Overcoming the Financial Crisis With the 1949 announcement of the Dodge Line (a fiscal and monetary tightening policy), the Japanese economy was plunged into a major recession Investment at Toyota also hit rock bottom, with the company facing the greatest financial crisis since foundation. As industrial disputes peaked, Kiichiro Toyota resigned from his presidency and a new management team was installed. Two months later, however, business performance improved rapidly as a result of the Korean War special procurement demand, kicking off a new phase in Toyota's history. Before long, an informal decision was made to reappoint Kiichiro Toyoda to the position of president, but he suddenly passed away in March 1952. He was only 57 years old. Following in the footsteps of Kiichiro Toyoda, his team went on to launch the Toyopet Crown. Japan's first real Passenger car, in 1955.