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Well, that was Nintendo's entire reason for not dropping the price.
Profit per console has been estimated at 6$, so either the savings for manufacturing is a lot less than 45% due to leaving out the details (only the cost of the console itself, and not the cables, controllers, boxing, and so forth), or Nintendo is telling the truth when they say exchange rate is harsher than we imagine.
Or the 6$ profit estimation is wrong, which is doubtful. It can be off by maybe 5$ at most.