This just in: Sony is about to sell the PlayStation 5 for more than scalpers once sold them at the time of their release—in Japan.
Sony recently confirmed that it’s increasing the PS5’s price in Japan by 19 percent, citing a “challenging external environment.” Aside from the PS5, Sony is also making other PlayStation accessories like the DualSense and the PlayStation VR2 more expensive than their launch price in Japan.
Set to take effect on September 2, this represents a staggering increase of ¥13,000 (about $90) for the standard and slim PS5 models, which equates to a 19% jump in pricing. Because of this, local video game retail stores are now out of stock of the PS5 at the moment as gamers try and beat the price hike before its implementation.
Most are under the impression that just because Sony appears to hold a monopoly over the video game industry as Xbox struggles to remain competitive, it’s free to jack up the price of its flagship platform, the PlayStation 5, but that’s where most people are wrong.
The Japanese yen has been weakening against other major currencies, particularly the US dollar, which has likely played a significant role in Sony’s decision to adjust prices in their home market. Other imported commodities have faced similar price hikes, or if not, they’re expected to become more expensive in the coming months.
The impact of this price hike on Japanese consumers remains to be seen, but we’re already seeing backlash all over social media over Sony’s presumed greediness, as other manufacturers have yet to confirm similar price hikes. It’s interesting to note that Sony has yet to announce plans to increase prices in other regions, including North America and Europe. Furthermore, this is the third price hike for the console in Japan alone.
What makes this price increase particularly notable is its magnitude and timing. It’s more common for companies like Sony to reduce the price of their consoles at this stage in their lifecycle.
Despite the price increase, the PS5 continues to perform well in terms of sales. As of August 2024, Sony reported that 61.7 million units have been sold worldwide. It’s expected to continue selling well to end the year following the massive success of Black Myth: Wukong in and out of China. Not to mention, rumors suggest that a PS5 Pro model is coming out later this year, which should drive the console’s sales even further.
Between the PS5’s China-led surge, the PS5 Pro’s release, and a stronger outlook for first-party and third-party exclusives next year, PlayStation fans have plenty to look forward to, albeit gamers in Japan will have to start paying more of a premium to start enjoying the same luxuries as the rest of the world.
For now, gamers outside of Japan can breathe a sight of relief, but it does serve as a reminder that everyone’s favorite escape is just as affected by real-life forces as ever.
