Nintendo Blames Strong Yen For First Expected Annual Loss In 30 Years

nintendo dsi tbi

Nintendo blamed the record-strong yen when announcing its first expected annual loss in 30 years, according to Bloomberg (via @bored2tears).

“Sales of Nintendo DS hardware and Nintendo 3DS software were weaker than expected. In addition, the yen appreciation was beyond expectation.”

Nintendo had a 52.4 billion-yen foreign exchange loss in the first six months of the fiscal year that began April 1, according to the statement.

The video game company is also getting crushed by competition from smart phones, as well as rivals Sony and Microsoft.

Nintendo cut the price of its handheld 3DS by 40 per cent in August. President Satoru Iwata quashed rumours that they would ever make iPhone games in September.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at