Toshiba Falls to Three-Year Low on Chip Production Cut
Toshiba Corp. fell to its lowest in more than three years in Tokyo trading after saying it will reduce production of NAND flash memory by 30 percent as weakened demand for data storage devices led to a glut.
Toshiba, the world’s biggest maker of flash memory after Samsung Electronics Co., declined 5.4 percent to 261 yen, the lowest since March 2009, at the close on the Tokyo Stock Exchange. The Nikkei 225 Stock Average fell 0.2 percent.
The reduction will take effect at Toshiba’s Yokkaichi factory in Japan today