Sony Group has announced a surprising 19% price increase for its PlayStation 5 in Japan, raising the cost to approximately 80,000 yen ($550). This decision comes unexpectedly from the technology and entertainment leader as the console currently faces slowing sales and anticipates the release of an updated console in the near future.
Sony justified the move citing the "business impact of the severe external environment, including recent global economic fluctuations," in a Japanese blog post, as translated by Bloomberg. Following the announcement, Sony's American depositary receipts (ADRs) saw a 3% rise to $95.54, pushing it into positive terrain in 2024.