Finnish mobile phone manufacturer Nokia has said it will withdraw from the Japanese market almost completely. The company announced Thursday that, aside from its luxury line of Vertu phones, it will be stepping back from the mobile phone market in Japan.

The current financial crisis is affecting everyone and the technology industry is not immune to cost cutting. A representative from the company spoke to Forbes and explained why the company has decided to pull back from Japan. "In the current economic climate we have been forced to sharpen our business focus," the rep said. According to Forbes, 50 jobs will be lost in total and a group of 350 people, mainly researchers will be kept on at the company.

Nokia will cease manufacturing phones for NTT DoCoMo and Softbank Mobile however, the company’s expensive line of Vertu phones will remain on Japanese shelves. The handsets are costly and depending on the model, will set you back between $5,000 to $10,000.

The BBC reports that foreign companies account for only 5 percent of the Japanese mobile market, with the rest of the market share belonging to local Japanese companies who churn out handsets with features such as TV broadcasting and electronic payment methods.

Read the full story on Forbes.