Toyota to axe money-losing F1 race

(GMM) Owners Toyota have decided to no longer host the Japanese grand prix at Fuji Speedway, the Asahi newspaper reported on Friday.

The circuit, located in the foothills of Mount Fuji west of Tokyo, hosted the country's 2007 and 2008 F1 races, and was due to return to the calendar in 2010.

This year, an annual alternating scheme with Suzuka commences.

The Asahi Shimbun said Toyota's decision was based on the need to cut costs, amid speculation the Japanese carmaker may not lodge an entry on Friday to enter its Cologne based team in the 2010 world championship.

But a Toyota spokesman told the news agency AFP that Fuji Speedway is "making preparations to host F1 next year".

Toyota driver Timo Glock has spoken this week about the speculation suggesting the marque's involvement in formula one may be coming to an end.

"If I was to worry about that then I would not be concentrated enough on my job," he told the German daily Der Tagesspiegel, "and that would not help anybody."