The unraveling of the Japanese consumer electronics industry continues apace. The flood of red ink at Sony grew worse in its fiscal first-quarter results posted Thursday. Some of the loss was attributed to restructuring costs and an unfavorable exchange rate, but Sony also suffered a major hit to its home entertainment and sound division, which includes its TV unit. Even its once-thriving game unit took a hit. That was followed by equally grim news from Sharp Electronics, which posted a sharply wider loss in the quarter and said it plans to lay off 5,000 workers. Both Sony and Sharp also slashed their forecasts for the rest of the year. The mighty truly have fallen.