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FRIDAY, NOVEMBER 27, 2009
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 EARNINGS REPORTS 
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Japanese Automakers See Bumpy Road Ahead

Honda's profits down 86%, Mitsubishi's off 37%—and forecasts call for more of same

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(Newser) – A strong yen is hurting Japan's automakers, the Wall Street Journal reports, with Honda and Mitsubishi announcing big declines in profits today and forecasting tough times ahead. Honda saw an 86% decline in profits for the quarter ended March 31; Mitsubishi's were down 37%. Mazda bucked the trend, with a 48% increase—but all three forecast double-digit declines this fiscal year.

Honda predicted profits for the fiscal year ending in March 2009 will be down 18%, with the stronger yen playing a main role. Mitsubishi forecast a 42% drop, and Mazda's expecting its net gain to tumble 24%. Smaller Japanese automakers announced similar forecasts yesterday; Toyota, the industry leader, releases its report May 8.

Though Mazda said its quarterly profits were up 48%, it forecast tougher times ahead.
Though Mazda said its quarterly profits were up 48%, it forecast tougher times ahead.   (AP Photo/Kyodo News, Motohiro Araki)
Honda's quarterly profits fell 86%, the Japanese automaker reported today, and the immediate future looks weak.
Honda's quarterly profits fell 86%, the Japanese automaker reported today, and the immediate future looks weak.   (AP Photo/Katsumi Kasahara)
A stronger Japanese yen hurt quarterly profits for Mitsubishi, which said it saw a 37% drop in the quarter ended March 31.
A stronger Japanese yen hurt quarterly profits for Mitsubishi, which said it saw a 37% drop in the quarter ended March 31.   (AP Photo/Katsumi Kasahara , file)
Honda's quarterly profits fell 86%, the Japanese automaker reported today, and the immediate future looks weak.
Honda's quarterly profits fell 86%, the Japanese automaker reported today, and the immediate future looks weak.   (AP Photo/Katsumi Kasahara)
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