Securities Report 9/12

Toyota Motor Corporation
24 June 2004


                                   FY2004

                               March 31, 2004

23    Other commitments and contingencies, concentrations

Commitments outstanding at March 31, 2004 for the purchase of property, plant
and equipment and other assets approximated 56,352 million yen.

Toyota enters into contracts with Toyota dealers to guarantee customers' payment
of their installment payables that arises from installment contracts between
customers and Toyota dealers, as and when requested by Toyota dealers. Guarantee
periods are set to match maturity of installment payments, and at March 31,
2004, range from one month to 35 years, however, they are generally shorter than
the useful lives of products sold.  Toyota is required to execute its guarantee
primarily when customers are unable to make required payments.  The maximum
potential amount of future payments as of March 31, 2004 is 1,035,211 million
yen.  Liabilities for guarantee of 4,432 million yen have been provided as of
March 31, 2004.  Under these guarantee contracts, Toyota is entitled to recover
any amounts paid from the customers whose obligations Toyota guaranteed.

In February 2003, Toyota, General Motors Corporation, Ford, DaimlerChrysler,
Honda, Nissan, BMW and their U.S. and Canadian sales and marketing subsidiaries,
the National Automobile Dealers Association and the Canadian Automobile Dealers
Association were named as defendants in purported nationwide class actions on
behalf of all purchasers of new motor vehicles in the United States since
January 1, 2001.  Twenty-six similar actions were filed in federal courts in
California, Illinois, New York, Massachusetts, Florida, New Jersey and
Pennsylvania.  Additionally, fifty-five parallel class actions were filed in
state courts in California, Minnesota, New Mexico, New York, Tennessee,
Wisconsin, Arizona, Florida and New Jersey on behalf of the same purchasers in
these states.  As of April 1, 2004, actions filed in federal courts were
consolidated in Maine and actions filed in the state courts of California and
New Jersey was also consolidated, respectively. The nearly identical complaints
allege that the defendants violated the Sherman Antitrust Act by conspiring
among themselves and with their dealers to prevent the sale to United States
citizens of vehicles produced for the Canadian market.  The complaints allege
that new vehicle prices in Canada are 10% to 30% lower than those in the United
States and that preventing the sale of these vehicles to United States citizens
resulted in United States consumers paying excessive prices for the same type of
vehicles.  The complaints seek permanent injunctions against the alleged
antitrust violations and treble damages in an unspecified amount.  In March
2004, the federal district court of Maine (i) dismissed claims against certain
Canadian sales and marketing subsidiaries, including Toyota Canada, Inc., for
lack of personal jurisdiction but denied or deferred to dismiss claims against
certain other Canadian companies, and (ii) dismissed the claim for damages but
did not bar the plaintiffs from seeking injunctive relief against the alleged
antitrust violations.  The plaintiffs have already submitted an amended
compliant in order to proceed on the claim for damages.  Toyota believes that
its actions have been lawful and intends to vigorously defend these cases.





                                      FY2004

                                   March 31, 2004


Toyota has various legal actions, governmental proceedings and other claims
pending against it, including product liability claims in the United States. 
Although the claimants in some of these actions seek potentially substantial
damages, Toyota cannot currently determine its potential liability or the
damages, if any, with respect to these claims.  However, based upon information
currently available to Toyota, Toyota believes that its losses from these
matters, if any, would not have a material adverse effect on Toyota's financial
position, operating results or cash flows.

In September 2000, the European Union approved a directive that requires member
states to promulgate regulations implementing the following by April 21, 2002:
1) manufacturers shall bear all or significant part of the cost for taking back
end-of-life vehicles put on the market after July 1, 2002 and dismantling and
recycling those vehicles. Beginning January 1, 2007, manufacturers will also be
financially responsible for vehicles put on the market before July 1, 2002;
2)manufacturers may not use certain hazardous materials in vehicles to be sold
after July 2003;  3) vehicle type approved and put on market after three years
after the amendment of Directive on Type-approval, shall be re-usable and/or
recyclable to a minimum of 85% by weight per vehicle and are re-usable and/or
recoverable to a minimum of 95% by weight per vehicle; and 4) end-of-life
vehicles must meet actual re-use and recovery targets of 80% and 85%,
respectively, of vehicle weight by 2006, rising respectively to 85% and 95% by
2015.  Currently, there are numerous uncertainties surrounding the form and
implementation of the applicable regulations in different European Union member
states, particularly regarding manufacturer responsibilities and resultant
expenses that may be incurred.  All of the member states, except for Finland,
have adopted legislation to implement the directive.  In addition, Sweden and
Denmark have existing legislation that partially implements the directive. 
Belgium has partially adopted legislation implementing the directive.  The
implementation of the directive has also been in progress in 10 candidate states
joined EU in May 2004.  In addition, under this directive member states must
take measures to ensure that car manufacturers, distributors and other auto-
related businesses establish adequate used vehicle disposal facilities and to
ensure that hazardous materials and recyclable parts are removed from vehicles
prior to scrapping.  This directive impacts Toyota's vehicles sold in the
European Union and Toyota expects to introduce vehicles that are in compliance
with such measures taken by the member states pursuant to the directive.  Based
on the legislation that has been enacted to date, Toyota has provided for its
estimated liability related to covered vehicles in existence as of March 31,
2004.  Depending on the legislation implemented in the eight member states that
have not yet enacted legislation and other circumstances, Toyota may be required
to provide additional accruals for the expected costs to comply with these
regulations.  Although Toyota does not expect its compliance with the directive
to result in significant cash expenditures, Toyota is continuing to assess the
impact of this future legislation on its results of operations, cash flows and
financial position.



Toyota has a concentration of material purchases from a supplier which is an
affiliated company.  These purchases approximate 10% of material costs.

The parent company has a concentration of labor supply in employees working
under collective bargaining agreements and a substantial portion of these
employees are working under the agreement that will expire on December 31, 2005.



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