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Sony Doubles Loss Forecast, Highlighting Challenges for Hirai

Sony Corp. more than doubled its annual loss forecast, underscoring the challenge for incoming Chief Executive Officer Kazuo Hirai in reviving Japan’s biggest consumer-electronics exporter.

The company blamed a stronger yen, cuts in production caused by last year’s Thailand floods and the cost of exiting a display-panel venture with Samsung Electronics Co. for widening its forecast to 220 billion yen ($2.9 billion) from 90 billion yen in November. The loss in the 12 months ending in March will be the fourth in a row, a first since the Tokyo-based company was listed in 1958.