Toyota buys back ¥806.8 billion in shares from banks and insurers

Toyota Motor Corp. is set to buy back ¥806.8 billion ($5.2 billion) of its stock from major Japanese banks and insurers, including Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, Tokio Marine Holdings, and MS&AD Insurance Group.

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These shares will be repurchased at ¥2,781 each, an 11% discount to their recent price.

This move is part of Toyota’s ¥1 trillion repurchase plan aimed at increasing shareholder returns and complying with the Japanese government’s call for businesses to reduce cross-shareholdings.