This excerpt taken from the HMC 6-K filed Apr 29, 2005.
9. Honda conducts its operations in various regions of the world
Honda conducts its businesses worldwide, and in several countries, Honda conducts businesses through joint ventures with local entities, in part due to the legal and other requirements of those countries. These businesses observe various regulations, including the legal and other requirements of each country. If these regulations or the business condition or policy of these local entities change, it may have an adverse affect on Hondas business, financial condition or results of operations.