Toyota Motor Corp. bumped up the size of its share buyback to ¥1.2 trillion ($8.3 billion) as the world’s largest carmaker enjoys strong demand in its main markets of Japan, Europe and North America.

Toyota Motor on Tuesday increased its share buyback plan through April 30 to up to 1.2 trillion yen ($8.31 billion) from 1 trillion yen in view of the latest share price.

Digging into the buyback announcement, Bank of America analyst Kentaro Hosoda noted that while Toyota's ( TM) tender offer left financial institutions with holdings of about ¥118.6 billion, the company could have covered those with the remainder of its original share buyback budget of about ¥193.

Toyota stock has underperformed the S&P 500 this year. Will buying back shares offer a boost, even as the company falls behind its rivals?

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