The Japanese handset market spits out another victim. Nokia (NYSE: NOK), the world’s largest handset maker, said it would stop selling cellphones in the country, except for its high-end luxury Vertu model, Reuters reports. The news comes days after another report from Japanese newspaper Yomiuri said Nokia would launch an MVNO in the country, with the Vertu as its centrepiece.
Nokia had said it was aiming for double-digit penetration in Japan. But now with the handset maker looking to cut costs, trimming back its effort in Japan where it has a 0.3 percent of the market last year, is not particularly surprising.
Nokia EVP Timo Ihamuotila said in a statement, “In the current global economic climate, we have concluded that the continuation of our investment in Japan-specific localized products is no longer sustainable.”
Though Japan is the world