TOKYO: Japan’s Casio Computer Co. has announced a plan to cut about 500 jobs globally, or 5% of its group workforce, due to its deteriorating business performance.

China’s economic slowdown and a long slump of the electric piano market caused the deterioration, according to the announcement Tuesday.

The payroll cut is expected to push down the company’s fixed costs by about 5 billion yen in fiscal 2025.

The job reduction will affect all business segments at domestic and overseas group companies, with about 80% of the 500 jobs likely to be shed in Japan and the remaining 20% abroad.

Casio will decide details of the job cut, such as the ages of targets and the termination dates, later. It hopes to implement the job reduction by the end of fiscal 2024.

JIJI Press