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Bloomberg: Toyota CEO Says, "We're facing an unprecedented emergency situation. Unfortunately, we can't see the bottom . . ."

Toyota Motor Corp., the world’s second-largest automaker, forecast its

irst operating loss in 71 years on plummeting demand, prompting Moody’s

Investors Service to consider downgrading the company’s top-rated credit.

The carmaker will post a $1.7 billion loss in the year through March, it said

in a statement today, scrapping a previous forecast of a 600 billion yen

profit. "The environment we’re in is extremely tough," President Katsuaki

Watanabe told reporters today in Nagoya. "We’re facing an unprecedented

emergency situation. Unfortunately, we can’t see the bottom." "Toyota’s

cost cutting can’t match plummeting sales,” said Koichi Ogawa, chief

portfolio manager at Tokyo-based Daiwa SB Investments, which manages

$28 billion. The automaker lowered its net income forecast 91 percent to

50 billion yen. The last time Toyota posted an operating loss was in 1938.