Japanese companies operating in Dubai are preparing to set up a chamber of commerce and industry to promote the exchange of information, according to recent media reports from Dubai.

The first such Japanese chamber of commerce in the Middle East will begin operating after will begin operating after getting approval from the local authority. The chamber is expected to have 100 member companies in the first year.

TOKYO - Toyota lowered its global sales target for 2009 by 700,000 vehicles to 9.7 million Thursday, showing that even one of the world’s most durable automakers is being hurt by rising material costs, a slowing U.S. market and soaring gas prices.

Toyota Motor Corp had previously set a 2009 global sales goal of 10.4 million vehicles. The lower target would still be a 2% increase from the company’s 2008 sales goal of 9.5 million. But even that figure was reduced last month from an initial 9.85 million units.

Toyota has been on such a potent growth track in recent years it is getting closer to ending General Motors Corp.’s 77-year run as the world’s top automaker by sale

The global auto market took another turn for the worse as carmakers in Europe and Asia forecast bleak times and their American counterparts began a round of closures and job cuts.

Carmakers face a sharp drop in sales as drivers put off major purchases on fears of recessions from East to West and the cost and difficult of getting loans. Financial results from Daimler of Germany, Hyundai of South Korea and Fiat of Italy added to the gloom.

Widespread auto production cuts are pressuring suppliers of parts like pistons, valves and oil pumps.

Most automakers see 2009 as their acid test to make any profit and a few may either merge with others or simply get out of business, unless government bailout is not coming to rescue them within a few months.