Now that Toyota Motor Corp. is listed on the New York Stock Exchange, it may have to act a little more like a U.S. company when it comes to courting shareholders. And that could mean spending some of its $22.6 billion cash reserve, Chairman Hiroshi Okuda admits. Mr. Okuda says Toyota has maintained its cash horde so it could self-finance its activities. “Some argue that you should just borrow from a bank,” Mr. Okuda says. “However, I believe it is better to retain cash ourselves, rather ...
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