Nintendo global president Satoru Iwata believes that his company can get back into the black without firing any of its employees, through good ol' fashioned efficiency and cost-saving measures.

"It is true that our business has its ups and downs every few years, and of course, our ideal situation is to make a profit even in the low periods, return these profits to investors and maintain a high share price," Iwata said during a recent shareholders meeting, in response to a question about "corporate restructuring" as a solution to Nintendo's problems.

"If we reduce the number of employees for better short-term financial results," he continued, "employee morale will decrease, and I sincerely doubt employees who fear that they may be laid off will be able to develop software titles that could impress people around the world." Iwata also noted that global exchange rates have played a major part in Nintendo's financial situation, saying that "the influence of exchange rates is the main aspect of this matter," rather than Nintendo's headcount.

"Employees make valuable contributions in their respective fields, so I believe that laying off a group of employees will not help to strengthen Nintendo's business in the long run," he said. "Our current policy is to achieve favorable results by continuously cutting unnecessary expenses and increasing business efficiency."

This article was originally published on Joystiq.