Sony to axe 8,000 jobs

Sony plans to cut 8,000 jobs, close factories and reduce electronics investment by nearly a third.

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Sony plans to cut 8,000 jobs, close factories and reduce electronics investment by nearly a third.

The move is in response to the current economic conditions, the laptop and consumer electronics maker said.

Sony, 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 (£733 million) in its next fiscal year, which runs from April 2009 to March 2010.

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