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Nissan's Ghosn crisis

Nissan abandons Ghosn's US strategy after earnings plunge

Automaker predicts 47% fall in net profit for current fiscal year

Nissan CEO Hiroto Saikawa speaks during a press conference on May 14 in Yokohama, Japan. (Photo by Yoichi Iwata)

TOKYO -- Nissan Motor will reverse the bullish expansion strategy led by former chairman Carlos Ghosn in pursuit of more moderate growth after its worst earnings performance in more than a decade.

Nissan said net profit in the fiscal year ending in March 2020 would fall 47% to 170 billion yen ($1.5 billion), based on an assumption that the yen will trade around 110.0 against the U.S. dollar during the year, from around 110.9 yen in the year just ended.

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