- Asian markets track Wall St rally on jobs data
- Cancer, cardiovascular drugs tipped for Nobel as prize week opens
- Tunisia incumbent Saied set to win presidential vote: exit polls
- 'Difficult day': Oct 7 commemorations begin with festival memorial
- Commemorations begin for anniversary of attack on Israel
- Tunisia voting ends as Saied eyes re-election with critics behind bars
- Drowned by hurricane, remote N.Carolina towns now struggle for water
- Two elephants die in flash flooding in northern Thailand
- Tunisia votes with Saied set for re-election
- Too hot by day, Dubai's floodlit beaches are packed at night
- A 'forgotten' valley in storm-hit North Carolina, desperate for help
- Italy targets climate activists in 'anti-Gandhi' demo clampdown
- US trade chief defends tariff hikes when paired with investment
- EU court blocks French ban on vegetable 'steak' labelling
- Meta AI turns pictures into videos with sound
- US dockworkers return to ports after three-day strike
- DR Congo to begin mpox vaccination campaign Saturday in east
- Meta must limit data use for targeted ads: EU court
- Oil extends gains, jobs report lifts Wall Street
- US hiring soars past expectations in sign of resilient market
- As EU targets Chinese cars, European rivals sputter
- Top EU court finds against FIFA in key transfer market ruling
- Oil extends gains, Hong Kong stocks resume rally
- 'A man provides': Ukrainian miners send families away as Russia advances
- EU states greenlight extra tariffs on EVs from China
- Hong Kong stocks resume rally, oil dips after Middle East-fuelled surge
- Crude stable after Israel-Iran surge, Hong Kong stocks resume gains
- Hera spacecraft to probe asteroid deflected by defence test
- US dockworkers to head back to work after tentative deal
- After Helene's destruction, North Carolina starts to rebuild
- Dockers end three-day strike at Montreal port
- What next for OpenAI after $157 billion bonanza?
- Israel-Hamas war causes 86-percent dive in Gaza GDP: IMF
- Milan's Morata moves house after Inter-fan town mayor 'violates' privacy
- 'Devastating' storm hits Augusta National but Masters will go on
- Relief in Brazil, Asia over delay to EU deforestation rules
- Oil prices jump, stocks fall on Middle East tensions
- Biden says 'discussing' possible Israeli strikes on Iran oil facilities
- Oil prices rise, stocks fall on Middle East tensions
- Oil rallies, stocks mostly retreat on Middle East tensions
- Phasing out teen smoking could save 1.2 mn lives: study
- 'Welcome relief': Asia producers hail EU deforestation law delay
- Japan PM slated to announce plans for 'happiness index'
- Turkish inflation falls less than expected in September at 49.4%
- Easing inflation lifts profit at UK supermarket Tesco
- Skiing calls on UN climate science to combat melting future
- China wine industry looks to breed climate resilience
- Tokyo rallies on weak yen, Hong Kong drops after surge
- Dutch airline KLM unveils 'firm' cost-cutting measures
- Carpe diem: the Costa Rican women turning fish into fashion
Sony hikes net profit forecast as weak yen boosts business
Sony raised its annual net profit and sales forecasts on Tuesday, saying the weak yen had boosted its bottom line in sectors including gaming, music and movies.
The Japanese conglomerate said it now expects net profit to March 2023 to reach 840 billion yen ($5.7 billion), up from 800 billion yen previously forecast.
It also slightly increased its sales outlook to 11.6 trillion yen.
The yen has lost more than 20 percent of its value this year, inflating profits for Japanese companies that operate overseas.
Sony said its massive global entertainment businesses, from music streaming services to blockbuster films and the PlayStation, were enjoying the impact of the cheap yen.
Sales were expected to be higher than forecast in several sectors but "partially offset by lower-than-expected sales in the financial services segment", the company said.
In the first half of the current financial year, net profit was 482.2 billion yen, up 13 percent on-year, while sales rose nine percent to five trillion yen.
Nearly two years since its launch, the company's PlayStation 5 console remains notoriously difficult to find.
But "hardware shipments are expected to grow significantly" in the second half, while software sales will be "very tough", said Hideki Yasuda, senior analyst at Toyo Securities.
"This year, software makers are postponing the sale of major titles, partly because production of the PS5 has been slow," Yasuda told AFP ahead of the earnings release.
With most of the forex-related boost coming from software sales, if the situation does not change it could start to have a negative impact on Sony's gaming earnings, the analyst warned.
"The PS5 is selling at a very high price, but it is well balanced cost-wise ... if the dollar strengthens, it's going to be tricky," he said.
Behind the yen's dramatic falls is the contrast between the monetary policies of the US and Japanese central banks.
While the US Federal Reserve is fighting inflation with aggressive rate hikes, the Bank of Japan has stuck to its longstanding monetary easing programme, designed to encourage sustainable growth.
St.Ch.Baker--CPN