Strong yen hurts Sony

TOKYO: Shares in Sony Corp lost nearly 6 percent yesterday as investors shrugged off the electronics maker's upward revision to its earnings forecast and sold on worries over the US market and a stronger yen.

Sony posted its fourth consecutive quarterly loss of 26.3 billion yen on Friday but cut its annual operating loss forecast by 45 percent to 60 billion yen ($669 million) on cost-cutting.

Panasonic Corp also cited cost-cutting in lifting its annual operating profit estimate on Friday by 60 percent to 120 billion yen.