U.S. President Donald Trump's tariffs are cleaving Japan Inc, as some big exporters like Toyota Motor slash their profit forecasts while Sony and Honda are among those saying the impact will be less than they had feared.

For the year through next March, the major Japanese automaker on Wednesday raised its net profit forecast from 250 billion yen to 420 billion yen, still down 49.8 pct from the previous year. Honda raised its sales forecast to 21.1 trillion yen from 20.3 trillion yen and its operating profit projection to 700 billion yen from 500 billion yen.

Honda Motor Co. raised its annual profit forecast even as its quarterly figure took a hit from President Donald Trump’s tariffs on cars and car parts imported to the US.