TOKYO – Unthinkable even six months ago, Toyota Motor Corp. finds itself sliding ever deeper into an economic black hole along with the rest of the global industry’s stricken auto makers. “We are facing an unprecedented emergency,” outgoing Toyota President Katsuaki Watanabe warned last December. “This is a crisis unlike the crises of the past.” Since then, the plight of Japan’s No.1 auto maker steadily has worsened. After multiple revised forecasts, all downward, management now ...

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