Sony doubles annual profit expectations

Sony has doubled its predicted earnings for the fiscal year ending March 2013, doubling its net profit forecast to 40 billion yen ($403m/£261m).

The Japanese firm cites the weakening performance of the Yen as a major factor to the increase, which increases the company's earnings when its revenue in other currencies is converted.

The BBC notes that, since December 2012, the yen has lost roughly 15 percent of its value against the US dollar.

Sony's original forecast assumed a foreign currency exchange rate of 88 yen to one dollar, whereas the average rate over the past three months has been 92.4 yen to one dollar.

The company also said its financials would get a boost from the sale of office space in New York and Osaka.

Sony will announce its full earnings report on May 9.