The move was expected and comes weeks after rivals Microsoft and Sony cut the prices of their Playstation and XBox systems.
The price of a Wii console will be cut by $50 to $200 in the US from Sunday (27 September) followed by price cuts in Japan on 1 October and Europe on 2 October.
The Nintendo Wii has retailed for £152 since its launch in to UK, but sales have slowed and the company reported a drop in global sales of the Wii for the first time last quarter.
Last week, Nintendo announced that TV duo Ant and Dec would front its biggest ever entertainment campaign and star in all adverts for the gaming giant.
Meanwhile, Game, the specialist games retailer has revealed it will look to the second hand gaming market after posting turnover increase 12.4% on second hand items during the six months to July. The retail chain reported profits plummeted 67% against falling like for like sales during the period.