The console will be an affordable piece of hardware to be sold in countries with lower incomes than average, but enough money to have some disposable income. Nintendo will also develop games aimed at those low income consumers.
Iwata went onto state that there was a reason that the existing Nintendo consoles, the WiiU and 3DS, would not be getting released in these markets.
"It would be difficult to enter those markets if we didn't create something new... For the mass market you need to provide something that most of the middle class can afford."
Just recently China lifted a ban that didn't allow the sale of foreign consoles. Despite that, Iwata told Reuters that he does not intend on releasing the current Nintendo consoles there just yet.
"We think the Chinese market has a lot of potential, but I don't think the lifting of the ban has solved all of the difficulties in entering it. We need to study it more."
It's widely known that Nintendo has gone through some monetary troubles as of late, especially with the lackluster sales of the WiiU. It is an interesting strategy to enter markets that feature people with far less money than their normal consumers. At the same time it could be beneficial to pursue an untapped market.
Whatever does happen, it will be fascinating to see what type of console Nintendo decides to put out. It could see a release date as early as 2015.