Tokyo - Toyota Motor Corp's financial unit said it has sought emergency loans from the government-backed Japan Bank for International Cooperation (JBIC), media reports said Tuesday. Toyota Financial Services Corp has asked for about 200 billion yen (2 billion dollars) in aid, Jiji Press quoted sources close to Toyota.
The firm would be the first in the auto industry to receive financial aid from the Japan Bank if the loans are granted.
The financial aid programme was implemented by JBIC late last year to help Japanese companies operating overseas in their fundraising amid the deepening global financial crisis, especially in the United States.
The Japanese government said Tuesday it would provide about half of its 1-trillion-dollar foreign reserves later this month to JBIC, which helps Japanese firms faced with difficulties in raising funds.
"We need to ensure smooth financing for Japanese firms operating both in Japan and overseas, as economic conditions get more severe toward the end of the current business year," Finance Minister Kaoru Yosano said. Japan's business year ends on March 31.
