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Canon, Nissan hit by economic crisis

By North Asia correspondent Mark Willacy

Posted December 17, 2008 18:24:00

Another two Japanese corporations have been hit by the global financial crisis, announcing huge cuts to production and jobs.

The world's largest camera maker is the latest company to report a massive drop in demand for its products.

Blaming the global downturn for a plunge in its sales, Canon says it is shelving plans to build a new digital camera plant in western Japan.

The company has now cut its sales target by 5 per cent.

Car-maker Nissan is also slashing production, saying it will reduce its output by 80,000 vehicles in the first few months of the new year.

The company will also cut another 500 jobs in Japan and says it will slash shifts or operating days at the company's plants.

Tags: company-news, automotive, electronics, international-financial-crisis, japan

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