Canon and Nikon hike prices as pound plummets
Japanese photography giants Canon and Nikon have confirmed that they have been forced to raise product prices as a result of the rising yen and plunging pound.
Canon Europe today told Amateur Photographer that it has increased the price of ‘certain products’ from this month.
However, it is not yet clear which products are affected. A spokesperson for Canon Europe would only say that retailers have already been notified of the increases.
Canon blamed the rises on ‘currency fluctuations and the recent rapid increase in the value of the yen versus the euro’.
Meanwhile, Nikon UK revealed that it will increase the prices of ‘imaging and optics products’ from 12 January - owing to ‘volatile exchange rate conditions’.
The firm said it will not announce the extent of the price increases before that date.
The UK spokesperson added: ‘All product groups will be affected to some degree. A recommended retail price list will be available to view from 12 January at www.nikon.co.uk.’
The value of the euro fell 25% against the yen last year, with the pound faring even worse against the Japanese currency.
Sony had yet to respond to a report in the Financial Times that it is also poised to raise prices as it ‘struggles to make money on imports into Europe’.
NEWS UPDATE 28 January 2009: Further 10% price hikes announced
NEWS UPDATE PENTAX PRICE HIKE