Last week:

3DS: 190K
PSV: 25K

Only one of these actually NEEDS a pricecut

The "pricecut" of the Vita won't help it much anyways (enjoy my comment from a different thread):

We need to see if Europe and North America will also recieve a price cut. At least in Europe we already have bundle with a Vita and one game added for 199€, it doesn't seem as if sales have improved, in fact many people were angry about still having to buy an overpriced memory card (not included in the bundle). If only the Wifi+3G model will be sold in the future (assuming the price of this model will be dropped to 199€) I also don't think Sony would see increased sales since potential customers still have to shell out the same (According to this link the ratio between Wifi and 3G is 4:1, which judging by the number of reviews on Amazon seems at least plausible).

Imo a PSVita 3G bundle with a game and a memory card for 220€ or a PSVita Wifi bundle with a game and a memory card for 180€ would make more sense than a pure price drop of the 3G model and a discontinuation of the Wifi model.

I think a price cut is possible. Sales in the west aren't too hot and production costs should be down from last year at this point.

But I think a redesigned model is more likely. A 3DS "Lite" could both spur demand and reduce production costs for Nintendo. It's been two years since the release of the original model. Surely they could make the device thinner and lighter and improve battery life at this point.

I didn't know you meant just first party. 

Also I can't wait for E3!

Would be pretty funny if they did. Then Sony continued to feel the pinch for Vita being overpriced so knocked another ¥5,000 yen off. So Nintendo cut the price again (for no apparent reason) Eventually, both companies ended up giving the console away and subsequently went out of business.

So short answer, no.

with already a massive line up of 3DS games for this year the vita even with a price cut should still be worried

It is the best selling console in the world doing all the right things, all the while turning a profit.

Why in the blue hell would they cut the price again?

This is assuming that Vita will greatly eat into 3DS sales.

Not going to happen. Japan is getting showered with big new 3DS games.

Only if Nintendo is really willing to go hard on the quest to kill Vita. And I believe that's their intention.

I'd rather have them have a WiiU pricecut.
I'll buy a wiiU this week if they cut price by 70$