Notice Repurchase of Shares

Toyota Motor Corporation
31 August 2004

                                 (TRANSLATION)


To Whom It May Concern:

                                                                 August 31, 2004

                                                        Toyota Motor Corporation

                                               (Toyota Jidosha Kabushiki Kaisha)

                                    1, Toyota-cho, Toyota City, Aichi Prefecture


Notice of Repurchase of Shares through

N-NET Closing Price Orders on Nagoya Stock Exchange


Toyota Motor Corporation ('TMC') determined the method for repurchasing its
shares pursuant to the provisions of Article 210 of the Commercial Code and we
hereby inform you as follows.


1.    Type of shares to be repurchased                      Shares of common stock of TMC


2.    Aggregate number of shares to be repurchased          31,000,000 shares

3.    Date of repurchase                                    September 1, 2004

4.    Purchase price                                        JPY 4,320 per share

5.    Method of repurchase

      Purchase through N-NET closing price orders on the Nagoya Stock Exchange during the period from 8:20
      a.m. to 8:50 a.m. on September 1, 2004 (purchase orders shall be made during such trading hours
      only.)

6.    Publication of the results of repurchase

      The results of repurchase will be announced after the conclusion of the 8:50 a.m. trading hour of
      September 1, 2004.

(Note 1)         The above number of shares shall not be changed.  However, there is a possibility that a
                 part or all of such shares may not be repurchased due to market conditions, etc.

(Note 2)         The shares for which orders to sell have been placed shall be repurchased up to the
                 number of shares scheduled to be repurchased.


(Reference)

Matters resolved at the FY 2004 Ordinary General Shareholders' Meeting held on
June 23, 2004.

• Type of shares to be repurchased  Shares of common stock of TMC

•  Aggregate number of shares to be repurchased   Up to 65,000,000 shares

• Aggregate purchase price of shares  Up to JPY 250,000,000,000



Shares having been repurchased up to August 31, 2004

• Aggregate number of shares repurchased  0 shares

• Aggregate purchase price of shares  JPY 0


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