Please understand?
Image: Bob Riha Jr. / Nintendo of America

Nintendo president Satoru Iwata has taken responsibility for the poor financial results posted earlier today but has insisted that he will remain in charge in order to steer the Japanese company through these testing times.

Nintendo's latest report reveals that it expects to sell less Wii U and 3DS consoles by the end of the financial year. Wii U's estimated sales are down from 9 million to 2.8 million, and the 3DS is down from 18 million to 13.5 million. As a result, the company now expects to make a loss this year.

Despite the bad news, Iwata has stated that "There will be no major management shake-up in the short term".

According to a Nikkei report (translated by a poster on NeoGAF), the following message has been communicated by the Nintendo president:

Iwata was quoted at the press conference today saying that he feels responsibility for the poor business performance at Nintendo, and he is sorry to all shareholders. He says the most important thing is to reinvigorate Nintendo's business as quickly as possible. He will not resign, but stay in office to carry that through.

Do you think that Iwata's time has come, or is he the perfect man to get Nintendo out of this mess and onto better things? What possible plan could he have to "reinvigorate" Nintendo's business? Share a comment below to tell us.