TOKYO - Toyota Motor Corp. said Wednesday it will withdraw from Formula One at the end of the current season to cut costs, erasing the presence of Japanese teams on the F1 race circuit and joining other Japanese automakers leaving major motor racing events due to the tough business environment.

The move to pull out of F1 after this year comes as Japan's top automaker concluded that it would be difficult to continue bearing the costs of joining the racing event, as it anticipates remaining in the red for the second consecutive year in fiscal 2009 through next March.

---------- 7 major Japanese trading firms report heavy sales, profit declines

TOKYO - Seven major Japanese trading companies have reported heavy year-on-year declines in their group sales and profits in the April to September first half of fiscal 2009 due to plunges in resource prices and a car market slump.

Their consolidated sales drops ranged from 20 percent to 40 percent as metal and energy sales plunged on sharp falls in prices of iron ore, crude oil and other resources. Their group net profit declines ranged from 40 percent to 80 percent.

---------- Nissan sees return to full-year operating profit on strong China sales

YOKOHAMA - Nissan Motor Co. said Wednesday it expects to return to the black for the current business year through March with a group operating profit of 120 billion yen due to strong sales in China and some recovery in demand from government stimulus measures worldwide.

Nissan expects to strongly beat its earlier estimate of a 100 billion yen operating loss in the current year and swing back into profitability from the 137.92 billion yen loss booked in the previous year due also to aggressive cost-cutting efforts.

---------- Seven & I kicks off global private brand strategy with wine release

TOKYO - Seven & I Holdings Co. began selling on Wednesday two private brand California wines at some 15,000 retail outlets, including about 12,300 Seven-Eleven Japan convenience stores and around 2,000 7-Eleven stores in the United States, the leading retail group said.

Sold under the "Yosemite Road" label, the 750-milliliter red and white wines each retail for 598 yen per bottle.

---------- Dollar rises to mid-90 yen in Tokyo on Japanese deficit concerns

TOKYO - The U.S. dollar climbed to the mid-90 yen range Wednesday in Tokyo on renewed concerns about Japan's fiscal deficit.

At 5 p.m., the dollar fetched 90.55-56 yen, up from 90.28-38 yen in New York at 5 p.m. Tuesday. The Tokyo market was closed Tuesday for a national holiday.

---------- Panasonic to launch tender offer Thurs. to make Sanyo subsidiary

OSAKA - Panasonic Corp. said Wednesday it will launch a tender offer Thursday for shares of Sanyo Electric Co. to acquire more than 50 percent of Sanyo shares and convert the electronics maker into a subsidiary.

The move is expected to boost Panasonic's group sales closer to the level of Japan's largest electrical machinery maker Hitachi Ltd.