Iwata: No Wii price cut

Nintendo president Satoru Iwata has emphatically ruled out the possibility of a price cut for its flagship console, the Wii.

Currently the company is working on attempting to meet consumer demand globally, despite churning consoles out at a rate of 1.8 million per month.

"We're still focusing on how to meet booming demand," said Iwata. "We're absolutely not considering a price cut."

According to a report on CNN Money the company has unveiled its plans to launch the Wii in China next year, as well as a feature that will allow gamers to send each other games via the Internet.

Analysts and retailers have previously told GamesIndustry.biz that despite hardware shortages in most markets this Christmas, the Wii will still dominate the console race.