Honda's top finance executive warns that Toyota's growing recall effort could have a ripple effect throughout the industry, as consumer lose faith in the world's automakers, The Wall Street Journal reports.

Honda Chief Financial Executive Yoichi Hojo tells the paper that "if customers start to harbor doubts about [quality and safety], that would be problem for the whole industry.

Hojo says Honda will be ratchetting up incentive programs in the United States to reduce inventory, but will not target them specifically at Toyota owners.

Honda's refusal to go after disaffected customers from its main rival offers a unique opportunity for other automakers, like General Motors and Ford, to pick up customers with the host of deals they are offering to current Toyota owners, including rebates of up to $1,000.

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