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Panasonic, Nikon quit developing low-end compact digital cameras

Departures come after smartphones wipe out 97% of market

Panasonic sells compact digital cameras under its Lumix brand. (Photo by Kento Hirashima)

TOKYO -- Japanese camera manufacturers are bidding farewell to a once-major component of their operations, with Panasonic Holdings and Nikon suspending development of entry-level point-and-shoot cameras under their flagship brands.

The companies will instead focus resources on pricier mirrorless models going forward, aiming to navigate a market upended by smartphones.

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