Toyota, Japan’s largest car manufacturer, has announced its year-on-year profits have increased by 19% for the 12 months to March.

A lot of companies in Japan rely on exports, such as Toyota have benefited from the weaker yen as it helps cut down the cost of Japanese items sold abroad.

President of Toyota, Akio Toyoda, said: "Operating income improved...due to positive factors such as favourable foreign exchange rates and cost reduction efforts."

He added those positive factors had "more than offset negative factors" which included increased expenses and decreased vehicle sales.

Vehicle sales dropped in Japan, however sales in the North American market rose by 185,775 to 2,715,173.