Sony announces a significant increase in the cost of the PlayStation 5 in Japan

Historically, we've seen a trend where gaming systems decrease in value over time, often making headlines as they gradually became more affordable, resulting in a surge of sales, especially as a console's lifecycle neared its finale, allowing consumers to purchase them for a trivial sum. However, that narrative has shifted significantly.

Today, midway through their lifecycle, both Microsoft and Sony's gaming platforms are witnessing a spike in their market prices, a stark contrast to their introductory costs back in November 2020. Moreover, it seems the trend of escalating prices is set to continue, illustrated by Sony's latest announcement of a price hike for the PlayStation 5 and its related peripherals in Japan. The adjusted prices are now listed as follows:

• PlayStation 5: ¥66,980, now increased to ¥79,980
• PlayStation 5 Digital Edition: ¥59,980, now increased to ¥72,980
• DualSense Wireless Controller: ¥9,480, now increased to ¥11,480
• PlayStation VR2: ¥74,980, now increased to ¥89,980

The ¥13,000 surge in the console's price correlates to approximately €81/£68, marking a considerable uptick in cost. As of this moment, there has been no confirmation of whether similar hikes will be observed in European markets. Sony has justified this decision, citing the current strained external conditions, including global economic volatility and its potential repercussions on company operations.