The Sony Corporation, the Japanese consumer electronics giant, said on Tuesday that it would eliminate 8,000 jobs and rein in planned investment in reaction to the global economic slowdown.
Sony, which had already announced cost cuts and had been widely expected to outline more, blamed the rapid deterioration in the global economic outlook and the strength of the yen for the latest cuts.
Sony’s earnings — like those of many of the region’s export giants, including Canon, Samsung and Honda — have plummeted as a result of the slowing export and forced the company to cut its annual profit forecast for the fiscal year through March 2009 by 58 percent in October.
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So while Japan is probably better off because of their high individual savings rate, the corporations are still being hurt by this economic slump.
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