Nintendo Denies Cancellation Of N5

Representatives from Nintendo have been quick to deny reports in Japanese newspaper Nihon Keizai Shimbun, which appeared to be quoting company president Satoru Iwata as saying that he had put plans to release a next-generation console on hold. Reacting to this news Nintendo shares fell 2.67% in early afternoon trade against a 0.62% fall in the Nikkei average. Nintendo officials in both Japan and America moved quickly to deny the report, suggesting that Iwata’s quotes had been taken out of context and that the article in general was based on “a lot of speculation”. In an apparent attempt to distract attention away from such controversy the company announced at the same time that it was planning a new peripheral device for the GameCube, but declined to comment on its nature or purpose. Source: Reuters