Although the rumour mill was abuzz with talk of a possible Wii price cut, and several analysts gave some credence to these rumours, the company is adamant there will be no price cut for the Wii just yet.

"The Wii is in the most unhealthy condition since it hit the Japanese market," Nintendo Co. president Satoru Iwata said during a press conference. "The current condition in the Japanese market is not the one we want."

Iwata says the company doesn't need a price war, as it's already the market leader. He also believes a price cut in a difficult economy can't excite the market and improve sales.

He also pointed out that Japanese consumers get tired of 'new entertainment' faster than their counterparts in the west. Iwata was probably alluding to the recent jump in PlayStation 3 sales, which have outpaced Wii sales for the first time in 16 months.

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