Automaker Honda on Thursday upgraded its annual profit forecast thanks to a strong dollar and healthy North American demand, while rival Nissan said its net profit almost tripled year-on-year.

Honda now projects an annual net profit of ¥960 billion ($6.45 billion), up ¥30 billion from the previous forecast.

The decision "reflects further strengthening measures to improve profitability and the positive impacts from currency effects," Honda said.