Toyota team principal Tadashi Yamashina was in tears as the Japanese company announced it has withdrawn from Formula One with immediate effect.

Japan has deserted motorsport on mass during the economic crisis (Honda and Bridgestone to name just two).

Company president Akio Toyoda apologised for the team's failure to record a single race victory since joining F1 in 2002 despite an estimated annual budget of around $300 million.

"It was a very difficult but unavoidable decision," he told a news conference in Tokyo.

The departure opens the door for BMW Sauber's new Swiss owners to take their place on the grid.

PHOTO: Toyota Motorsport Chairman and Team Principal Tadashi Yamashina cries at a news conference at the company's headquarters in Tokyo November 4, 2009 REUTERS/Issei Kato

Toyota-owned Fuji's announcement that they are pulling the plug on hosting the Japanese Formula One Grand Prix leaves a question mark over the country's future on the championship calendar.

Fuji had been due to host the race next year as part of an agreement to alternate with Honda-owned Suzuka. However since that deal was done, Honda have pulled out of Formula One and may not have too much of an incentive to pick up the slack.

Kazuki Nakajima is the only current Japanese driver on the starting grid and he is a Toyota protege, racing for Toyota-powered Williams.

Honda pulled out for financial reasons, just as Fuji have now done.

Toyota have yet to win a race since their debut in 2002 but have been much more competitive this season than they were last year. What would Honda gain by picking up the tab for a Japanese grand prix without any of their cars present but that could be won by Toyota?

Asked about the situation on Tuesday, a Honda spokesman said Suzuka had made no decision beyond planning to host the race this year and in 2011 and it was now up to Formula One organisers to decide on the fate of next year's race.

Japan is important to give the championship a truly global feel, particularly now that there are no North American races, and has been on the calendar without fail since 1987.

Commercial supremo Bernie Ecclestone will doubtless take it all in his stride, however.

With Korea due to make its debut in 2010, providing they get their circuit built, what are the odds on Japan making way for that country next year in a double-header with China?

PHOTO: In this combination picture, McLaren Formula One driver Lewis Hamilton of Britain (L, in the first picture) goes into a spin in front of Ferrari' Felipe Massa of Brazil during the Japanese F1 Grand Prix at Fuji Speedway in Oyama, central Japan, October 12, 2008. REUTERS/Toru Hanai

It is not very often, in the modern era of pampered sports celebrities who are coached before interviews and can smell a potentially endorsement-breaking question a mile off that you meet one you would like to go and have a drink with, not least one whose English is slightly ropey.

Italy’s multiple MotoGP world champion Valentino Rossi bucked the trend in an interview this week, however, convincing me there was merit in the drawn-out process of setting up an exclusive audience rather than just having a management company wheel out a cardboard cut-out.

The 30-year-old had just stepped off a long haul flight from Frankfurt to Tokyo, yet he was “very ‘appy” to talk about his future (no to Formula One, yes to rallying) and his past bust-ups with fellow Italian Max Biaggi. Indeed, he was grinning from ear to ear on the subject of his former rival.

“If only David Beckham would dish the dirt like this” popped into my head as Rossi spoke with an infectious charm about his explosive relationship with Biaggi.

This is not to say Beckham has zero charisma. On the contrary. I had to put a colleague from Spanish news agency EFE right recently after she called Becks “boring” (and worse).

Beckham is royalty, I told her. I think you can be tried for treason in my country for bad-mouthing him and, besides, if you look past his accent, the former England captain is both charming and intelligent. He’s just no Valentino Rossi.

In the space of 20 minutes, Rossi closed the door on a possible Formula One future, said he wanted to drive in the world rallying championship (for Ford, more concrete news – I was feeling quite giddy by this point!) for 10 years and admitted he loved all the rough and tumble with Biaggi.

Now I have the greatest respect for the likes of Roger Federer, Lewis Hamilton and Kaka. I just don’t think (although I admit to the possibility I could be wrong) they would make the best conversationalists over a couple of pints.

For Rossi, who goes by the nickname ‘the Doctor’ (a mark of respect in Italy and also, as he says, “because Rossi is a common name for doctors in Italy”), it seems as if no subject is taboo.

“I remember with great ‘appiness the years with Biaggi,” the six-times premier class world champion said with a wink after I asked him about a punch-up in Barcelona in 2001. Quality. How about a swift half?