WASHINGTON (AP) _ President Reagan met briefly Wednesday with Eiji Toyoda, the chairman of Toyota Motor Corp. according to a White House spokesman.

The five-minute meeting, which consisted of ''a brief exchange of pleasantries'' and a photo session, took place at the Japanese businessman's request, deputy press secretary Pete Roussel said.

Despite the current furor in Congress over U.S.-Japanese trade relations, the two men did not engage in a discussion of the issue, Roussel said.

The Senate Finance Committee approved legislation Tuesday by a 12-4 vote that would compel Reagan to impose tariffs and quotas on Japanese goods unless he can obtain compensation for sales lost through what it called ''unfair trade practices.''

The government of Japan has termed the proposed legislation discriminatory and a threat to free trade.

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