Nintendo has cut its profits forecasts for the fiscal year ending March 31, 2013 by a massive 70 per cent, blaming lower than anticipated sales of its 3DS console outside of Japan.

"Sales of the Nintendo 3DS hardware and software were weaker in overseas markets than expected," said Nintendo. "In addition, the yen appreciation was beyond the expectation level and the exchange losses totalled 23.2 billion yen."

In the six month period ended September 2012 3DS hardware sales totalled 5.06 million, 2.09 of which came in Japan. 3DS software sales were 19.03 million units, with 7.06 million in Japan.

Lifetime sales of 3DS stand at 22 million units, whilst Wii has reached 97.2 million units.

Nintendo expects to sell 5.5 million Wii U consoles and 24 million Wii U games by the end of March 2013.