While Microsoft and Sony have both cut costs and lowered the price of their respective game consoles, Nintendo prez Satoru Iwata has said that there is no such plan to cut the price of its popular Wii home video game console, at least in the foreseeable future.

We’re still focusing on how to meet booming demand. We’re absolutely not considering a price cut.

Iwata added that Nintendo is launching a new Gift function for Wii that allows users to send each other games over the Internet using the Wii’s shopping channel. When your buddy accepts a gift, the Wii automatically launches the shopping channel and begins the download.

Nintendo Rules Out Wii Price Cut [Associated Press]

Read more: Wii Gifting Feature Goes Live Today, Virtual Console Monday, The Homebrew Channel Public Beta Released For Wii, Wii point card costs for Europe, Wii Music and Health Pack Revealed