STORY: Japanese automakers Toyota and Honda both reported slipping quarterly profits Wednesday.Both companies cited falling sales and competition from China.Toyota's profits from July to September this year were 20% lower than the same time last year,

Honda said its profits slipped nearly 20% in the first half of the fiscal year from the same period the previous year, as sales suffered in China, the Japanese automaker.

Toyota’s July-September profit has sunk to less than half of what it was in the same period the previous year, as a production stoppage that followed a certification scandal and recalls dented vehicle

Toyota Motor Corp. kept its annual profit outlook intact despite reporting quarterly results that were dragged down in Japan and China, as the Japanese carmaker showed signs of recovery from domestic scandals and major recalls in the US.