Japan's second-largest banking group Sumitomo Mitsui Financial Group hit a record 1.18 trillion yen ($8.1 billion) profit for the financial year ended March 2025 and sees more growth ahead even accounting for the hit to its business from tariff uncertainty.

Japan’s biggest carmakers are looking at a hit of more than $19 billion from US President Donald Trump’s tariffs that have left the global auto industry reeling.

Honda has reported its profit for the fiscal year through March slipped 24.5% from the previous year as its vehicle sales in China dropped.