Sony to axe 8,000 jobs, close factories

Sony plans to cut 8,000 jobs, close factories and reduce electronics investment by nearly a third in response to the current economic conditions.

Sony plans to cut 8,000 jobs, close factories and reduce electronics investment by nearly a third in response to the current economic conditions, it said Tuesday.

The company, which is one of Japan's major exporters, has been dealt a double-blow: a recession gripping many of its biggest markets and the strong yen, which makes its products more expensive overseas.

Together Sony hopes the measures will save it ¥100 billion (US$1 billion [b]) in its next fiscal year, which runs from April 2009 to March 2010.

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