Toyota Motor Corporation plans to pull out of 2010 Japanese formula one grand prix because of recession. Toyota refused to comment further regarding reports by Mainchi Shimbun and other media outlets. 

Hideyuki Nishikawa, Fuji Speedway’s  spokesman, the race venue, owned by Toyota, said that various options were being contemplated but did not disclose further.

A Toyota spokeswoman said, "We have heard that (Fuji Speedway) is making various considerations toward its hosting next year."

Toyota's race course in the foothills of Mount Fuji has been scheduled to host the 2010 Japanese Grand Prix as the 16th round of the 18-race Formula One series. Fuji Speedway hosted the race in 2007 and 2008, after a 30-year gap. Honda's Suzuka Circuit is the host for 2009 race.

Toyota is hit hard by the global recession and Japan has suffered its first-ever annual loss for the fiscal year to March and has warned that another year could be in the red.

The Asahi Shimbun newspaper first said in May that Toyota was reviewing hosting the 2010 event after workers had questioned whether the expense was justified at a time when the company is reeling under economic crisis. Toyota had refuted the report.