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A global sales slump drove Toyota Motor Corp. to a net loss for its fiscal year, the automaker said Friday.

Toyota (NYSE: TM) reported net revenues fell almost 30 percent, to $20.5 trillion yen for its fiscal year ended March 31. The net loss was 437 billion yen ($4.4 billion U.S.), versus net income of 1.7 trillion yen the year before.

“Both revenues and profits declined severely during this period,” said Toyota President Katsuaki Watanabe in a news release. “The negative impact was a consequence of the significant deterioration in vehicle sales, particularly in the U.S. and Europe, the rapid appreciation of the yen against the U.S. dollar and the euro, and the sharp rise in raw materials.”