The automaker has asked suppliers to make up for lost output so it can build an additional 97,000 vehicles between December and the end of March, Reuters reported.
Toyota said it would slash its global production plan for April by 150,000 units to 750,000 vehicles, compared with the original schedule reported to suppliers earlier this year.
Honda blamed delays in receiving parts and logistics due to COVID-19 and semiconductor shortages for the reduced output at two domestic plants.
Plants that build the Civic, CR-V, Honda e, Jazz/Fit and HR-V will be affected by output cuts.
Automakers such as Honda have been forced to slash production due a shortage of microchips and now face an increase in costs amid China's COVID-19 curbs and the war in Ukraine.
A weakening yen has emerged as a windfall for the country's automakers, helping buoy results just when they need it most amid pinched production and derailed deliveries.