Semi-Annual Business Report

Toyota Motor Corporation
25 November 2004

Japanese Semi-Annual Business Report (for the Registrant's 101th semi-annual
period from April 1, 2004 through September 30, 2004), consisting of 16 pages
(including cover pages).  The report included the following sections:

I.     Message to shareholders from Chairman Hiroshi Okuda and President Fujio Cho, including a brief
       discussion of operating summary, regional performance and management strategy for the semi-annual
       period.

II.    Tabular and graphic presentation of selected current and historical consolidated financial figures.

III.   Narrative and graphic presentation of consolidated segment information by operating and geographic
       segments.

IV.    Topics section describing major developments in the Registrant's business activities, including
       regional, production and technology strategy during the semi-annual period.

V.     Consolidated and unconsolidated financial statements, including the statements of income, balances
       sheets and statements of cash flows (consolidated basis only).

VI.    Shareholder information.

VII.   List of directors, corporate auditors and managing officers.

VIII.  Back cover setting forth addresses and other general information.


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