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Stocks are off their worst levels of the session, but are still sharply lower. All three of the major market averages are seeing losses of 1.2%.
Shares of Toyota Motor (TM 80.81, -1.11) are off 1.4% after the company said it is expecting full year 2012 revenues of JPY280 billion, well below the consensus of JPY432 billion.
Fellow Japanese automaker Honda Motor Corp. (HMC 36.88, -0.32) is trading down 0.9% on the news.
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