Toyota Motor Corp., Honda Motor Co. and Nissan Motor Co. warned investors that the early part of this year would be difficult after they sank into the red during the fiscal fourth quarter that ran to March 31. Honda and Nissan will report their results in the last week of July and Toyota on Aug. 4.

Toyota alone expects to lose 600 billion yen, that’s $6.4 billion, in the first half of the year and 250 billion yen or $2.65 billion in the second half of the year. The result will be the largest loss the automakers have ever suffered.

Honda and Nissan are each expected to report a 100 billion yen loss in the first quarter of this fiscal year.

Japan’s Big Three is reporting their worst financial results in years because of weak demand in nearly all major markets which include the U.S. and Russia where sales suddenly collapsed. Russia had become the leading market for Japanese automakers in Europe accounting for 20 to 30 percent of sales.

A global economy will certainly lift all boats but it can sink all boats as well.