Japanese Grand Prix venue pulls out

(GETTY IMAGES)

The Toyota-owned Fuji International Speedway circuit will stop hosting the Japanese Grand Prix from next year, the race track operators announced today.

Fuji Speedway hosted the Formula One race in 2007 and 2008 while it is set to return to the Honda-owned Suzuka circuit this year.

The two venues were originally due to alternate hosting the Japanese Grand Prix but, due to the current downturn in the global economy, Fuji Speedway have confirmed they will no longer host the event.

"We decided it would be extremely difficult to continue holding the F1 Japanese Grand Prix in view of sharply deteriorating business conditions and few signs of a rapid economic recovery," Fuji International Speedway said in a statement.