The strong yen is one reason why TDK has announced plans to lay off 11,000 people — that is around 12 percent of its workforce.
The Japanese electronic component maker also blamed the floods in Thailand and slower demand for products as it lowered its earnings forecasts for this year.
In the third quarter TDK’s net profit was down 63 percent from the same period last year.
The company, which is the world’s biggest maker of magnetic heads for disk drives, did not give a regional breakdown of the job cuts, but said they would take place over a one to two year period. It currently employs around 88,500 people.