The P0420 code could be a defective sensor, or it could be reporting a weak catalytic converter, or the ECM (computer) could have logic that needs to be updated (replacement of the computer).
Those are the solutions that seem to be the causes as far as TOYOTA seems to be indicating.
I don't know of a "easy" way to test to determine which it is.
I listed them in order of cost and ease of repair, although the sensor replacement is dependant upon how rusted the bolts that hold it in place are.
They are nuts that screw onto studs on your exhaust pipe to the rear of the catalytic converter.

The wires from the post catalytic converter sensor (downstream sensor) pass up through the floor of the vehicle and plug into a connector under the passenger seat.
Removal of the passenger seat is NOT required.......remove the plastic trim panel that is at the base of the passenger seat mount......on the driver's side, bottom of the passenger seat.
Below the left hand cup holder on the side of the passenger seat.....you will see the sensor wires come up through the floor of the vehicle and you can easily reach the plug.
The plug will have the standard "tab" that you push to release the plug from the connector.