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| Nintendo halves profit forecast after yen strengthens | Nintendo halves profit forecast after yen strengthens |
| (35 minutes later) | |
| Video game giant Nintendo has halved its full-year profit forecast, blaming slow sales and the strong yen. | Video game giant Nintendo has halved its full-year profit forecast, blaming slow sales and the strong yen. |
| It said net profits for the financial year to the end of March were likely to come in at 17bn yen (£150m) rather than 35bn yen. | It said net profits for the financial year to the end of March were likely to come in at 17bn yen (£150m) rather than 35bn yen. |
| Nintendo says that the surge in the value of the Japanese currency has shrunk the yen value of overseas earnings. | Nintendo says that the surge in the value of the Japanese currency has shrunk the yen value of overseas earnings. |
| The company makes about three-quarters of its total sales overseas. | |
| The yen has enjoyed a haven status among investors worried by the turmoil on international markets, and has gained some 15% against the dollar since last summer. | The yen has enjoyed a haven status among investors worried by the turmoil on international markets, and has gained some 15% against the dollar since last summer. |
| Nintendo sales were already falling towards the end of 2015. | Nintendo sales were already falling towards the end of 2015. |
| It is now reducing its sales forecasts for the whole year, due to sluggish demand for its 3DS portable gaming system and its Wii U console. | It is now reducing its sales forecasts for the whole year, due to sluggish demand for its 3DS portable gaming system and its Wii U console. |
| However, Nintendo says that its new games, Splatoon and Super Mario Maker, were "blockbusters that vitalised the Wii U platform". | However, Nintendo says that its new games, Splatoon and Super Mario Maker, were "blockbusters that vitalised the Wii U platform". |
| Next month it is launching Miitomo, its first iOS and Android app, and is expected to release its new NX gaming platform in June. |