Honda: China Troubles Will Cost Us $1 Billion

The boycott of Japanese goods in China, triggered by a dispute over uninhabited islands in the East China Sea, hit Japanese automakers where it hurts most: In  the pocket-book. Honda cut its profit forecast for the fiscal year to March to 375 billion yen ($4.7 billion) from its earlier estimate of 470 billion yen ($5.9 billion), Reuters says. In September, China sales of  Toyota  dropped 48.9 percent, those of Honda -40.5 percent, and those of Nissan 35.3 percent. The Japanese business calendar is the automakers' biggest enemy. The Japanese fiscal year goes from April  1 to March 31. The boycott started in September, and is expected to be felt for some six month – assuring maximum impact on the books of Japanese automakers. Honda announced quarterly results today. More profit forecasts are expected next week when Toyota and Nissan will present quarterly results on Monday and Tuesday. from The Truth About Cars http://www.thetruthaboutcars.com

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