Canon is to slash costs by £49m, around 20% more than expected, amid the ?tougher business environment?, according to unconfirmed reports emerging from Japan.

?The company will reduce its sales, general and administration costs by ¥60 billion (around £293m),? according to, based on an article published by the Nikkei newspaper. This is ¥10 billion more than the firm had apparently intended to reduce its costs by.

Canon also intends to cut its planned research and development costs by ¥12 billion, says the report.

A spokesman for Canon?s UK office told us that the firm was unable to comment on the report.