Japanese Corporate Giants Falter


We’ve got to realize that the broken economy’s not just a domestic problem.  The AP reports that Sony announced record losses of  $1.72 dollars in the January-March quarter compared to a 29 billion yen profit over the same period last year. This makes Sony’s loss the largest the company has posted in 14 years. Sony plans to close 3 plants in Japan and cut 16,000 workers, projecting a potentially larger loss for the remainder of 2009.

Sony’s not alone.  Other Japanese titans of industry recording historic losses include Hitachi, and Sanyo, which is being acquired by Panasonic. Unfortunately, Panasonic announced its first loss in 7 years–a 1st quarter loss of $4 billion. Toyota Motors reported its worst major loss since it was formed in 1937.

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