Securities Report 2/12

Toyota Motor Corporation
24 June 2004

                         Report of Independent Auditors
                             (English translation)

                                                                   June 23, 2004

To the Board of Directors
Toyota Motor Corporation
                                           ChuoAoyama PricewaterhouseCoopers
                                                     Engagement      C.P.A.
                                                     Partner

                                                     Engagement      C.P.A.
                                                     Partner

                                                     Engagement      C.P.A.
                                                     Partner

                                                     Engagement      C.P.A.
                                                     Partner


We have audited the accompanying consolidated balance sheet of Toyota Motor
Corporation (the 'Company') and its subsidiaries as of March 31, 2004, and the
related consolidated statement of income, shareholders' equity, of cash flows
and supplementary schedules for the year then ended, to be in compliance with
the Article 193, paragraph 2 of the Security stock Exchange Law.  These
consolidated financial statements are the responsibility of the Company's
management.  Our responsibility is to express an opinion on these consolidated
financial statements based on our audit.



We conducted our audit in accordance with auditing standards generally accepted
in Japan.  These standards require that we plan and perform the audit to obtain
reasonable assurance about whether the consolidated financial statements are
free of material misstatement.  An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the consolidated financial
statements.  An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
consolidated financial statement presentation.  We believe that our audit
provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present
fairly, in all material respects, the consolidated financial position of Toyota
Motor Corporation and its subsidiaries as of March 31, 2004, and the
consolidated result of their operations and their cash flows for the year then
ended in conformity with accounting principles generally accepted in the United
States of America (See Note 1 and 3 of the Notes to Consolidated Financial
Statements).


Supplemental Information

As described in Note 1 and 3 of the Notes to Consolidated Financial Statements,
effective for the year ended March 31, 2004, the Company prepares the
consolidated financial statements in accordance with accounting principles
generally accepted in the United States of America .

We have no interest in or relationship with the Company which is required to be
disclosed pursuant to the provisions of the Certified Public Accountant Law of
Japan.


                      This information is provided by RNS
            The company news service from the London Stock Exchange