Amid a global economic downturn, Sony has announced it is to cut 8,000 jobs and close several of its manufacturing facilities in a bid to save $1.1 billion in its next fiscal year, which runs from April 2009 to March 2010. Apparently, their exports are swimming against the tide as the yen gains strength against the dollar and the euro, which causes prices of its products to rise.

The job losses will come out of core Sony electronics divisions, though no official breakdown has been revealed. The Japanese company also said that it would begin outsourcing parts of its semiconductor business, in which unnamed third parties will take care of Sony's planned increase in manufacturing of CMOS image sensors for use in mobile phones.