MILAN Nov 15 Japan's Sony Corp (6758.T) has
seen no sign of a recovery in the consumer electronics market,
Chief Executive Howard Stringer said in an interview published
It was difficult to say if world economies have returned to
solid growth, he told Il Sole 24 Ore, Italy's leading business
Sony posted its fourth consecutive quarterly loss last month
but narrowed its full-year loss forecast. [ID:nT34064].
"From my viewpoint, that of Sony and its consumer
electronics products the picture for the time being has not
improved very much," Stringer said.
"There hasn't been that turning point that many had hoped
for. We are waiting for a signal that hasn't arrived."
In the crucial U.S. market, Sony is waiting for Christmas
sales. It will have a better idea about them with Thanksgiving
holiday discounts at the end of November, he said.
In Japan, the situation is the same, but with an aggravator.
"We've had a double blow. Demand remains weak and with the
yen ever stronger, we've lost competitiveness with Korea and
China. That's bad for a country used to having exports be the
driver for growth."
The combination of U.S. joblessness, consumer caution and
the psychological impact of the financial crisis "makes me think
that the recovery will be neither a V nor a W, but an L",
(Reporting by Ian Simpson; Editing by Hans Peters)