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However, the stock appears to have found a floor around $10, and some interesting economic news out of Japan has bulls who have an appetite for risk bidding up shares. Japan recently announced a new round of stimulus spending worth about 10.3 trillion yen ($116.82 billion) aimed at revitalizing the country’s struggling economy and weakening the yen. A weaker yen could be a boon to overseas sales, and with some highly-anticipated products like the PlayStation 4 on the horizon, the company may be able to drum up some long-needed revenue.
Against this backdrop, shares surged over 6.5 percent on Thursday after CEO Kazuo Hirai reaffirmed that the company would not be selling its profitable Sony Pictures division. Given the stock’s movement, it’s pretty clear where investors want the company to focus its attention. Focusing on profit-making divisions and increasing exports on the back of a weaker yen could finally turn the company’s negative earnings history around.
“I have always said, when asked the question about why we have the entertainment properties, one of the most important reasons we have them in our business portfolio, just like why we have financial services, is that it’s a profitable business to be in,” said Hirai.
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