FILE PHOTO: The Fuji Xerox logo is seen on a photocopier in this illustration photo January 19, 2018. REUTERS/Thomas White/Illustration/File Photo

TOKYO (Reuters) - Japan’s Fujifilm Holdings said it is cutting 10,000 jobs globally at its joint venture with Xerox Corp, saying it needed to overhaul the photocopying business amid a tough market environment.

The company said it would book restructuring costs of 49 billion yen ($450.95 million) in the current fiscal year, lowering its operating profit forecast for the year to 130 billion yen from a previous 185 billion yen outlook.

It said the restructuring would lower annual costs by 50 billion yen from the year ending March 2020.

Earlier, the Wall Street Journal reported citing people familiar with the matter that Xerox Corp is nearing a deal with Fujifilm that would cede control of the U.S. photocopier pioneer to Fujifilm.