Cutting the price now would be a terrible idea.
Firstly, they're losing money per unit already, so they'd gush red if they slashed prices now.
Secondly, it wouldn't help; the system needs compelling software in order to sell.

A price cut without strong games to go along with it would be a terrible move for Nintendo.

Nintendo have more room to move on price now than they did two years ago because the yen is much weaker, and their 3DS business is increasingly profitable.

The problems have already been pointed out concisely and accurately by several users. Lowering the Wii U's price will not widen the appeal of the device in the long-term enough to justify such a move in the short-term. The appeal of Wii U will come from compelling software, which the system currently lacks. If Nintendo can get compelling software out, and a consistent software schedule planned, then cutting the price might be a more effective move, particularly in light of rival consoles launching later this year, but the software has to come first.

It's that one little thing many like to forget: people buy a games console to play games.

a price cut so early like 3DS, and Nintendo will have a problem next gen because everybody will force a price cut. It was a double edge sword what Nintendo did with the 3DS price cut, it is happening right now. Everybody want a price cut even if the system is already sold at a lost.

I'm sure they will drop the price in NA and EU by just a bit with software though.

Yen's weak and all and people are much more tempted at a $280 rather than a full $300 price tag.

The price cut will come, that´s a certainty. Probably Nintendo staff already has it in their sleeves, they´re just waiting for some concrete information about the competitors´new devices to find to right timing to do the cut.
I believe that they will slash the price right after E3, but not by much.

GameCube sold at a loss when it launched, and also after its price drop in 2004.

Since the console sold so few units, there is no way it covered corporate expenses and R&D. Nintendo remained profitable because of huge GBA sales.

Saying GameCube was profitable because Nintendo was profitable is like saying the original Xbox was profitable because Microsoft was profitable.

I can see a price cut in November to coincide with the launches of 3D Mario, Mario Kart 8, the PS4 and 720.

The Wii U at the current price point should be profitable before then so they'll be able to make that price cut without a problem.

I'm expecting both the PS4 and 720 to retail for around $500, a $50 price cut would leave the Basic SKU being half the price.

The price cut for the 3DS was not as big as some people thinks, at least here in europe.

At launch:

• 250€ for 3DS + one game on a modul
• 200€ without a game.

Now:

• 180€ for 3DS XL without game
• 240€ with a bundled game (on internal SD)
• 160€ for the old 3DS without game
• 170€ with Nintendogs and 230€ with Mario 3D or Mario Kart on SD

So practically the 3DS is now only a few euro cheaper than at launch ...

Its generally not a good idea to cut the price of a console before the rival consoles come out.