Phil Elliott
14:13 (BST)
25/01/2008
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Stringer: We're concerned about the yen
Sony Corp boss believes his business is holding up well, but worried about currency
The chief executive of Sony Corporation, Sir Howard Stringer, has revealed that he believes the company is performing well, but has expressed concern about the impact a strengthening yen could have on the business.
Speaking at the World Economic Forum, he admitted: "There is always an impact on exports. The yen is volatile...We watch it with some anxiety," reports Reuters.
Because a significant proportion of the company's goods are exported for sale overseas, a rise in the strength of the native currency automatically makes its goods more expensive for other countries to import.
But despite that, he said, the consumer electronics arm is holding up well so far, buoyed by a better performance in the last month or so by the PlayStation division.
"PlayStation 3 has now gone past Xbox on the Christmas market. It's moving into its own as it gets into higher bandwidth...PS3 is out of the woods and beginning to hold its own," he said.
His comments echo others made separately by SCEE boss David Reeves, who earlier revealed the extent of sales in Europe, and claimed that the PS3 would outsell the Microsoft machine by the summer.
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