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:max_bytes(150000):strip_icc()/GettyImages-2155741038-5b66958b12ea4cf0acf7f9bf734b852f.jpg "Sony Surprisingly Hikes PlayStation 5 Prices in Japan")
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KEY TAKEAWAYS
- Sony Group said it is increasing the price of its PlayStation 5 in Japan by 19% to around 80,000 yen ($550), in an unexpected move by the tech and entertainment giant.
- The price hike comes even though the console is four years old and has seen slowing sales, and a revamped console is expected in coming months.
- Sony reportedly increased the price to account for a “severe external environment.”
Sony Group (SONY) said it is increasing the price of its PlayStation 5 in Japan by 19% to around 80,000 yen ($550), in an unexpected move by the tech and entertainment giant.
The price hike comes even though the console is four years old and has seen slowing sales, and a revamped console is expected in coming months.
Price Hike Accounts for ‘Severe External Environment’
“This decision takes into consideration the business impact of the severe external environment, including recent global economic fluctuations,” Sony said in a Japanese blog post, according to a Bloomberg translation.
Sony’s American depositary receipts (ADRs) rose 3% to $95.54 as of about 10:15 a.m. ET Tuesday to move into positive territory in 2024.