The Toyota and Ford motor companies have entered talks to form a strategic tie-up. The duo is eyeing future co-operation over sales in Japan of Ford vehicles through Toyota's dealership network and joint technological development, they said.

Ford's stock closed down 3/8 at $23-1/4 a share on the New York Stock Exchange, just above its 52-week low of $22-9/16 and off its high of $32-11/16. Toyota closed up 41 cents at $70.35 a share, above its 52-week low of $67.71 and off its high of $108.25.