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The death of Japanese motorsport?

(CNN)
STORY HIGHLIGHTS
  • Toyota Motor has decided to follow Honda and BMW out of Formula One racing
  • The decision leaves Formula One currently without any Japanese manufactuers
  • The move follows the exit of Suzuki, Subaru and Mitsubishi from motorsport

Toyota, the largest car manufacturer in the world, has announced it is pulling out of Formula One.

In a statement on the official Formula One Web site the Japanese constructor confirmed they had decided to withdraw from the sport due to "current [and] severe economic realities."

The decision, which means there is no Japanese automaker left in Formula One, is another blow to the sport which has also seen Honda and BMW withdraw from racing due to economic factors.

Toyota's decision also follows a recent exodus of Japanese manufacturers from motorsport with Kawasaki quitting MotoGP, Subaru and Suzuki ending their participation in the World Rally Championship and Mitsubishi pulling out of the Dakar Rally despite recent success.