Transaction in Own Shares

Toyota Motor Corporation
15 December 2003

                                 (TRANSLATION)





To Whom It May Concern:



                                                               December 15, 2003

                                                        Toyota Motor Corporation

                                               (Toyota Jidosha Kabushiki Kaisha)

                                    1, Toyota-cho, Toyota City, Aichi Prefecture





                      Notice of Repurchase of Shares from the Market

     (Repurchase of Shares Pursuant to the Provisions of Article 210 of the
                                Commercial Code)



We hereby inform you that Toyota Motor Corporation ('TMC') repurchased its
shares from the market as follows pursuant to the provisions of Article 210 of
the Commercial Code.


1.     Purchase period                  December 2, 2003 through
                                        December 15, 2003

2.     Number of shares repurchased     15,250,000 shares

3.     Aggregate purchase price         JPY52,755,600,000

4.     Method of repurchase             Purchase on the Tokyo Stock Exchange



(Reference)

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

  (1) Type of shares to be repurchased             Shares of common stock of TMC

  (2) Aggregate number of shares to be repurchased Up to 150,000,000 shares

  (3) Aggregate purchase price                     Up to JPY 400,000,000,000



•     Shares having been repurchased up to December 15, 2003

  (1) Aggregate number of shares repurchased       64,288,200 shares

  (2) Aggregate purchase price                     JPY 206,524,992,000





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Contact: TMC, Public Affairs at (03) 3817-91116 (Tokyo Head Office)
                                (0565) 23-15204 (Head Office)
                                (052) 952-34614 (Nagoya)




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