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Canon lifts profit outlook

Canon Inc. reported on Wednesday an 11 percent rise in net profit for the first quarter and raised its full-year forecasts, expecting a weaker yen to lift the bottom line.

The improved outlook at the Japanese maker of cameras and printers is an indication of how the recent easing of the yen’s strength against the dollar and the euro is helping the country’s largest exporters, who had based their forecasts on the assumption that the yen’s relentless appreciation would continue.

Canon’s previous forecasts for this year were based on expectations the dollar would average JPY75 and the euro JPY100. Its revised forecasts are based on the dollar at JPY80 and the euro at JPY105.