PS5 gets another steep price increase in Japan

videogameschronicle.com:

Sony has announced that the PlayStation 5 will get another steep price increase in Japan.

Starting on September 2, the standard PlayStation 5 console will cost ¥79,980 ($550), a ¥13,000 ($90) increase on the current price of ¥66,980 ($460).

The Digital Edition will also see a ¥13,000 hike, rising from ¥59,980 ($415) to ¥72,980 ($505).

Other accessories will see price increases too. DualSense controllers will cost ¥11,480 – ¥11,980 ($80 – $83) compared to their current price of ¥9,480 – ¥9,980 ($65 – $68).

The PlayStation Portal will now cost ¥34,980 ($240) versus its launch price of ¥29,980 ($205).

There is no current sign of a similar price hike outside of Japan.

This isn’t the first time time Sony has increased PS5 prices in Japan, a hike it’s attributing to “recent challenging external environment, including the current fluctuations in the global economic situation, and the impact it will have on our business”.

When the console launched in November 2020, it cost ¥49,980 ($345) for the standard edition and ¥39,980 ($275) for the Digital Edition.

The new price increase means the standard console’s current price in Japan will now be around $205 more expensive than at launch, with the Digital Edition costing around $185 more.

Sony reported its latest quarterly financial figures earlier this month and noted that 2.4 million PS5 consoles were sold in Q1 FY2024 compared to 3.3 million in the same period the year before.

At the time of the announcement, Tokyo-based industry consultant Dr Serkan Toto told VGC that while software sales for the company looked “quite solid” despite a quiet period, hardware sales looked less promising.

“The big weak spot, however, is hardware sales,” he told us. “The year-on-year drop is not surprising but quite significant. Sony can only hope that Astro Bot or the one or other new game coming this year will make people go out and buy PS5s again.”