Toyota $37 Billion Cash Program Shows Effect of Abenomics

Prime Minister Shinzo Abe has been urging Japan’s companies to spend their growing piles of money to bolster the country’s economy. Toyota Motor Corp., with cash swelling to about $37 billion, is beginning to comply.

The carmaker said on Aug. 2 that net income almost doubled to 562.2 billion yen ($5.7 billion) last quarter -- more than General Motors Co. and Volkswagen AG combined -- as U.S. sales rose and the weaker yen boosted overseas profit. Cash and marketable securities rose 11 percent and totaled the most of any non-bank in Japan, according to data compiled by Bloomberg.