Satoru Iwata explains his reasons for not giving the Wii a price cut, unveils a new Wii Channel, a new feature for an existing one and reveals that the Wii will come to China and South Korea next year.

Nintendo overlord Satoru Iwata recently spoke out about several Wii and DS topics at a recent conference in Japan.

Regarding a Wii price cut, Iwata said that even with 1.8 million Wii units being produced per month, Nintendo is still unable to reach global demand. A price cut is a bit unnecessary when your console continues to sell out worldwide almost a year after launch.

Iwata also added that the Wii will go on sale in China and South Korea in 2008. Nintendo of Korea launched last year, and Nintendo has been eager to increase their worldwide userbase with the release of the DS Lite early this year in South Korea and last year in China.

Iwata also stated that a new feature would be coming out for the Wii Shopping Channel this December, an option to send a present to one of your friends in the form of a WiiWare or Virtual Console game. The sender buys the game in the usual way, then sends it to someone in their address book. The recipient must then accept the present, and will then be taken to the Shopping Channel where their gift will begin downloading. Just in time for Christmas, too.

The final piece of news from Iwata is the confirmation of a new Wii Channel, the TV Program Guide Channel which allows you to check what's on TV, surprisingly. Content will be provided by G-Guide and it's set to launch in Spring 2008. The Channel is said to be 'very fun and Nintendo-esque'.

Stay tuned to N-Europe for the latest Nintendo gaming news.

Thanks to forum member Dante for the heads up!