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Sony to raise prices in Europe due to stronger yen

Sony to raise prices in Europe due to stronger yen

Sony could raise price of some of its products more than 33 percent due to the strengthening of the Japanese yen versus the U.K. pound and euro.

Sony could raise the prices of some of its products more than 33 percent due to the strengthening of the Japanese yen versus the U.K. pound and the euro, the company confirmed.

With economic uncertainty set to continue into 2009, "Sony will increase the trade price of a number of products over the coming months," the company said in a statement.

Sony said it has not determined the exact price increases, but that most products would not rise more than 33 percent. Sony said it expects other companies may do the same. Sony's U.K. division said it has informed its trade channel of the changes.

In late October, Sony sharply cut its profit expectations for the year from April 2008 to March 2009. Sony expects a net profit of ¥150 billion (US$1.7 billion) rather than ¥240 billion profit.

The rising yen means Japanese products are more expensive for buyers outside Japan. It also means it takes more foreign currency to buy the same amount of yen, which cuts into profits.

Sony's situation is also felt by other Japanese manufacturers such as Fujitsu, which also revised its profit expectations in late October. Fujitsu expects net profit from April 2008 to March 2009 to come in at ¥60 billion, around 40 percent less than a previous prediction.

On Thursday, US$1 bought ¥88, EUR1 bought ¥125 and £1 bought ¥137.


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