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Nintendo boss admits Wii U failed to generate "enough excitement"

Satoru Iwata, Nintendo's president, has told investors that the Wii U will not be receiving a price drop in the near future.

The news comes in the wake of a disappointing Q3 2012 report which detailed the new console's inability to reach the firm’s quarterly sales target of 5.5 million as it only sold 3 million units.

The Nintendo executive explained that the Wii U already retails at a loss, making a further price decrease unfeasible.

"With Wii U, we have taken a rather resolute stance in pricing it below its manufacturing cost, so we are not planning to perform a markdown. I would like to make this point absolutely clear,” Iwata reasoned.

He also seemed to admit to a failure in marketing, as the Wii U has been “unable to incite enough excitement in society, we have failed to maintain its momentum after the turn of the year."

The new console relies on software sales as its main revenue stream, however a dearth of titles at its launch left consumers with very little content to purchase.

“Given that it has now become clear that we have not yet fully communicated the value of our product, we will try to do so before the software lineup is enhanced and at the same time work to enrich the software lineup which could make consumers understand the appeal of Wii U," he continued.

Iwata further indicated that the availability of two Wii U models - the deluxe set which features 32GB of storage, and a more basic set offering just 8GB - provided unforeseen challenges, with consumer demand for the deluxe set leading to an “imbalance of supply and demand."