Sony said its suggested retail price for the PlayStation 5 is 79,980 yen ($553), up 19% from the previous price, in a hike set to take effect from Sept. 2.
Around $10 billion of value was wiped off Sony's stock this week after it cut its sales forecast for its flagship PlayStation 5 console for the fiscal year.
Nintendo's June quarter revenue was boosted by the success of the "Super Mario Bros. Movie" and the the popularity of its latest Zelda game for the Switch.