Tokyo, Oct 20 (IANS): Japan's Panasonic Corp decided to sharply scale down its money-losing television-making business, reducing production of plasma display panels and cutting over 1,000 jobs, Japanese media reported Thursday.

The leading electronics manufacturer planned to cease its production of plasma panels used in some of its televisions at the No.3 plant in Amagasaki, Hyogo Prefecture during fiscal 2011, which ends in March 2012, the media report quoted company sources as saying.

The company is also considering selling its liquid crystal display panel plant in Mobara, Chiba Prefecture, said Xinhua.

Japanese TV manufacturers held a majority 48 percent of world market shares in 2005, far exceeding the 21 percent held by Korean TV makers. Now, Korean TV makers are taking a lead in the world TV market while Japanese firms are facing a difficult situation in the price war amid the Japanese yen's appreciation and Korean won's depreciation.