Sony confirms A steep price hike is coming to the PlayStation 5 in Japan

Sony has officially announced a significant price increase for the PlayStation 5 in Japan, with the cost set to rise by ¥13,000 (approximately $90). According to a report by VGC, the Japanese PlayStation Blog confirmed that the standard PS5’s price will jump from ¥66,980 (around $462) to ¥79,980 (around $552). The digital-only version will also see a price hike, rising from ¥59,980 (around $414) to ¥72,980 (around $504). This price adjustment is scheduled to take effect on September 2 and will also impact various accessories. For instance, the cost of DualSense controllers will increase from about $65 to $80, while the PlayStation Portal will go up from roughly $205 to $240.

Sony attributed this price hike to the “recent challenging external environment,” which includes fluctuations in the global economy that have affected the company’s operations. As of now, there has been no mention of similar price increases in other regions.

This is not the first time the PS5 has seen a price increase since its launch in 2020, a trend that is also mirrored by Microsoft’s Xbox Series X and S. Despite these increases, the PS5 continues to perform well in terms of sales, with 61.7 million units sold as of August 2024. However, Sony has reported a decline in sales compared to 2023, a dip that was somewhat anticipated as the company revised its sales target for this financial year to 18 million units, as opposed to the 21 million units that were intended last year. This adjustment follows an earlier target of 25 million units, which Sony ultimately fell short of, finishing the year with 20.8 million units sold—a record for PS5 sales, despite not meeting the initial goals.

The slowdown in hardware sales may partly be attributed to the lack of exclusive PS5 titles, with Sony indicating that no major releases from its flagship franchises, such as Spider-Man, God of War, The Last of Us, Ratchet and Clank, Horizon, or Ghost of Tsushima, will be launched in this financial year. Additionally, there are strong rumors suggesting that Sony is gearing up to launch a PS5 Pro later in 2024, which may also be influencing the current sales dynamics.