Japanese electronics giant Panasonic said yesterday it expected to lose $5.3 billion this year as a strong yen and one-off charges reversed a previously forecast profit.

The company also said it would be shuttering plants and shifting its procurement and logistics base to Singapore, marking the first time any part of company’s headquarters are to be outside Japan.

A liquid crystal display factory east of Tokyo and one in Shanghai will close, while production at another site in Japan will be reduced, it said. The screens, which are used in televisions, will be sourced from a supplier, chief executive Fumio Ohtsubo told reporters.

Panasonic has struggled to cope with falling television prices and increased competition. It has also been badly hit by the rocketing value of the yen, which has reached successive new post-war highs over recent months as investors seeking a safe haven from the global economic storm have flocked to the currency. Yesterday Japan intervened in currency markets for the first time since August to weaken the yen, sending the dollar as high as 79.49 after hitting 75.32 yen in Asian trade earlier in the day.

The move also saw the euro rise sharply to 111.25 yen from 107.06 yen earlier yesterday. A high yen punishes Japanese exporters such as Panasonic by making their goods more expensive overseas and eroding repatriated profits.

The company said Monday it had lost 136.15 billion yen ($1.75 billion) between April and September.