Chemical maker Asahi Kasei Corp. lowered its long-term profit goals and investment plans, saying the global recession is cutting demand.
The company cut ¥130 billion from planned capital spending for the five years ending March 31, 2011. It now expects spending to reach ¥670 billion.
Companies cut spending at the fastest pace in 54 years in the three months through March in response to the economic downturn, government figures showed Thursday.
Asahi Kasei lowered its sales target for the business year ending March 31, 2011, to between ¥1.35 trillion and ¥1.5 trillion, down from ¥1.8 trillion.