( CNN ) -- In the Land of the Rising Sun , the fiscal year is setting in a sea of red . Mount Fuji glows red in the sunset , much like the year-end results of Japanese manufacturers . Electronics makers Hitachi and NEC Corp. , and carmaker Nissan all ended the year with a loss . Japan 's largest electronics maker , Hitachi lost $ 8 billion in the fiscal year ending March 31 , with consolidated revenues down 11 percent from last year . It was the largest loss ever recorded by a Japanese manufacturer , according to Shinko Research Institute . NEC Corporation lost $ 3 billion in the past fiscal year , down nearly 11.5 percent from last year . Meanwhile , Nissan lost $ 2.3 billion for the year . Declines in the automobile , semiconductor and industrial equipment industries especially hurt Hitachi , as well as write-downs of securities due to the sharp declines in global stock exchanges . Watch more about Japanese stock values » . Hitachi said it will cut unprofitable business lines , reduce staff and eliminate factories in Japan and overseas , but gave no specifics . Japanese firms have been hit hard by the credit crisis , which has driven up the value of the yen -- driving up the export cost of products to markets like the US , where consumers are spending less on durable goods such as automobiles and electronic products .
Hitachi 's annual loss of $ 8 billion biggest ever for Japanese manufacturer . Comment: Japanese manufacturers hurt by strong yen , soft overseas sales .