Toyota Wants Japanese Government Loan

The world's leading automaker is asking its government for funding to help it through the recession. Toyota's financial services division has applied for a $2 billion loan with a Japanese government-backed bank. Toyota had been growing solidly before the U.S. financial crisis hit last year.

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STEVE INSKEEP, host:

NPR's business news starts with Toyota seeking a bail-out.

The world's leading automaker is asking its government for funding to help it get through the recession. A Toyota official said today his company's financial services division has applied to Tokyo for more than $2 billion in loans. We'll see if they did like they did with my car loan; take him in the back room, work him over on the terms for a while. Toyota faces a loss of three to four billion dollars this year. And the global credit crunch is making it more expensive to borrow on private financial markets. One analyst says Toyota is not in danger; simply trying to get the cheapest financing it can.

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