Nintendo slashes cost of Wii U console ahead of new consoles from Microsoft and Sony

Wii-UWith Microsoft and Sony scheduled to release their next-generation gaming consoles - the Xbox One and the PlayStation 4 respectively - later this year, Nintendo has announced a price-cut for its Wii U gaming system.

In a Wednesday announcement, Japan-based Nintendo revealed that it plans to slash the cost of its Wii U console by $50. The company said that, with effect from September 20, the cost of the Wii U will be reduced from its current $349.99 price-tag to $299.99.

However, Nintendo does not plan to reduce the Wii U price in Japan, where the suggested cost of the console is 30,000 yen ($307).

In addition to the Wii U price-reduction move in countries other than Japan, Nintendo also said that it will also launch a Wii U package featuring `The Legend of Zelda: The Wind Waker HD,' a remake of the 2003 title. The new Wii U bundle announced by Nintendo will also be available from September 20, and will be priced at $299.99.

With Nintendo also having unveiled a $130-priced entry-level 2DS portable gaming system which will hit the markets on October 12, Wedbush Securities analyst Michael Pachter said about the Wii U price-reduction move: "They
(Nintendo) needed to cut the Wii U price to stay competitive. But it probably won't help much over the long term."