Speaking at a press conference today in Osaka, Iwata stated his feelings on the status of Wii sales.

Mainichi Shimbunreports that Iwata said, “Wii has stalled. We were unable to continually release strong software, and let the nice mood cool.”

“We were unable to show a new game to become ‘the next thing’. In the game market, once you’ve lost the momentum, it takes time to recover.”

The exec added that the Wii price cut is increasing sales but admits that the failure to deliver regular first party triple-A software can be causing a drop in profits.

“With the price drop, sales returned to a certain level, but they just did not reach the level of last year around this time,” he continued. “We decided that it would be difficult to sell enough to recover from the poor performance of the first half of the year.”

“In order to reach [our sales target], we’ll have to move quite a large quantity, but it’s a figure we released after having felt the momentum returning.”