Japanese Console manufacturer Nintendo has announced that it will be bumping the price of its popular Wii console to £199.99 as the Pound falls against other currencies.
In March 2008, one British Pound was worth around 200 Japanese yen, this has now fallen to around 140 yen. The Wii originally started life as a 25,000 Yen gaming console in Japan.
In an official statement, Nintendo said that “Due to the severe and continuing depreciation of the pound, we are, unfortunately, having to raise our trade price to UK retailers of Wii hardware”
In January 2009, a stronger Yen hit Nintendo hard as demand for the Wii slowed down and forced the company to cut its profits forecast for the year despite a 17 percent rise in sale.
More than 45 million Wii Consoles have been sold worldwide but this hasn't prevented Nintendo from losing more than 174 billion yen because of currency movements in the last 9 months of 2008.
Retailers, which are already suffering from the economic downturn, have been given the choice of either passing the price hike to their customers (and potentially losing sale) or biting the bullet.
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The price of almost everything imported is going to rise significantly in the next few months as the Pound continues its way down. It is not known whether Nintendo will also raise the pricee of the Nintendo DS console or any of the other official gears in order to protect its bottom line. The Nintendo Wii is still available for £179.99 although you can it pre-owned for £149.99