Sony warns of 'huge' earnings impact from sagging Euro

Sony said it expects a "huge impact" on earnings as the euro declines -- many of Sony's exports are to European countries, some of which are on the edge of defaulting on an international loan. The euro currently sits at a decade-low against the yen, and as Sony generally doesn't buy from Europe, it doesn't have a defense against the euro's descent, Sony corporate treasurer Hiroshi Kurihara told Bloomberg.

"There are no countermeasures that we can take for the moment," Kurihara said. "There is a huge impact on our earnings."

Sony CEO Howard Stringer has apparently shut down some factories and is pushing Sony to build new products, such as tablets, in an attempt to avert a monetary crisis. Samsung, based in South Korea, is benefiting from the weakening of its own currency, the won, because in economics, failure is success.