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Nishizono

Senior Economic Analyst at NHK

Shun Nishizono is a Senior Economic Analyst at NHK, specializing in Japanese macroeconomic policy and financial markets analysis. He provides in-depth coverage of major Japanese conglomerates including Toyota, Mitsubishi UFJ Financial, and Sony, consistently delivering timely market insights and reports. Nishizono began his career at Nikkei before joining NHK in 2013, and is known for his thorough on-air analysis and published economic commentaries. He holds a master's degree in economics from the University of Tokyo and maintains professional credentials in financial reporting, though he is not FINRA-registered as he operates within Japanese media.

Nishizono's questions to HONDA MOTOR CO (HMC) leadership

Nishizono's questions to HONDA MOTOR CO (HMC) leadership • Q1 2026

Question

Mr. Nishizono of NHK asked for the specific assumptions underlying the full-year forecast for tariff impacts, including the assumed start date for the new 15% US-Japan automotive tariff.

Answer

Operating Executive Masao Kawaguchi explained that the forecast's gross tariff impact was revised down from JPY 650 billion to JPY 450 billion. This was due to a detailed analysis of production reallocations and scrutinizing which parts imported from Canada and Mexico could be exempt under USMCA rules. Mr. Kawaguchi specified that the current financial forecast assumes the new 15% tariff on automobiles from Japan will begin in September.

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Nishizono's questions to HONDA MOTOR CO (HMC) leadership • Q1 2026

Question

Nishizono from NHK inquired about the specific assumptions underlying Honda's full-year financial forecast, particularly concerning tariffs and the assumed start date for the new 15% US-Japan auto tariff.

Answer

Masao Kawaguchi, Operating Executive and Head of Accounting and Finance, explained that the gross tariff impact forecast was revised down from JPY 650 billion to JPY 450 billion after a detailed review of production allocation and parts sourcing. The current forecast assumes the new 15% tariff on automobiles imported from Japan to the US will begin in September.

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Nishizono's questions to HONDA MOTOR CO (HMC) leadership • Q1 2026

Question

Inquired about the specific assumptions used for the tariff impact in the full-year financial forecast, including which tariffs are involved and the assumed start date for the new automotive tariff.

Answer

The company's forecast includes tariffs on CBUs, parts, and raw materials. The gross impact was revised from JPY 650B to JPY 450B after detailed analysis and production reallocation. They are working to identify USMCA-exempt parts from Canada and Mexico. The current forecast assumes the new 15% US-Japan automotive tariff will start from September.

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