January 17, 2019 / 6:45 AM / 6 months ago

Japan's Nidec cuts profit outlook on global economic uncertainties

TOKYO, Jan 17 (Reuters) - Japan’s Nidec Corp on Thursday cut its annual operating profit outlook, citing increased uncertainties around the global economy triggered by the U.S.-China trade war.

Nidec, the world’s top electric motor and equipment maker, forecast profit at 145 billion yen ($1.33 billion) for the year ending March, down 25.6 percent from its earlier estimate.

Nidec “is seeing an adverse ripple effect of the current U.S.-China trade friction on its operations in many countries, particularly in China,” the company said in a statement.

“The company has experienced a decline in customer demand beyond its prior expectations and the resulting inventory adjustments since last fall.” ($1 = 108.9200 yen) (Reporting by Makiko Yamazaki; Editing by Rashmi Aich)

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