivative financial instruments		Designated derivative financial instruments		Undesignated derivative financial instruments
Interest rate and currency swap agreements		151,704		15,135,193		85,561		18,634,479
Foreign exchange forward and option contracts		—		1,965,611		—		2,625,106
Total		151,704		17,100,804		85,561		21,259,585

Gains and Losses on Derivative Financial Instruments and Hedged Items Reported in Consolidated Statement of Income

The following table summarizes the gains and losses on derivative financial instruments and hedged items reported in the consolidated statements of income for the years ended March 31, 2013, 2014 and 2015:

	Yen in millions
	For the years ended March 31,
	2013					2014					2015
	Gains or (losses) on derivative financial instruments			Gains or (losses) on hedged items		Gains or (losses) on derivative financial instruments			Gains or (losses) on hedged items		Gains or (losses) on derivative financial instruments			Gains or (losses) on hedged items
Derivative financial instruments designated as hedging instruments
Interest rate and currency swap agreements
Cost of financing operations		(23,965	)		24,738		(2,719	)		3,106		(15,488	)		15,595
Undesignated derivative financial instruments
Interest rate and currency swap agreements
Cost of financing operations		(24,204	)				199					(57,015	)
Foreign exchange gain (loss), net		1,617					(2,862	)				6,459
Foreign exchange forward and option contracts
Cost of financing operations		(4,572	)				20,333					31,738
Foreign exchange gain (loss), net		(49,239	)				(930	)				(4,108	)

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Other Payables

12 Months Ended

Mar. 31, 2015

Other Payables

14. Other payables:

Other payables are mainly related to purchases of property, plant and equipment and non-manufacturing purchases.

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Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) (Detail) - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Japanese plans
Schedule of Pension and Other Postretirement Benefits Recognized in Accumulated Other Comprehensive Income (Loss) [Line Items]
Net actuarial gain (loss)	¥ 130,455	¥ 71,890	¥ 32,122
Recognized net actuarial loss	7,302	12,562	16,619
Prior service costs	381	427	3,462
Amortization of prior service costs	(4,723)	(5,566)	(8,033)
Amortization of net transition obligation	0	0	0
Other	46		(173)
Total recognized in other comprehensive income (loss)	133,461	79,313	43,997
Foreign Plans
Schedule of Pension and Other Postretirement Benefits Recognized in Accumulated Other Comprehensive Income (Loss) [Line Items]
Net actuarial gain (loss)	(97,772)	52,253	(15,804)
Recognized net actuarial loss	2,892	5,224	2,884
Prior service costs	(3,217)	(96)	43
Amortization of prior service costs	377	359	369
Amortization of net transition obligation	0	0	0
Other	7,564	(7,605)	(8,162)
Total recognized in other comprehensive income (loss)	¥ (90,156)	¥ 50,135	¥ (20,670)

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Employee benefit plans

12 Months Ended

Mar. 31, 2015

Employee benefit plans

19. Employee benefit plans:

Pension and severance plans -

Upon terminations of employment, employees of the parent company and subsidiaries in Japan are entitled, under the retirement plans of each company, to lump-sum indemnities or pension payments, based on current rates of pay and lengths of service or the number of “points” mainly determined by those. Under normal circumstances, the minimum payment prior to retirement age is an amount based on voluntary retirement. Employees receive additional benefits on involuntary retirement, including retirement at the age limit.

Effective October 1, 2004, the parent company amended its retirement plan to introduce a “point” based retirement benefit plan. Under the new plan, employees are entitled to lump-sum or pension payments determined based on accumulated “points” vested in each year of service.

There are three types of “points” that vest in each year of service consisting of “service period points” which are attributed to the length of service, “job title points” which are attributed to the job title of each employee, and “performance points” which are attributed to the annual performance evaluation of each employee. Under normal circumstances, the minimum payment prior to retirement age is an amount reflecting an adjustment rate applied to represent voluntary retirement. Employees receive additional benefits upon involuntary retirement, including retirement at the age limit.

Effective October 1, 2005, the parent company partly amended its retirement plan and introduced the quasi cash-balance plan under which benefits are determined based on the variable-interest crediting rate rather than the fixed-interest crediting rate as was in the pre-amended plan.

The parent company and most subsidiaries in Japan have contributory funded defined benefit pension plans, which are pursuant to the Corporate Defined Benefit Pension Plan Law (CDBPPL). The contributions to the plans are funded with several financial institutions in accordance with the applicable laws and regulations. These pension plan assets consist principally of common stocks, government bonds and insurance contracts.

Most foreign subsidiaries have pension plans or severance indemnity plans covering substantially all of their employees under which the cost of benefits are currently invested or accrued. The benefits for these plans are based primarily on lengths of service and current rates of pay.

Toyota uses a March 31 measurement date for its benefit plans.

Information regarding Toyota’s defined benefit plans is as follows:

	Yen in millions
	March 31,
	Japanese plans						Foreign plans
	2014			2015			2014			2015
Change in benefit obligation
Benefit obligation at beginning of year		1,594,411			1,657,520			633,160			705,583
Service cost		64,549			73,256			36,908			41,147
Interest cost		24,518			21,746			32,153			37,993
Plan participants’ contributions		856			871			297			575
Plan amendments		(427	)		(381	)		96			3,217
Net actuarial (gain) loss		35,306			51,198			(30,012	)		116,787
Acquisition and other		—			(18,523	)		48,388			91,097
Benefits paid		(61,693	)		(64,462	)		(15,407	)		(19,469	)
Benefit obligation at end of year		1,657,520			1,721,225			705,583			976,930
Change in plan assets
Fair value of plan assets at beginning of year		1,090,258			1,244,466			479,239			580,982
Actual return on plan assets		133,964			212,908			56,300			59,800
Acquisition and other		—			(11,341	)		42,694			74,171
Employer contributions		56,386			38,917			14,801			14,660
Plan participants’ contributions		856			871			297			575
Benefits paid		(36,998	)		(38,019	)		(12,349	)		(16,660	)
Fair value of plan assets at end of year		1,244,466			1,447,802			580,982			713,528
Funded status		413,054			273,423			124,601			263,402

Amounts recognized in the consolidated balance sheets as of March 31, 2014 and 2015 are comprised of the following:

	Yen in millions
	March 31,
	Japanese plans						Foreign plans
	2014			2015			2014			2015
Accrued expenses (Accrued pension and severance costs)		25,088			26,906			2,509			2,411
Accrued pension and severance costs		573,301			595,598			194,317			284,695
Investments and other assets - Other (Prepaid pension and severance costs)		(185,335	)		(349,081	)		(72,225	)		(23,704	)
Net amount recognized		413,054			273,423			124,601			263,402

Amounts recognized in accumulated other comprehensive income (loss) as of March 31, 2014 and 2015 are comprised of the following:

	Yen in millions
	March 31,
	Japanese plans						Foreign plans
	2014			2015			2014			2015
Net actuarial loss		(248,751	)		(110,948	)		(46,278	)		(133,594	)
Prior service costs		48,221			43,879			(1,659	)		(4,499	)
Net transition obligation		—			—			—			—
Net amount recognized		(200,530	)		(67,069	)		(47,937	)		(138,093	)

The accumulated benefit obligation for all defined benefit pension plans was ¥1,593,424 million and ¥1,647,345 million in Japanese plans, ¥617,042 million and ¥874,629 million in Foreign plans at March 31, 2014 and 2015, respectively.

The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for which the accumulated benefit obligations exceed plan assets are as follows:

	Yen in millions
	March 31,
	Japanese plans				Foreign plans
	2014		2015		2014		2015
Projected benefit obligation		792,445		838,224		175,238		341,416
Accumulated benefit obligation		732,695		805,107		153,254		324,160
Fair value of plan assets		204,343		217,738		19,136		65,533

Components of the net periodic pension cost are as follows:

	Yen in millions
	For the years ended March 31,
	Japanese plans									Foreign plans
	2013			2014			2015			2013			2014			2015
Service cost		60,261			64,549			73,256			27,943			36,908			41,147
Interest cost		27,804			24,518			21,746			24,300			32,153			37,993
Expected return on plan assets		(22,352	)		(26,768	)		(31,255	)		(23,177	)		(34,059	)		(40,784	)
Amortization of prior service costs		(8,033	)		(5,566	)		(4,723	)		369			359			377
Recognized net actuarial loss		16,619			12,562			7,302			2,884			5,224			2,892
Amortization of net transition obligation		—			—			—			—			—			—
Net periodic pension cost		74,299			69,295			66,326			32,319			40,585			41,625

Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) are as follows:

	Yen in millions
	For the years ended March 31,
	Japanese plans									Foreign plans
	2013			2014			2015			2013			2014			2015
Net actuarial gain (loss)		32,122			71,890			130,455			(15,804	)		52,253			(97,772	)
Recognized net actuarial loss		16,619			12,562			7,302			2,884			5,224			2,892
Prior service costs		3,462			427			381			43			(96	)		(3,217	)
Amortization of prior service costs		(8,033	)		(5,566	)		(4,723	)		369			359			377
Amortization of net transition obligation		—			—			—			—			—			—
Other		(173	)		—			46			(8,162	)		(7,605	)		7,564
Total recognized in other comprehensive income (loss)		43,997			79,313			133,461			(20,670	)		50,135			(90,156	)

“Other” includes the impact of consolidation and deconsolidation of certain entities due to changes in ownership interest and currency translation adjustments during the years ended March 31, 2013, 2014 and 2015.

The estimated prior service costs and net actuarial loss that will be amortized from accumulated other comprehensive income (loss) into net periodic pension cost during the year ending March 31, 2016 are ¥(4,700) million and ¥5,700 million in Japanese plans, ¥400 million and ¥6,300 million in Foreign plans, respectively.

Weighted-average assumptions used to determine benefit obligations as of March 31, 2014 and 2015 are as follows:

	March 31,
	Japanese plans						Foreign plans
	2014			2015			2014			2015
Discount rate		1.4	%		1.1	%		4.8	%		4.0	%
Rate of compensation increase		2.1	%		2.5	%		4.5	%		4.4	%

As of March 31, 2014 and 2015, the parent company and certain subsidiaries in Japan employ “point” based retirement benefit plans and do not use the rates of compensation increase to determine benefit obligations.

Weighted-average assumptions used to determine net periodic pension cost for the years ended March 31, 2013, 2014 and 2015 are as follows:

	For the years ended March 31,
	Japanese plans									Foreign plans
	2013			2014			2015			2013			2014			2015
Discount rate		2.0	%		1.7	%		1.4	%		5.0	%		4.5	%		4.8	%
Expected return on plan assets		2.5	%		2.6	%		2.5	%		7.0	%		6.9	%		6.7	%
Rate of compensation increase		2.3	%		2.2	%		2.1	%		4.5	%		4.6	%		4.5	%

During the years ended March 31, 2013, 2014 and 2015, the parent company and certain subsidiaries in Japan employ “point” based retirement benefit plans and do not use the rates of compensation increase to determine net periodic pension cost.

The expected rate of return on plan assets is determined after considering several applicable factors including, the composition of plan assets held, assumed risks of asset management, historical results of the returns on plan assets, Toyota’s principal policy for plan asset management, and forecasted market conditions.

Toyota’s policy and objective for plan asset management is to maximize returns on plan assets to meet future benefit payment requirements under risks which Toyota considers permissible. Asset allocations under the plan asset management are determined based on plan asset management policies of each plan which are established to achieve the optimized asset compositions in terms of the long-term overall plan asset management. In Japanese plans, excepting equity securities contributed by Toyota, approximately 50% of the plan assets is invested in equity securities, approximately 30% is invested in debt securities, and the rest of them is invested in insurance contracts and other products. In Foreign plans, excepting equity securities contributed by Toyota, approximately 60% of the plan assets is invested in equity securities, approximately 30% is invested in debt securities, and the rest of them is invested in other products. When actual allocations are not in line with target allocations, Toyota rebalances its investments in accordance with the policies. Prior to making individual investments, Toyota performs in-depth assessments of corresponding factors including category of products, industry type, currencies and liquidity of each potential investment under consideration to mitigate concentrations of risks such as market risk and foreign currency exchange rate risk. To assess performance of the investments, Toyota establishes bench mark return rates for each individual investment, combines these individual bench mark rates based on the asset composition ratios within each asset category, and compares the combined rates with the corresponding actual return rates on each asset category.

The following table summarizes the fair value of classes of plan assets as of March 31, 2014 and 2015. See note 26 to the consolidated financial statements for three levels of input which are used to measure fair value.

Japanese plans

	Yen in millions
	March 31, 2014
	Level 1		Level 2		Level 3		Total
Equity securities
Common stocks		511,828		—		—		511,828
Commingled funds		—		185,599		—		185,599
		511,828		185,599		—		697,427
Debt securities
Government bonds		90,071		—		—		90,071
Commingled funds		—		229,421		—		229,421
Other		—		24,028		322		24,350
		90,071		253,449		322		343,842
Insurance contracts		—		132,810		—		132,810
Other		18,838		3,789		47,760		70,387
Total		620,737		575,647		48,082		1,244,466

	Yen in millions
	March 31, 2015
	Level 1		Level 2		Level 3		Total
Equity securities
Common stocks		603,293		—		—		603,293
Commingled funds		—		163,543		—		163,543
		603,293		163,543		—		766,836
Debt securities
Government bonds		91,348		—		—		91,348
Commingled funds		—		247,261		—		247,261
Other		—		23,267		233		23,500
		91,348		270,528		233		362,109
Insurance contracts		—		175,068		—		175,068
Other		23,549		70,133		50,107		143,789
Total		718,190		679,272		50,340		1,447,802

Foreign plans

	Yen in millions
	March 31, 2014
	Level 1		Level 2		Level 3		Total
Equity securities
Common stocks		221,988		—		—		221,988
Commingled funds		—		125,840		—		125,840
		221,988		125,840		—		347,828
Debt securities
Government bonds		54,086		—		—		54,086
Commingled funds		—		45,887		—		45,887
Other		3,004		44,964		—		47,968
		57,090		90,851		—		147,941
Insurance contracts		—		—		—		—
Other		31,053		6,294		47,866		85,213
Total		310,131		222,985		47,866		580,982

	Yen in millions
	March 31, 2015
	Level 1		Level 2		Level 3		Total
Equity securities
Common stocks		244,542		—		—		244,542
Commingled funds		—		177,115		—		177,115
		244,542		177,115		—		421,657
Debt securities
Government bonds		67,534		—		—		67,534
Commingled funds		—		71,712		—		71,712
Other		3,691		52,501		—		56,192
		71,225		124,213		—		195,438
Insurance contracts		—		—		—		—
Other		16,839		12,764		66,830		96,433
Total		332,606		314,092		66,830		713,528

The following is description of the assets, information about the valuation techniques used to measure fair value, key inputs and significant assumptions:

Quoted market prices for identical securities are used to measure fair value of common stocks. Common stocks include 71% of Japanese stocks and 29% of foreign stocks as of March 31, 2014, and 77% of Japanese stocks and 23% of foreign stocks as of March 31, 2015 in Japanese plans. Common stocks include mainly foreign stocks as of March 31, 2014 and 2015 in Foreign plans.

Quoted market prices for identical securities are used to measure fair value of government bonds. Government bonds include 44% of Japanese government bonds and 56% of foreign government bonds as of March 31, 2014, and 36% of Japanese government bonds and 64% of foreign government bonds as of March 31, 2015 in Japanese plans. Government bonds include mainly foreign government bonds as of March 31, 2014 and 2015 in Foreign plans.

Commingled funds are beneficial interests of collective trust. The fair values of commingled funds are measured using the net asset value (“NAV”) provided by the administrator of the fund, and are categorized by the ability to redeem investments at the measurement day.

The fair values of insurance contracts are measured using contracted amount with accrued interest.

“Other” consists of cash equivalents, other private placement investment funds and other assets. The fair values of other private placement investment funds are measured using the NAV provided by the administrator of the fund, and are categorized by the ability to redeem investments at the measurement day.

The following tables summarize the changes in Level 3 plan assets measured at fair value for the years ended March 31, 2013, 2014 and 2015:

Japanese plans

	Yen in millions
	For the years ended March 31,
	2013							2014							2015
	Debt securities			Other		Total		Debt securities			Other		Total		Debt securities			Other		Total
Balance at beginning of year		591			40,065		40,656		441			41,535		41,976		322			47,760		48,082
Actual return on plan assets		3			438		441		2			3,583		3,585		2			1,169		1,171
Purchases, sales and settlements		(153	)		1,032		879		(121	)		2,642		2,521		(91	)		1,178		1,087
Other		—			—		—		—			—		—		—			—		—
Balance at end of year		441			41,535		41,976		322			47,760		48,082		233			50,107		50,340

Foreign plans

	Yen in millions
	For the years ended March 31,
	2013		2014		2015
	Other		Other		Other
Balance at beginning of year		31,377		40,607		47,866
Actual return on plan assets		2,472		791		4,699
Purchases, sales and settlements		2,599		1,987		7,698
Other		4,159		4,481		6,567
Balance at end of year		40,607		47,866		66,830

Toyota expects to contribute ¥37,836 million in Japanese plans and ¥13,452 million in Foreign plans to its pension plans in the year ending March 31, 2016.

The following pension benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

	Yen in millions
Years ending March 31,	Japanese plans		Foreign plans
2016		69,606		12,977
2017		69,709		13,896
2018		70,611		14,947
2019		77,296		16,375
2020		78,321		17,604
from 2021 to 2025		416,805		108,976
Total		782,348		184,775

Postretirement benefits other than pensions and postemployment benefits -

Toyota’s U.S. subsidiaries provide certain health care and life insurance benefits to eligible retired employees. In addition, Toyota provides benefits to certain former or inactive employees after employment, but before retirement. These benefits are provided through various insurance companies, health care providers and others. The costs of these benefits are recognized over the period the employee provides credited service to Toyota. Toyota’s obligations under these arrangements are not material.

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Components of Deferred Tax Assets and Liabilities (Detail) - JPY (¥) ¥ in Millions	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Deferred tax assets
Accrued pension and severance costs	¥ 184,215	¥ 179,159
Accrued expenses and liabilities for quality assurances	573,246	523,473
Other accrued employees' compensation	126,366	126,721
Operating loss carryforwards for tax purposes	259,896	164,070
Tax credit carryforwards	42,059	51,046
Property, plant and equipment and other assets	220,226	213,799
Other	288,012	307,443
Gross deferred tax assets	1,694,020	1,565,711
Less - Valuation allowance	(169,811)	(189,894)	¥ (284,835)	¥ (309,268)
Total deferred tax assets	1,524,209	1,375,817
Deferred tax liabilities
Unrealized gains on securities, net	(810,192)	(608,428)
Undistributed earnings of foreign subsidiaries	(27,692)	(37,556)
Undistributed earnings of affiliated companies accounted for by the equity method	(686,692)	(663,249)
Basis difference of acquired assets	(31,946)	(35,261)
Lease transactions	(1,162,540)	(828,911)
Other	(21,597)	(39,286)
Gross deferred tax liabilities	(2,740,659)	(2,212,691)
Net deferred tax liability	(1,216,450)	(836,874)
Deferred tax assets
Deferred income taxes (Current assets)	978,179	866,386
Investments and other assets - Other	132,548	133,537
Deferred tax liabilities
Other current liabilities	(28,708)	(24,951)
Deferred income taxes (Long-term liabilities)	(2,298,469)	(1,811,846)
Net deferred tax liability	¥ (1,216,450)	¥ (836,874)

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Stock-based compensation (Tables)

12 Months Ended

Mar. 31, 2015

Summary of Toyota's Stock Option Activity

The following table summarizes Toyota’s stock option activity:

				Yen				Yen in millions
	Number of shares			Weighted- average exercise price		Weighted- average remaining contractual life in years		Aggregate intrinsic value
Options outstanding at March 31, 2012		12,530,000			4,910		4.55		1,065
Granted		—			—
Exercised		(645,000	)		3,328
Canceled		(1,036,000	)		5,907
Options outstanding at March 31, 2013		10,849,000			4,909		3.56		5,921
Granted		—			—
Exercised		(2,390,100	)		4,043
Canceled		(1,128,000	)		6,373
Options outstanding at March 31, 2014		7,330,900			4,965		2.52		8,646
Granted		—			—
Exercised		(2,603,900	)		4,834
Canceled		(1,223,500	)		6,200
Options outstanding at March 31, 2015		3,503,500			4,632		2.05		13,143
Options exercisable at March 31, 2013		10,849,000			4,909		3.56		5,921
Options exercisable at March 31, 2014		7,330,900			4,965		2.52		8,646
Options exercisable at March 31, 2015		3,503,500			4,632		2.05		13,143

Summary of Options Outstanding and Options Exercisable

The following table summarizes information for options outstanding and options exercisable at March 31, 2015:

	Outstanding						Exercisable
Exercise price           range	Number of          shares		Weighted-         average          exercise price		Weighted- average          remaining         life		Number of          shares		Weighted-         average          exercise price
Yen			Yen		Years				Yen
3,183 – 5,000		2,770,300		3,931		2.50		2,770,300		3,931
5,001 – 7,278		733,200		7,278		0.33		733,200		7,278
3,183 – 7,278		3,503,500		4,632		2.05		3,503,500		4,632

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Component of Reclassifications (Detail) - JPY (¥) ¥ in Millions		12 Months Ended
		Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Financing operations		¥ 1,621,685	¥ 1,379,267	¥ 1,150,042
Foreign exchange gain, net		88,140	50,260	5,551
Other income (loss), net		(70,127)	2,928	1,504
Income before income taxes and equity in earnings of affiliated companies		2,892,828	2,441,080	1,403,649
Provision for income taxes		(893,469)	(767,808)	(551,686)
Equity in earnings of affiliated companies		308,545	318,376	231,519
Net income		2,307,904	1,991,648	1,083,482
Total reclassifications, net of tax		(15,019)	(109)	33,702
Unrealized gains (losses) on securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, net of tax		(18,714)	(8,006)	26,198
Unrealized gains (losses) on securities | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Financing operations		(7,727)	(29)
Foreign exchange gain, net		(14,552)	5,079
Other income (loss), net		(7,446)	(18,469)
Income before income taxes and equity in earnings of affiliated companies		(29,725)	(13,419)
Provision for income taxes		11,013	5,209
Equity in earnings of affiliated companies		(2)	204
Net income		(18,714)	(8,006)
Pension liability adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, net of tax		3,695	7,897	¥ 7,504
Pension liability adjustments | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Recognized net actuarial loss	[1]	10,194	17,786
Amortization of prior service costs	[1]	(4,346)	(5,207)
Income before income taxes and equity in earnings of affiliated companies		5,848	12,579
Provision for income taxes		(2,153)	(4,682)
Net income		¥ 3,695	¥ 7,897

[1] These components are included in the computation of net periodic pension cost. See note 19 to the consolidated financial statements for additional information.

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Vehicles and Equipment on Operating Leases (Tables)

12 Months Ended

Mar. 31, 2015

Summary of Vehicles and Equipment on Operating Lease

Vehicles and equipment on operating leases consist of the following:

	Yen in millions
	March 31,
	2014			2015
Vehicles		3,674,969			5,169,524
Equipment		129,029			163,195
Less - Deferred income and other		(94,438	)		(132,733	)
		3,709,560			5,199,986
Less - Accumulated depreciation		(808,764	)		(1,080,936	)
Less - Allowance for credit losses		(7,220	)		(9,366	)
Vehicles and equipment on operating leases, net		2,893,576			4,109,684

Future Minimum Rentals from Vehicles and Equipment on Operating Leases

March 31, 2013, 2014 and 2015, respectively. Future minimum rentals from vehicles and equipment on operating leases are due in installments as follows:

Years ending March 31,	Yen in millions
2016		728,864
2017		461,905
2018		200,318
2019		50,092
2020		11,587
Thereafter		1,633
Total minimum future rentals		1,454,399

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Summary of Toyota's Stock Option Activity (Detail) - JPY (¥) ¥ / shares in Units, ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Number of shares
Options outstanding, beginning balance	7,330,900	10,849,000	12,530,000
Granted	0	0	0
Exercised	(2,603,900)	(2,390,100)	(645,000)
Canceled	(1,223,500)	(1,128,000)	(1,036,000)
Options outstanding, ending balance	3,503,500	7,330,900	10,849,000	12,530,000
Options exercisable at year end	3,503,500	7,330,900	10,849,000
Weighted-average exercise price
Options outstanding, beginning balance	¥ 4,965	¥ 4,909	¥ 4,910
Granted	0	0	0
Exercised	4,834	4,043	3,328
Canceled	6,200	6,373	5,907
Options outstanding, ending balance	4,632	4,965	4,909	¥ 4,910
Options exercisable at year end	¥ 4,632	¥ 4,965	¥ 4,909
Weighted-average remaining contractual life in years
Options outstanding, Weighted- average remaining contractual term	2 years 18 days	2 years 6 months 7 days	3 years 6 months 22 days	4 years 6 months 18 days
Options exercisable at year end	2 years 18 days	2 years 6 months 7 days	3 years 6 months 22 days
Aggregate intrinsic value
Options outstanding, beginning balance	¥ 8,646	¥ 5,921	¥ 1,065
Options outstanding, ending balance	13,143	8,646	5,921	¥ 1,065
Options exercisable at year end	¥ 13,143	¥ 8,646	¥ 5,921

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Consolidated Statements of Comprehensive Income - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Net income	¥ 2,307,904	¥ 1,991,648	¥ 1,083,482
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	404,352	301,889	461,754
Unrealized gains (losses) on securities	577,703	499,560	374,209
Pension liability adjustments	4,316	99,404	14,711
Other comprehensive income (loss), net of tax	986,371	900,853	850,674
Total comprehensive income	3,294,275	2,892,501	1,934,156
Less - Comprehensive income attributable to noncontrolling interests	(171,553)	(185,098)	(149,283)
Comprehensive income attributable to Toyota Motor Corporation	¥ 3,122,722	¥ 2,707,403	¥ 1,784,873

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Aggregate Amounts of Annual Maturities of Long-term Debt During Next Five Years (Detail) ¥ in Millions	Mar. 31, 2015 JPY (¥)
Long Term Debt Maturities Repayments Of Principal [Line Items]
2016	¥ 3,915,304
2017	2,380,969
2018	2,867,620
2019	1,690,587
2020	¥ 1,718,136

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Supplemental cash flow information

12 Months Ended

Mar. 31, 2015

Supplemental cash flow information

3. Supplemental cash flow information:

Cash payments for income taxes were ¥331,007 million, ¥411,133 million and ¥1,145,808 million for the years ended March 31, 2013, 2014 and 2015, respectively. Interest payments during the years ended March 31, 2013, 2014 and 2015 were ¥325,575 million, ¥352,590 million and ¥369,770 million, respectively.

Capital lease obligations of ¥3,749 million, ¥3,422 million and ¥3,709 million were incurred for the years ended March 31, 2013, 2014 and 2015, respectively.

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Summary of significant accounting policies - Additional Information (Detail) - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Significant Accounting Policies [Line Items]
Investments in non-public companies stated at cost	Investments in non-public companies in which Toyota does not exercise significant influence (generally less than a 20% ownership interest) are stated at cost.
Advertising costs	¥ 435,150	¥ 419,409	¥ 330,870
Research and development costs	1,004,547	910,517	¥ 807,454
Inventories, LIFO basis	402,180	323,249
Inventory increase had LIFO been replaced by FIFO basis	¥ 39,165	¥ 46,244
Intangible assets with a definite life, estimated useful lives	5 years
Maximum
Significant Accounting Policies [Line Items]
Cash equivalents maturity period	3 months
Building | Maximum
Significant Accounting Policies [Line Items]
Property, plant and equipment, estimated useful lives	65 years
Building | Minimum
Significant Accounting Policies [Line Items]
Property, plant and equipment, estimated useful lives	2 years
Machinery and equipment | Maximum
Significant Accounting Policies [Line Items]
Property, plant and equipment, estimated useful lives	20 years
Machinery and equipment | Minimum
Significant Accounting Policies [Line Items]
Property, plant and equipment, estimated useful lives	2 years
Assets Leased to Others | Maximum
Significant Accounting Policies [Line Items]
Property, plant and equipment, estimated useful lives	5 years
Assets Leased to Others | Minimum
Significant Accounting Policies [Line Items]
Property, plant and equipment, estimated useful lives	2 years
Automobile Loan | Maximum
Significant Accounting Policies [Line Items]
Contract period	7 years
Automobile Loan | Minimum
Significant Accounting Policies [Line Items]
Contract period	2 years
Finance leases | Maximum
Significant Accounting Policies [Line Items]
Contract period	5 years
Finance leases | Minimum
Significant Accounting Policies [Line Items]
Contract period	2 years

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Account Balances and Transactions with Affiliated Companies (Detail) - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Schedule of Equity Method Investments [Line Items]
Trade accounts and notes receivable, and other receivables	¥ 266,999	¥ 253,312
Accounts payable and other payables	635,878	599,334
Net revenues	1,785,238	1,854,708	¥ 1,926,854
Purchases	¥ 5,065,613	¥ 4,289,583	¥ 4,020,138

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Stock-based compensation - Additional Information (Detail) - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Stock-based compensation expense related to stock options		¥ 23	¥ 325
Total intrinsic value of stock options exercised	¥ 5,313	4,793	364
Cash received from options exercised	¥ 12,501	¥ 9,663	¥ 2,147
Stock options granted in and after August 2006
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Term of options (in years)	8 years
Exercise price ratio	102.50%
Vesting period	2 years

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Recorded Investment for each Credit Quality of Finance Receivable within Wholesale and Other Dealer Loan Receivables Portfolio Segment in United States and Other Regions (Detail) - JPY (¥) ¥ in Millions	Mar. 31, 2015	Mar. 31, 2014
Financing Receivable, Recorded Investment [Line Items]
Finance Receivable	¥ 16,298,284	¥ 14,470,193
United States | Wholesale and other dealer loans
Financing Receivable, Recorded Investment [Line Items]
Finance Receivable	1,891,924	1,639,065
United States | Wholesale and other dealer loans | Performing
Financing Receivable, Recorded Investment [Line Items]
Finance Receivable	1,612,362	1,395,948
United States | Wholesale and other dealer loans | Credit Watch
Financing Receivable, Recorded Investment [Line Items]
Finance Receivable	258,955	236,199
United States | Wholesale and other dealer loans | At Risk
Financing Receivable, Recorded Investment [Line Items]
Finance Receivable	15,512	6,244
United States | Wholesale and other dealer loans | Default
Financing Receivable, Recorded Investment [Line Items]
Finance Receivable	5,095	674
Other Regions | Wholesale and other dealer loans
Financing Receivable, Recorded Investment [Line Items]
Finance Receivable	1,232,155	1,236,585
Other Regions | Wholesale and other dealer loans | Performing
Financing Receivable, Recorded Investment [Line Items]
Finance Receivable	1,226,571	1,231,857
Other Regions | Wholesale and other dealer loans | Default
Financing Receivable, Recorded Investment [Line Items]
Finance Receivable	5,584	4,728
Wholesale
Financing Receivable, Recorded Investment [Line Items]
Finance Receivable	1,540,397	1,434,562
Wholesale | United States | Wholesale and other dealer loans
Financing Receivable, Recorded Investment [Line Items]
Finance Receivable	1,108,649	971,136
Wholesale | United States | Wholesale and other dealer loans | Performing
Financing Receivable, Recorded Investment [Line Items]
Finance Receivable	960,542	836,703
Wholesale | United States | Wholesale and other dealer loans | Credit Watch
Financing Receivable, Recorded Investment [Line Items]
Finance Receivable	136,537	131,934
Wholesale | United States | Wholesale and other dealer loans | At Risk
Financing Receivable, Recorded Investment [Line Items]
Finance Receivable	7,230	2,441
Wholesale | United States | Wholesale and other dealer loans | Default
Financing Receivable, Recorded Investment [Line Items]
Finance Receivable	4,340	58
Wholesale | Other Regions | Wholesale and other dealer loans
Financing Receivable, Recorded Investment [Line Items]
Finance Receivable	431,748	463,426
Wholesale | Other Regions | Wholesale and other dealer loans | Performing
Financing Receivable, Recorded Investment [Line Items]
Finance Receivable	428,889	460,946
Wholesale | Other Regions | Wholesale and other dealer loans | Default
Financing Receivable, Recorded Investment [Line Items]
Finance Receivable	2,859	2,480
Real estate
Financing Receivable, Recorded Investment [Line Items]
Finance Receivable	854,887	740,254
Real estate | United States | Wholesale and other dealer loans
Financing Receivable, Recorded Investment [Line Items]
Finance Receivable	560,630	479,497
Real estate | United States | Wholesale and other dealer loans | Performing
Financing Receivable, Recorded Investment [Line Items]
Finance Receivable	454,451	390,218
Real estate | United States | Wholesale and other dealer loans | Credit Watch
Financing Receivable, Recorded Investment [Line Items]
Finance Receivable	101,221	88,032
Real estate | United States | Wholesale and other dealer loans | At Risk
Financing Receivable, Recorded Investment [Line Items]
Finance Receivable	4,476	1,247
Real estate | United States | Wholesale and other dealer loans | Default
Financing Receivable, Recorded Investment [Line Items]
Finance Receivable	482
Real estate | Other Regions | Wholesale and other dealer loans
Financing Receivable, Recorded Investment [Line Items]
Finance Receivable	294,257	260,757
Real estate | Other Regions | Wholesale and other dealer loans | Performing
Financing Receivable, Recorded Investment [Line Items]
Finance Receivable	292,007	259,056
Real estate | Other Regions | Wholesale and other dealer loans | Default
Financing Receivable, Recorded Investment [Line Items]
Finance Receivable	2,250	1,701
Working capital
Financing Receivable, Recorded Investment [Line Items]
Finance Receivable	728,795	700,834
Working capital | United States | Wholesale and other dealer loans
Financing Receivable, Recorded Investment [Line Items]
Finance Receivable	222,645	188,432
Working capital | United States | Wholesale and other dealer loans | Performing
Financing Receivable, Recorded Investment [Line Items]
Finance Receivable	197,369	169,027
Working capital | United States | Wholesale and other dealer loans | Credit Watch
Financing Receivable, Recorded Investment [Line Items]
Finance Receivable	21,197	16,233
Working capital | United States | Wholesale and other dealer loans | At Risk
Financing Receivable, Recorded Investment [Line Items]
Finance Receivable	3,806	2,556
Working capital | United States | Wholesale and other dealer loans | Default
Financing Receivable, Recorded Investment [Line Items]
Finance Receivable	273	616
Working capital | Other Regions | Wholesale and other dealer loans
Financing Receivable, Recorded Investment [Line Items]
Finance Receivable	506,150	512,402
Working capital | Other Regions | Wholesale and other dealer loans | Performing
Financing Receivable, Recorded Investment [Line Items]
Finance Receivable	505,675	511,855
Working capital | Other Regions | Wholesale and other dealer loans | Default
Financing Receivable, Recorded Investment [Line Items]
Finance Receivable	¥ 475	¥ 547

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Derivative financial instruments

12 Months Ended

Mar. 31, 2015

Derivative financial instruments

20. Derivative financial instruments:

Toyota employs derivative financial instruments, including foreign exchange forward contracts, foreign currency options, interest rate swaps, interest rate currency swap agreements and interest rate options to manage its exposure to fluctuations in interest rates and foreign currency exchange rates. Toyota does not use derivatives for speculation or trading.

Fair value hedges -

Toyota enters into interest rate swaps and interest rate currency swap agreements mainly to convert its fixed-rate debt to variable-rate debt. Toyota uses interest rate swap agreements in managing interest rate risk exposure. Interest rate swap agreements are executed as either an integral part of specific debt transactions or on a portfolio basis. Toyota uses interest rate currency swap agreements to hedge exposure to currency exchange rate fluctuations on principal and interest payments for borrowings denominated in foreign currencies. Notes and loans payable issued in foreign currencies are hedged by concurrently executing interest rate currency swap agreements, which involve the exchange of foreign currency principal and interest obligations for each functional currency obligations at agreed-upon currency exchange and interest rates.

For the years ended March 31, 2013, 2014 and 2015, the ineffective portion of Toyota’s fair value hedge relationships was not material. For fair value hedging relationships, the components of each derivative’s gain or loss are included in the assessment of hedge effectiveness.

Undesignated derivative financial instruments -

Toyota uses foreign exchange forward contracts, foreign currency options, interest rate swaps, interest rate currency swap agreements, and interest rate options, to manage its exposure to foreign currency exchange rate fluctuations and interest rate fluctuations from an economic perspective, and for which Toyota is unable to or has elected not to apply hedge accounting.

Fair value and gains or losses on derivative financial instruments -

The following table summarizes the fair values of derivative financial instruments as of March 31, 2014 and 2015:

	Yen in millions
	March 31,
	2014			2015
Derivative assets
Derivative financial instruments designated as hedging instruments
Interest rate and currency swap agreements
Prepaid expenses and other current assets		1,254			527
Investments and other assets - Other		36,572			2,880
Total		37,826			3,407
Undesignated derivative financial instruments
Interest rate and currency swap agreements
Prepaid expenses and other current assets		23,182			57,915
Investments and other assets - Other		159,644			242,404
Total		182,826			300,319
Foreign exchange forward and option contracts
Prepaid expenses and other current assets		7,052			35,594
Investments and other assets - Other		—			—
Total		7,052			35,594
Total derivative assets		227,704			339,320
Counterparty netting		(85,331	)		(117,794	)
Collateral received		(78,554	)		(76,891	)
Carrying value of derivative assets		63,819			144,635
Derivative liabilities
Derivative financial instruments designated as hedging instruments
Interest rate and currency swap agreements
Other current liabilities		(1,442	)		(4,793	)
Other long-term liabilities		—			(401	)
Total		(1,442	)		(5,194	)
Undesignated derivative financial instruments
Interest rate and currency swap agreements
Other current liabilities		(32,569	)		(94,801	)
Other long-term liabilities		(132,161	)		(253,428	)
Total		(164,730	)		(348,229	)
Foreign exchange forward and option contracts
Other current liabilities		(9,468	)		(7,307	)
Other long-term liabilities		(5	)		(1	)
Total		(9,473	)		(7,308	)
Total derivative liabilities		(175,645	)		(360,731	)
Counterparty netting		85,331			117,794
Collateral posted		61,680			213,937
Carrying value of derivative liabilities		(28,634	)		(29,000	)

The following table summarizes the notional amounts of derivative financial instruments as of March 31, 2014 and 2015:

	Yen in millions
	March 31,
	2014				2015
	Designated derivative financial instruments		Undesignated derivative financial instruments		Designated derivative financial instruments		Undesignated derivative financial instruments
Interest rate and currency swap agreements		151,704		15,135,193		85,561		18,634,479
Foreign exchange forward and option contracts		—		1,965,611		—		2,625,106
Total		151,704		17,100,804		85,561		21,259,585

The following table summarizes the gains and losses on derivative financial instruments and hedged items reported in the consolidated statements of income for the years ended March 31, 2013, 2014 and 2015:

	Yen in millions
	For the years ended March 31,
	2013					2014					2015
	Gains or (losses) on derivative financial instruments			Gains or (losses) on hedged items		Gains or (losses) on derivative financial instruments			Gains or (losses) on hedged items		Gains or (losses) on derivative financial instruments			Gains or (losses) on hedged items
Derivative financial instruments designated as hedging instruments
Interest rate and currency swap agreements
Cost of financing operations		(23,965	)		24,738		(2,719	)		3,106		(15,488	)		15,595
Undesignated derivative financial instruments
Interest rate and currency swap agreements
Cost of financing operations		(24,204	)				199					(57,015	)
Foreign exchange gain (loss), net		1,617					(2,862	)				6,459
Foreign exchange forward and option contracts
Cost of financing operations		(4,572	)				20,333					31,738
Foreign exchange gain (loss), net		(49,239	)				(930	)				(4,108	)

Undesignated derivative financial instruments are used to manage economic risks of fluctuations in foreign currency exchange rates and interest rates of certain receivables and payables. Those economic risks are offset by changes in the fair value of undesignated derivative financial instruments.

Cash flows from transactions of derivative financial instruments are included in cash flows from operating activities in the consolidated statements of cash flows.

Credit risk related contingent features -

Toyota enters into International Swaps and Derivatives Association Master Agreements with counterparties. These Master Agreements contain a provision requiring either Toyota or the counterparty to settle the contract or to post assets to the other party in the event of a ratings downgrade below a specified threshold.

The aggregate fair value amount of derivative financial instruments that contain credit risk related contingent features that are in a net liability position after being offset by cash collateral as of March 31, 2015 is ¥13,994 million. The aggregate fair value amount of assets that are already posted as cash collateral as of March 31, 2015 is ¥203,568 million. If the ratings of Toyota decline below specified thresholds, the maximum amount of assets to be posted or for which Toyota could be required to settle the contracts is ¥13,994 million as of March 31, 2015.

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Weighted-Average Assumptions Used to Determine Net Periodic Pension Cost (Detail)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Japanese plans
Schedule of Net Periodic Benefit Costs Weighted Average Assumptions [Line Items]
Discount rate	1.40%	1.70%	2.00%
Expected return on plan assets	2.50%	2.60%	2.50%
Rate of compensation increase	2.10%	2.20%	2.30%
Foreign Plans
Schedule of Net Periodic Benefit Costs Weighted Average Assumptions [Line Items]
Discount rate	4.80%	4.50%	5.00%
Expected return on plan assets	6.70%	6.90%	7.00%
Rate of compensation increase	4.50%	4.60%	4.50%

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Other commitments and contingencies, concentrations and factors that may affect future operations - Additional Information (Detail) ¥ in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2014 USD ($)	Mar. 31, 2015 JPY (¥)
Commitments and Contingencies Disclosure [Line Items]
Guarantee contracts obligations, maximum potential amount of future payments		¥ 2,238,185
Guarantee contracts obligations, liabilities		¥ 6,531
Percentage of material costs from purchases from an affiliated company		10.00%
Purchase Commitment
Commitments and Contingencies Disclosure [Line Items]
Commitments outstanding for purchase of property, plant and equipment, service and other assets		¥ 325,555
Deferred Prosecution Agreement
Commitments and Contingencies Disclosure [Line Items]
Payment to U.S. government | $	$ 1,200
Minimum
Commitments and Contingencies Disclosure [Line Items]
Payment guarantee period		1 month
Maximum
Commitments and Contingencies Disclosure [Line Items]
Payment guarantee period		35 years

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Analysis of Leased Assets Under Capital Leases (Detail) - JPY (¥) ¥ in Millions	Mar. 31, 2015	Mar. 31, 2014
Class of property
Less - Accumulated depreciation	¥ (27,647)	¥ (24,985)
Capital Leases, Balance Sheet, Assets by Major Class, Net, Total	18,989	21,613
Building
Class of property
Capital leased assets, gross	15,872	15,828
Machinery and equipment
Class of property
Capital leased assets, gross	¥ 30,764	¥ 30,770

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Future Minimum Rentals from Vehicles and Equipment on Operating Leases (Detail) ¥ in Millions	Mar. 31, 2015 JPY (¥)
Future Minimum Payments Receivable [Line Items]
2016	¥ 728,864
2017	461,905
2018	200,318
2019	50,092
2020	11,587
Thereafter	1,633
Total minimum future rentals	¥ 1,454,399

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Marketable securities and other securities investments (Tables)

12 Months Ended

Mar. 31, 2015

Aggregate Cost, Gross Unrealized Gains and Losses and Fair Value of Marketable Securities and Other Securities Investments

Marketable securities and other securities investments include public and corporate bonds and common stocks for which the aggregate cost, gross unrealized gains and losses and fair value are as follows:

	Yen in millions
	March 31, 2014
	Cost		Gross unrealized gains		Gross unrealized losses		Fair value
Available-for-sale
Public and corporate bonds		5,879,336		290,964		5,377		6,164,923
Common stocks		619,811		1,377,653		268		1,997,196
Other		538,306		34,076		49		572,333
Total		7,037,453		1,702,693		5,694		8,734,452
Securities not practicable to determine fair value
Public and corporate bonds		433
Common stocks		77,035
Total		77,468
	Yen in millions
	March 31, 2015
	Cost		Gross unrealized gains		Gross unrealized losses		Fair value
Available-for-sale
Public and corporate bonds		6,848,348		337,341		4,738		7,180,951
Common stocks		621,750		2,083,164		100		2,704,814
Other		387,085		43,649		12		430,722
Total		7,857,183		2,464,154		4,850		10,316,487
Securities not practicable to determine fair value
Public and corporate bonds		20,404
Common stocks		77,334
Total		97,738

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Product Warranties and Recalls and Other Safety Measures

12 Months Ended

Mar. 31, 2015

Product Warranties and Recalls and Other Safety Measures

13. Product warranties and recalls and other safety measures:

Toyota provides product warranties for certain defects mainly resulting from manufacturing based on warranty contracts with its customers at the time of sale of products. Toyota accrues estimated warranty costs to be incurred in the future in accordance with the warranty contracts. In addition to product warranties, Toyota initiates recalls and other safety measures to repair or to replace parts which might be expected to fail from products safety perspectives or customer satisfaction standpoints. Toyota accrues for costs of recalls and other safety measures at the time of vehicle sale based on the amount estimated from historical experience.

Liabilities for product warranties and liabilities for recalls and other safety measures have been combined into a single table showing an aggregate liability for quality assurances due to the fact that both are liabilities for costs to repair or replace defects of vehicles and the amounts incurred for recalls and other safety measures may affect the amounts incurred for product warranties and vice versa.

Liabilities for quality assurances are included in “Accrued expenses” in the consolidated balance sheets.

The net changes in liabilities for quality assurances above for the years ended March 31, 2013, 2014 and 2015 consist of the following:

	Yen in millions
	For the years ended March 31,
	2013			2014			2015
Liabilities for quality assurances at beginning of year		839,834			1,003,023			1,154,021
Payments made during year		(344,279	)		(383,572	)		(509,488	)
Provision for quality assurances		491,542			524,442			686,006
Changes relating to pre-existing quality assurances		(8,383	)		(7,248	)		(25,619	)
Other		24,309			17,376			23,996
Liabilities for quality assurances at end of year		1,003,023			1,154,021			1,328,916

“Other” primarily includes the impact of currency translation adjustments and the impact of consolidation and deconsolidation of certain entities due to changes in ownership interest.

The table below shows the net changes in liabilities for recalls and other safety measures which are comprised in liabilities for quality assurances above for the years ended March 31, 2013, 2014 and 2015.

	Yen in millions
	For the years ended March 31,
	2013			2014			2015
Liabilities for recalls and other safety measures at beginning of year		468,697			566,406			680,475
Payments made during year		(180,925	)		(207,652	)		(357,447	)
Provision for recalls and other safety measures		270,883			315,574			421,618
Other		7,751			6,147			10,404
Liabilities for recalls and other safety measures at end of year		566,406			680,475			755,050

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Repurchase of Stock (Detail) - 12 months ended Mar. 31, 2015 - JPY (¥) ¥ in Millions	Total
Equity, Class of Treasury Stock [Line Items]
Reason for repurchasing treasury stock -	The repurchase was made to avoid the dilution of TMC's shares triggered by the reissuance of treasury stock described above, and to effect capital efficiency and agile capital policy in view of the management environment.
Number of shares repurchased	55,521,900
Total purchase price for repurchase of shares	¥ 359,994