The higher yen also bit into export income . Panasonic reported annual losses of almost $ 1 billion , causing shares to fall . Company shares fall to drop in demand after earthquake , tsunami and higher yen . Follows record loss for rival Sony announced Thursday of $ 5.7 billion . Both companies hit by extra competition , sluggish production of flat - screen television .
Panasonic reported annual losses of almost $ 1 billion , causing shares to fall . Company shares fall to drop in demand after earthquake , tsunami and higher yen . Follows record loss for rival Sony announced Thursday of $ 5.7 billion . Both companies hit by extra competition , sluggish production of flat - screen television .