| | Nintendo popular but now pruning |
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CreateTime:2008-10-31 Editor:liaoyan
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POKEMON, Mario and the Wii are as hot as ever, but the onset of a headstrong yen forced Nintendo Co to prune its money-making ambitions yesterday.
The Kyoto-based video game and console maker cut its annual net profit forecast by nearly 16 percent because of the stronger Japanese currency, which erodes overseas earnings. It now predicts a net profit of 345 billion yen (US$3.5 billion) for the fiscal year, down from the 410 billion yen estimated in August.
The outlook is based on an exchange rate of 100 yen to the dollar instead of 105. The yen recently soared to a 13-year high near 91 yen but has since eased to about 98 yen.
With the downgrade, Nintendo becomes the latest Japanese exporter whose fortunes this year are at the mercy of foreign exchange rates.
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