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Introduction Although the global economy showed some signs of growth last year the military action in Iraq contributed to increased economic uncertainty in this year especially in the USA and the year ended without any indications of a recovery Recently Sony is doing well but under such difficult market conditions Sonys sales for 2003 decreased approximately 15 percent and operating income decreased approximately 5 percent compared with the previous year Sony Annual Report 2003 Last year in order to compete with other companies in some certain markets we decreased our price level of some our products such as PC DVD-Video player and home-use video camera markets It seems that the main reason which causes the decrease of sales and operating revenue was the increased price competition However it was not There were more other problems that cause the decrease And the problems still exist in the current global economy In Japan Sony suffers the pain from the stagnant consumer demand and the high exchange rate of Japanese Yen against American dollars Two Major Issues First of all it is the general economic recession in Japan right now A decade of deflation in Japans economy has discouraged the average Japanese citizen from spending During a period of deflation the price level decreases rapidly and normal interest rate decrease coincides with a fall in economic growth The decline in wealth depresses consumers spending Although the Japanese government has lowered the interest rate near to zero to encourage public investment and private investment the continually dropping price made consumers very pessimistic Currently Japanese consumers confidence about Japans economy is extremely low In this situation investing in business in Japan right now would be a very brave thing to do for every business owner because the low profit growth would give the business no future Last year our business on many fields in domestic market was absolutely terrible except the business on Game field The general economic recession is
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