Japanese consumer electronics giant Panasonic Corp said it was planning 35,000 job cuts over three years to March 2013, nearly 10 percent of its workforce, in a bid to pare costs and keep up with Asian rivals.

Panasonic said it was aiming to trim its workforce of 385,000 as of March 2010 to 350,000 over the next two business years, and that it set aside 110 billion yen ($1.3 billion) in restructuring expenses for the year to March 2012.

"The figure is huge, but so is the company, and for an old-fashioned one like Panasonic, this is a big move," said Toru Hashizume, chief investment officer at Stats Investment Management in Tokyo.

"In the mid-term, the stock is priced low, it is around the level it was after Lehman, even though the current conditions are more favorable for Panasonic," he added, referring to the collapse of Lehman Brothers in the global financial crisis.

Once unrivalled, Japan's consumer electronic firms are facing increasing competition from cheaper Korean and Chinese producers in particular.

Panasonic said its operating profit for the fourth quarter ended March fell by almost a third to 41 billion yen. It did not give a forecast for the current year because of uncertainties following last month's devastating earthquake and tsunami in Japan.

With credit to "The US Daily"

By David Hague

David is the owner and publisher of AusCam Online. He has a background in media dating back to 1979 when he first got involved with photojournalism in motorsport, and went from there into technology via a 5 year stint with Tandy Computers. Following that, he ran a software distribution company on the Gold Coast and was one of the first to recognise the potential of Microsoft Windows.

Moving back to WA, David wrote scripts for Computer Television for video training for the just released Windows and Office 95 among others, and was then lured to Sydney to create web sites for the newly commercial Internet in 1995, building hundreds of sites under contract to OzEmail including Coates Hire, Hertz Queensland, John Williamson, the NSW Board of Studies and many, many more.

He went back into full time journalism as the Managing Editor for Channel 7's 'Gadget Guy', Peter Blasina's publications VideoCamera and Pixelmag, before starting Australasian Camcorder magazine when these publications were shelved. He lives at Sydney's Avalon Beaches nearly on the ocean front with dog Budweiser and in his spare time is a nut for motor sport, road safety, fishing, science fiction - especially Dr Who - and technology.

David can be contacted via david@auscamonline.com