At first I thought it was a loose brake shoe. I have gone into the trunk while the car is on the road to try and pinpoint the area of the clanking, jacked the rear up and inspected all the joints and exhaust pipe system...no luck...sound comes from both sides of the rear drive system.
Toyota Q&AAsk Your Question
1997 Toyota Camry Question: Clanking noise in rear whenever car hits bump or hole.
Answer #1patrick mannion from Greg Solow's Engine Room, July 20, 2009, 23:45Master
It sounds like you did a pretty thorough inspection of the rear suspension, and ensured the exhaust isn't hitting or exhaust hangers are missing.
If you are sure everything else is good and you are stumped. Look at the rear outer sway bar links I think the little ball and socket joint is held on to the sway bar with a 14mm nut take off and tie the sway bar out of the way to see if the sway bar ends are bar.