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Toyota's Fuji Speedway circuit is considering giving up next year's Formula One Japanese Grand Prix to cut costs.

A spokesman for the world's biggest carmaker Toyota said Friday that Fuji were weighing up their options as motor racing continued to feel the pinch of the global economic crisis.

"(Fuji's company) FISCO tell us they are taking various elements into account in their consideration towards hosting next year's Japanese Grand Prix," Toyota's Paul Nolasco told Reuters.

Toyota earlier this month forecast an $8.6 billion (5.3 billion pounds) annual loss, leaving it desperately trying to cut costs in the grip of a severe market downturn.

Japan's number two carmaker Honda pulled its team out of Formula One last December, while Subaru and Suzuki quit the world rally championship and bike maker Kawasaki scrapped its MotoGP team.

Fuji staged the Japan's first Formula One race in 1976 but a crash involving Gilles Villeneuve which killed two spectators the following year resulted in its removal from the F1 calendar.

Rival Honda's Suzuka circuit hosted the Japanese Grand Prix from 1987 to 2006 before a revamped Fuji Speedway returned in 2007 following an absence of 30 years.

Suzuka will host this year's race, after which it is scheduled to alternate yearly with Fuji, unless the Toyota-owned circuit does indeed close its doors.

Fuji officials told Reuters preparations for the 2010 race were going ahead as planned.

(Source: Reuters)