Nintendo Chief: No Price Cuts Planned

Despite the fact that no one has any money and its competitors are dropping their prices to make their consoles more attractive to cash-strapped consumers, Nintendo remains adamant that it will not be cutting its prices.

According to a post in PCWorld the company has said it has no plans to cut the price of its Wii console or its Dsi handheld console in light of the recent economic problems.

"If we were making a product that was similar to others and cheaper prices mean selling more then a price cut might be an efficient means of driving up sales however, I don't think video games are that kind of product," said Satoru Iwata, president of Nintendo.

Iwata went on to say that even though we’re all feeling the recession, consumers seem to be keeping Nintendo products high up on their lists of must-have items, citing this as the reason to keep prices as they are. "Instead of driving up sales [with a price cut] I think we should put more energy and time into making better entertainment so that our products are going to remain in the top position in our customer's wish lists," he said.

Sony and its PS3 made headlines last month when it surpassed Nintendo Wii sales in Japan, marking the first time the Wii has ever come second in console sales. Thanks to the Sega Sammy’s “Ryu Ga Gotoku 3” (which will be known in the west as “Yakuza 3”) and Capcom’s “Biohazard 5” (better known as “Resident Evil 5”), gamers found more reasons to pick up the more expensive PlayStation 3 over the Wii.