Panasonic announced earlier today that it will cut 15,000 jobs as part of its strategy to make it through the harsh financial crisis. The company explained that it is now expecting a net loss of 380 billion yen or $4.2 billion for the year ending on March 31, rather than the 30 billion yen profit it estimated just three months ago on November 27.

“Business conditions have worsened particularly since last October, due mainly to the rapid appreciation of the yen, sluggish consumer spending worldwide and ever-intensified price competition,” Panasonic’s officials explained in a statement. The sales have fallen dramatically in last year’s fourth quarter, with people scared to spend their money. The loss is Panasonic’s first over the past six years.

The plan is to close 13 manufacturing sites in Japan and also 14 abroad over the next two months, which will lead, by March 2010, to the above mentioned lay off actions. The 15,000 workers represent about 5 percent of the company’s work force and half of the cuts will be made in Japan.

Panasonic is currently awaiting regulatory approval to take over the much smaller company Sanyo, which could boost its revenue in the long run.

Japanese carmaker Mitsubishi also announced its worrying situation, as it forecasts its first annual loss in the past three years. Manufacturers in Japan, aside from the global crisis, also suffer from the yen’s appreciation against the dollar over the past 12 months, which has led to bigger prices for their products on the US market.