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Canon to haul capacity back home as yen continues slide

09
Jan
2014

By Sophie Knight and Reiji Murai TOKYO (Reuters) – Canon Inc is shifting capacity back to Japan in an apparent vindication of Prime Minister Shinzo Abes yen-weakening policies, which have made it more profitable for some Japanese manufacturers to produce and export from home. It is now set to reverse that shift, boosting jobs and factory operations in Japan in a move that will delight proponents of Abes economic policies and erode the competitive advantage enjoyed by rivals such as Nikon Corp, which has long made the majority of its cameras overseas. Canon will raise the proportion of products made in Japan to 50 percent within the next three years from 42 percent now, Chief Executive Fujio Mitarai told Reuters in an interview on Thursday, after saying he was looking forward to a further slide in the yen. Canon cut back production at home from over 60 percent before the 2008 crisis to 40 percent in 2009.

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