HONDA RACING’S hopes of competing in Formula One this season appear to have suffered a crucial blow as their Japanese bosses have today stated they cannot find a “serious buyer” for the team.

Honda Racing’s hopes of competing in Formula One this season appear to have suffered a crucial blow as their Japanese bosses have today stated they cannot find a “serious buyer” for the team.

FIA president Max Mosley has vowed to push through vital cost-cutting measures to safeguard the future of Formula One as Honda prepare to leave the sport.

Honda will pull out of Formula One unless a buyer can be found by the end of the month, it said today.

JAPAN’S central bank raised interest rates for the first time in six years yesterday, lifting its key rate to 0.25% from 0% and affirming the end of a long era of deflation and economic stagnation.