I have a 2003 Camry with the same engine. M1 0W40 will work just fine in it and can be run year round. I prefer a good 5W40 over a 0W40 but either will work just fine year round in this engine. I have run 0W30,5W30,10W30,10W40,5W40 and now a blend of Castrol synthetic 0W30 and 10W40(they were on clearance at walmart for $1.50). To date Redline 5W40 had the most positive impact on performance. I ran the Redline 5W40 down to -18°F dureing a long cold Michigan winter. None of the 40Wt. oils made it slugish at all!!! M1 0W40 would be the last oil that would make it slugish as it is a thin 40Wt.!
My winter oil this year is a blend of M1 0W40 and M1 TSUV 5W40.