Sony ( SNE) lowered its fiscal-year forecasts Thursday, saying it expects net income to fall 59% from a year earlier as sales of products such as LCD televisions, compact digital cameras and video cameras were hurt by a slowing global economy and an intensification of price competition.

Sony said it now expects earnings for the fiscal year ending in March 2009 of 150 billion yen ($1.5 billion). Sony had previously expected fiscal-year profit of 240 billion yen.

The Japanese company also blamed the rise in the yen for its reduced outlook and weaker-than-expected results in financial services brought on by declines in the Japanese stock market.

Sony also lowered its sales forecast to 9 trillion yen ($92 billion) from a previous forecast of 9.2 trillion yen.