MILAN, Nov 15 (Reuters) - 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 on Sunday.
It was difficult to say if world economies have returned to solid growth, he told Il Sole 24 Ore, Italy’s leading business daily.
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”, Stringer said. (Reporting by Ian Simpson; Editing by Hans Peters)