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