Sony Corp. and Yamaha Corp., two venerable Japanese companies, have been hit hard by the worldwide economic slump.
Sony Corp. said today that flagging domestic demand for consumer electronics would create the first annual operating loss in its history. The loss was estimated at $156 million for the fiscal year ending March 31. Sony has fallen victim to Japan's rapidly slowing economy and the slump in consumer demand.
Meanwhile, Hiroshi Kawakami, president of Yamaha, the world's largest maker of musical instruments, resigned today. Company officials said a prolonged slump in Yamaha's business has been brought on by sluggish sales in pianos and audio equipment.