Toyota's profits surged 94% in its fiscal first quarter, getting a big boost from a weaker Japanese yen.
Even though the company sold slightly fewer cars in the quarter compared with the same period last year, the weak currency meant that the money Toyota ( made from its overseas operations was worth significantly more once it was converted into yen. )
The company reported a 14% jump in overall revenue and net profit of ¥562 billion ($5.6 billion) as it sold 2.2 billion cars around the world.
Toyota also benefited from cost-cutting measures.
The automaker is also expecting to make a bigger profit for fiscal 2014, forecasting net income of ¥1.48 trillion ($14.8 billion), up from an earlier projection of ¥1.37 trillion ($13.7 billion).
Toyota's shares rose after the announcement, though the jump was roughly in line with a general market rally in Japan.
Toyota is among a slew of Japanese exporters that are benefiting from government policies -- dubbed Abenomics -- that have weakened the yen and led to a massive stock market rally. The Nikkei is up nearly 40% this year.
Abenomics, named after Prime Minister Shinzo Abe, is a mix of coordinated government spending, central bank stimulus and structural economic reforms designed to push up Japanese prices and end 15 years of deflation.