Honda Motor Co <7267.T> is likely to cut output at home by over 150,000 units in the year from April, bringing its Japanese production below 1 million vehicles for the first time in 14 years, the Nikkei business daily reported.

Japan's No.2 automaker, grappling with sluggish sales at home and overseas amid the global economic slowdown, will announce production targets for the new business year on Monday when it holds a meeting with officials from major auto parts producers it has dealings with, Nikkei said.

Honda saw its global production plummet nearly 34 percent in January from a year earlier, while top Japan automaker Toyota Motor Corp <7203.T> said its worldwide output plunged nearly 43 percent.

The last time Honda's production fell below 1 million units at Japanese factories was in the fiscal 1995/96, when its output hit 955,660 automobiles in the face of a company management crisis.

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(Reporting by Tetsushi Kajimoto; Editing by Kim Coghill)

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