Nikon cuts annual profit outlook on price drops

Nikon Corp said camera price declines that prompted it to cut its annual profit forecast will probably continue this quarter amid slowing demand in Europe and weaker than expected sales in China.

"Tough competition for entry-level single-lens-reflex models has led to a large price decline since around mid-November," Junichi Itoh, chief financial officer of the Japanese manufacturer of cameras and chipmaking equipment, told reporters in Tokyo on Wednesday.