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Reuters/Variety: Sony defies gloom with record Q3 sales, profit rise
Sony owed much of its good fortune to the weaker yen.
Sony’s previous earnings forecasts issued in October assumed exchange rates of 115 yen per dollar and 105 yen per euro for the second half of its business year.
The yen has since taken a drubbing, falling to three-year lows of nearly 135 yen per dollar in the gloom shrouding Japan’s debt-burdened financial sector and moribund economy.
Analysts noted, however, that currency hedging and pressure for discounts in overseas markets had kept Sony from reaping the full benefits of recent yen weakness.