Toyota has moved to quell speculation about its Formula One future by re-affirming its commitment to remain on the grid into 2009.

The shock decision from fellow Japanese manufacturer Honda to leave F1 has led to speculation that other teams could elect to follow suit as the major car makers feel the effects of the current economic climate.

Indeed, FIA president Max Mosley issued a letter to F1 teams on Friday to lay down his vision for the spec-engine he wants to introduce into the sport in which he said it was likely that another manufacturer would follow Honda out of the paddock.

With sales falling around the world and with one of the biggest budgets in the sport, Toyota quickly became the target of much of the speculation but a statement issued by the Cologne-based squad said it was fully committed to F1 and to bringing down the costs of competing in the sport.

"Toyota is currently committed to succeeding in Formula 1 and to reducing our costs," a statement obtained by ITV-F1 read. "We are contributing to the FOTA activities which will achieve significant cost reductions whilst maintaining the spirit of the sport.

"We hope FOTA's proposals and activities will be given the widespread support they deserve as they provide the sound, stable base Formula 1 requires at this time.

"Honda's decision is a pity for us as a Japanese team, however, we cannot comment more about their situation because this is an issue for Honda."