Repurchase of Shares

Toyota Motor Corporation
17 February 2004

                                 (TRANSLATION)



To Whom It May Concern:



                                                               February 17, 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    30,000,000 shares
3.    Date of repurchase                              February 18, 2004
4.    Purchase price                                  JPY 3,650 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 February 18, 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
      February 18, 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.

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


(Reference)

Matters resolved at the FY 2003 Ordinary General Shareholders' Meeting held on
June 26, 2003.

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

•  Aggregate number of shares to be repurchased   Up to 150,000,000 shares

•  Aggregate purchase price of shares   Up to JPY 400,000,000,000



Shares having been repurchased up to February 17, 2004

•  Aggregate number of shares repurchased   64,288,200 shares

•  Aggregate purchase price of shares   JPY 206,524,992,000


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