Apple is said to be cutting iPhone 6S production by 30%

Apple is expected to cut its iPhone 6S and 6S Plus production by 30 percent in the January to March quarter, Japan's Nikkei reported Tuesday.

The report said the cut is due to the excess level of inventories of the latest iPhone models, which in part was due to the higher exchange rate that made iPhones more expensive in emerging countries.

It added the iPhone production level is expected to get back to normal levels in the April to June quarter, citing foreign suppliers.

Nikkei's report is the latest in a series of gloomy projections that predicted a drop in iPhone sales in the coming months. Last month, a number of Wall Street analysts forecast that iPhone sales will drop for the first time ever, citing a decline in sales by some of the major iPhone component makers.

Apple stock finished Tuesday's regular trading session down 2%. Apple wasn't immediately available for comment.