Nintendo seems a little different from the other makers. They like to make money on their consoles, and not so much on the games they sell. In this case, I think it's a mistake, since they think 3D is going to add so much. But, if no one sees it, what difference will it make? If it's so good, sell it at a loss (initially), and people will buy games like crazy, developers will see this and develop more, and everything works out. That seems better than selling it expensively, so fewer people buy it. Sony tried the expensive approach, and failed miserably until they brought it down. Nintendo is just repeating a mistake.
Some of it is the yen's strength against the dollar, though. But still, take a loss and make it up on games. That's the tried and true way to success for games, despite the Wii being the exception.