U.K. based news agency, Reuters, has reported four Japanese automakers - Toyota, Nissan, Honda and Mazda - will conduct a global recall for an airbag problem that is likely to affect 3.4 million cars. The airbags were supplied by Japanese auto parts maker, Takata, acknowledged by company spokesman Toyohiro Hishikawa.

Apparently Takata is aware that carmakers annually recall about 2 million vehicles globally due to problems with airbags it had supplied. The firms shares dropped 9 percent to 1,819 yen after the news broke out.

Toyota will recall an estimated 1.73 million vehicles globally as some front seat airbags next to the driver may not inflate when necessary, according to spokesman Ryo Sakai. He also added no injuries or deaths have been reported pertaining to the problem. The faulty inflator will be replaced with new ones by Toyota - a fix that is expected to take between 30 to 150 mins, depending on the model.

Honda will recall an estimated 1.14 million vehicles while Nissan and Mazda are recalling an estimated 480,000 and 45,500 vehicles respectively. List of affected models were not released by the respective manufacturers.