Olympus and Panasonic have announced a joint venture in developing the Micro Four Thirds System, a new standard that extends the benefits of the Four Thirds System standard for interchangeable-lens-type digital camera systems by enabling reduction in size and weight. The two companies will work jointly toward commercial production of significantly lighter and more compact interchangeable-lens-type digital camera systems.

Compared to the Four Thirds System standard, cameras in the Micro Four Thirds System standard have an approximately 50 percent shorter flangeback distance (mount-to-sensor distance), have 6mm smaller lens-mount outer diameter and have increased electrical contacts in mount from nine to 11, while keeping image sensor diagonal dimensions the same. Users will be able to mount their existing Four Thirds System lenses on Micro Four Thirds System bodies via an adapter.

Panasonic recently announced its first camera in this category, the Lumix DMC-G1.

Olympus Imaging and Panasonic will jointly develop relevant technologies and devices for both Four Thirds System and Micro Four Thirds System standards, and will develop and introduce standards-compliant products in accordance with their respective business strategies.