Monday 28 September at 12:01 : Sep.28 (GMM) The Japanese carmaker Honda insists it does not regret pulling out of formula one at the end of last year.

The F1 circus is currently en route to Japan to race at the Honda-owned Suzuka circuit, where the manufacturer's former team - now known as Brawn GP - will race in the knowledge that both the drivers' and constructors' championships are theirs to lose.

But Honda president Takanobu Ito said the Tokyo giant was in no position to stay in F1 beyond 2008 and therefore cannot regret the decision.

"We are still managing (our company) as if we were treading on thin ice," he said in an interview with Kyodo News on Monday. "The auto industry is still in great fear."

He said he was "grateful" for the impressive results achieved by Brawn this year, as well as the smooth transition to new ownership.

"We learned hard about the harshness of managing a (F1) team," Ito added. "We need to make use of that (lesson) the next time we do it, if we ever return."