Nikon Corp reduced its full-year earnings because of the decreasing demand for mirrorless cameras. The said cameras were once considered as a ground-breaking invention that could help the industry recover from the threat posed by the increasingly advanced cameras of smartphones.

"In Europe and the U.S. the ratio of mirrorless to SLRs hasn't grown at all, unlike in Asia, where it's quite popular with women because it's light. We had higher expectations for other regions," Nikon's president, Yasuyuki Okamoto, said. "But people who like cameras tend to just go for SLRs, even though they're very heavy."

According to Japan's Camera and Imaging Products Association, Nikon's strong sales of the mirrorless cameras were seen only in Japan, its home market. Its shipments grew 16.8% from January to June while its international sales decreased to 18.5%. The shipments of compact cameras also plummeted to 48%.

Nikon cut its full-year projections for the mirrorless camera's division to 6.5 million units from 7.1 million. It also reduced its operating profit estimate to JPY65 billion for this year, down from its JPY85 billion forecast three months ago.