Hit by a 25 per cent decline in the euro against the yen during 2008, and even bigger rises against currencies such as the pound, companies such as Sony and Canon are struggling to make money on imports into Europe.

Sony will raise the price of selected products from January, and Canon Europe will raise some prices in both its consumer division – which sells cameras and printers – and its office equipment business. Sanyo Electric also said it was considering price rises.

“A rise from Y160 to Y120 [to the euro] is a 30 per cent cost increase for us,” said Ryoichi Bamba, president of Canon Europe. “Maybe 10 per cent we can absorb through higher productivity, 10 per cent from higher prices, and 10 per cent from cuts to our own costs and profits.”