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.

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?

The Japanese manufacturer added ¥200 billion to a ¥1 trillion stock repurchase plan announced in May, according to an exchange filing.

Toyota Motor (NYSE:TM) disclosed earlier on Tuesday that it has increased its share buyback plan to up to 1.2 trillion yen ($8.31 billion) from 1 trillion yen. The automaker has a target to repurchase up to 530 million shares,