Toyota

(TM) - Get Report

denied a report in Japan's

Asahi

newspaper saying it plans to promote Akio Toyoda, the grandson of its founder, to president in April, according to

Bloomberg

.

``We deny the report,'' said Toyota spokesman Hideaki Homma,

Bloomberg

reports. Asahi reported Toyoda would replace Katsuaki Watanabe, who would become vice chairman.

The Japanese carmaker warned Monday that it would post an operating loss for the fiscal year ending in March owing to lower demand for vehicles and a stronger yen. If in fact Toyota does report an operating loss, it would be the first time that's happened for a fiscal year. Last year, Toyota had net earnings of 1.7 trillion yen.

Japan's No. 1 automaker said it does expect net income for the fiscal year of about 50 billion yen, but that is well below its previous forecast.

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This article was written by a staff member of TheStreet.com.