Unsurprisingly, Toyota execs are benefiting from Toyota’s growth surge. According to an article in the Nihon Keizai, a Japanese newspaper, late on last week, Toyota’s top 32 execs rose 40% in the year through March 2006 to a combined $20.4 million, including bonuses. In Japan, comapanies aren’t required to declare individual salaries but that works out at $640,000 on average. One reason for the big rise was a change in the way execs are paid. Executives pocketed raises in monthly salaries last year instead of retirement pay to corporate directors. Another factor, though, is Toyota’s huge profits. Last year, Toyota’s net earnings were $13.6 billion, a rise of 20% on a year earlier.