Japanese Firms Cut Sales, Earnings Projections

Three leading Japanese companies have downgraded their earnings and sales projections for the fiscal year ended March 31, 2009, citing the effects of the economic downturn. Asahi Kasei revised its annual net profits projection to ¥7 billion ($70 million), from ¥14 billion, and cut its sales projection to ¥1.56 trillion, from ¥1.57 trillion. Shin-Etsu Chemical lowered its net profits projection to ¥160 billion, from ¥200 billion, and cut its sales projection to ¥1.2 trillion, from ¥1.4 trillion. Tokuyama says it expects to...

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