While the company and several analysts played down such a possibility, Japan's unfolding "Big Bang" financial reforms and other factors could spur the carmaker to pursue new financial options.

"It's possible that Toyota is looking for a new place to put its funds, or that it may start managing them itself," said one financial source.

Toyota had 2.16 trillion yen in surplus funds, including cash, deposits and marketable securities, as of the end of March, an amount equivalent to a mid-sized regional bank -- hence the carmaker's nickname of "Toyota Bank".

Toyota is already the top shareholder in Tokai Bank Ltd, with a 5.1-per cent stake, and in March increased its share in second-tier brokerage Kokusai Securities Co to 10 per cent from eight per cent. Toyota is thefirm's second-largest shareholder.

In 1990 Toyota changed its company guidelines, adding the financial sector to its targeted areas of operation.

Since that time it has also become the leading shareholder in Chiyoda Fire & Marine Insurance Co, with a 37.1-per cent stake.

Toyota Finance Corp, an unlisted subsidiary engaged in automotive finance, is also expanding steadily.

"Toyota could soon make a full-scale entry into the financial sector," said a source at a second-tier Japanese brokerage, echoing the views of several market sources.

A Toyota spokesman, however, denied that the share acquisitions suggested the carmaker wanted to become a financial player.

"Our company will not get directly involved in the finance business," he said. "We increased our holdings in some Financial firms in part because of the situations at those institutions."

A number of auto industry analysts echoed the spokesman's view.

"It's unthinkable that Toyota would move aggressively into the financial sector," saidSchroders Securities analyst Koji Endo.

Kaoru Kurata, analyst for Goldman Sachs, said: "It's possible they will expand in financing related to auto sales. In emerging markets, leasing and credit are the standard rather than cash, so there's much room for expansion, although there doesn't seem to be much progress now because of the turmoil in Asia's economies."