Sony and Samsung gloomy earnings forecasts hits Asian economy

Asian electronics giants Sony and Samsung have been voicing their concerns and provided new evidence that the current global economy crisis is now feeding through to business and consumers. This gloomy forecast of earnings is having an adverse affect on the Asian stock market, plunging them down.

Japan’s shares has now fallen to a five year low, this is a result of the stronger yen. The yen has now risen against the dollar for most of the week, and is the highest it has been in more than ten years against the dollar. The competitiveness of the yen has now hit the Japanese exporters.

Sony are facing a tough time at this moment, as their shares have fallen 13 percent, hitting a 13 year low for the company. Sony have now been forced to almost half their profit forecast, a direct result of the gloomy economy.

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