Panasonic revives as other Japanese tech companies falter

According to Bloomberg Business Week, Panasonic revived even as other Japanese high tech companies such as Sony and Nintendo faltered. Panasonic’s Chief Executive Officer Kazuhiro Tsuga has engineered a revamp of the company by getting out of money-losing businesses such as mobile phones, while focusing on new ventures. The strategy began to pay off, as the operating profit at Panasonic’s automotive and entertainment units jumped to 28.2 billion Yen in the fourth quarter of 2013. Earnings in appliances increased by 60% to 9.8 billion Yen.