Acquisition of Interest

Toyota Motor Corporation
14 March 2000


Substantial Shareholding Report

(Report in accordance with Article 27-23, Paragraph 1 of the Securities and
Exchange Law)

To: Director of Tokai Local Finance Bureau

Name:                      Fujio Cho, Director and President, 
                           Toyota Motor Corporation

Address or head office
location:                  1 Toyota-cho, Toyota City, Aichi Prefecture

Effective date of 
reporting duty:            March 7, 2000

Submitted on:              March 13, 2000

I.  Matters Regarding Submitter
 1. Issuing company:               Yamaha Motor Co. Ltd
    Company code:                  7272
     *(1)  Listed
    
    Listed Securities :            *(1)  Tokyo
    Head office location:           2500 Shinkai, Iwata City, Shizuoka          
                                   Prefecture
    Total number of submitter
    and joint holders               1

    Submitting method:             *(1)  Jointly       2 Others

2.  Submitter (Substantial Shareholder)
      1. Individual
    *(2) Judicial person  (1) Joint stock company
      2. Limited liability company
      3. Other

    Name:                      Toyota Motor Corporation
    Address or                 1 Toyota-cho, Toyota City  
    head office location:      Aichi Prefecture, 471-8571

    Judicial person
    Date of incorporation:     August 27,1937
    Name of representative:    Fujio Cho
    Title of Representative:   Director and President

    Business Purposes:         The manufacture, sale, leasing and repair of,    
                              motor vehicles, industrial vehicles, ships,       
                             aircraft, other transportation machinery and       
                            apparatus, space machinery and apparatus, and       
                           parts thereof, etc

    Place to contact and name  Tsunehiro Matsuno, Chief of Financial            
   of person in charge:       Reporting & Planning Department, 
                               Accounting Division

    Telephone number:          0565 (28) 2121

3. Holding purposes
   For policy investment (maintenance and development of the business           
  relationship). 

   Name of Submitter 
  (Substantial Shareholder)    Toyota Motor Corporation

4. Breakdown of stock, etc. held by the submitter
   

                              Main Text of Article 
                              27-23 Paragraph 3

   Shares:                        12,500,000   shares
   Warrants:                   A        -      shares      
   Warrant securities          B        -      shares
   Convertible bonds           C        -      shares
   Bonds with warrants         D        -      shares

   Covered warrants relating
   to applicable securities    E        -      shares
  
   Depositary receipts                  -
   representing ownership
   interest in shares

   Other related depositary    F        -
   receipts

   Bonds redeemable by         G        -
   applicable securities

   Total                          12,500,000   shares

Number of shares etc which were 
transferred through a margin
transaction and which are to be
deducted                           R

Number of held shares, etc.
(Total) (O+P+Q-R)                  S 12,500,000

Number potentially diluted
shares held                        T     -
(A+B+C+D+E+F+G+H+I+J+K+L+M+N)

Total number of issued and
outstanding shares
(as of November 1, 1999)           U    231,028,000 shares

Percentage of shares, etc held
by the above-stated submitter           5.41%
(S/(T+U)x100)                          

Percentage of shares, etc held
stated in preceding report                  %

5. Conditions concerning acquisition during the last disposal during the last
sixty (60) days of shares, etc. issued by issuing company

    Date                                  March 7, 2000
    Kind of Stock, etc                    Shares of Common Stock
    Number                                12,500,000 shares
    Distinction between acquisition and
      disposal                            (1)  Acquisition
    Unit Price                             Y 840

6. Funds for acquiring held shares, etc
   (1) Breakdown of funds for acquisition
       Amount of own funds:                (Y1,000)
                                            R  10,500,000
   Total amount of borrowed funds (Y1,000)  S      -

   Other funds (specifically)                      -
   Amount of other funds (Y1,000)           T      -

Total amount of funds for acquisition
(R+S+T) (Y1,000)                            10,500,000