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.