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ECONOMY

Japanese firms to enjoy high profits thanks to U.S. tax cut

  • February 3, 2018
  • , All national papers
  • JMH Summary

All Saturday morning papers reported on Honda’s announcement on Friday that its net profits for the fiscal year ending in March will be about 1 trillion yen, up 60% from a year ago and reaching the highest level ever due mainly to the Trump administration’s slashing the corporate tax. According to the articles, the Japanese automaker will earn some 346.1 billion yen due to the anticipated reduction in “deferred tax liabilities.” Asahi and Nikkei said Toyota, Nissan, and other auto manufacturers will similarly enjoy significant increases in earnings thanks to the U.S. tax code overhaul, adding that such bumper profits will be a one-time occurrence. 

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