Sony shareholders looked on as they watched the electronics and entertainment giant’s shares fall below 1 000 yen for the first time since 1980 yesterday. The Tokyo stock market took a dive early Monday after a dismal performance from Wall Street, bad US job data, and amid other global economic concerns.

The entertainment and electronics giant could only look on as it saw 2,3 per cent of its share value vanish and take it to new embarrassing levels.

The share price hovered around the 990 yen mark shortly after the opening bell, before recovering to 1 001 yen later in the morning.

Sony last traded below the psychologically important 1 000 yen level in August 1980.

That was around a year after its landmark “Walkman” portable music player was released.

The good old days..

Sony has had a dismal year already and posted a record full-year loss of $5,8 billion for the year to March 2012.

It continues to struggle to make its television division profitable, and blames tough competition from rivals including South Korea’s Samsung, falling prices, slow demand, the impact of severe flooding in Thailand last year, and the high yen for its struggle.

A stronger yen hits Japanese exporters by making their products more expensive overseas, while eroding the value of foreign-earned profits.

[Source: IOL]