As Nintendo's latest 3DS console continues to underwhelm Nintendo president Satoru Iwata has announced that he will be taking a 50 per cent pay cut to help alleviate the company's resultant financial problems.

Iwata made the announcement earlier today during a news press conference in Tokyo and Nintendo has since confirmed the news promising to make a full transcript of the conference available.

During the announcement Iwata said that he felt personally responsible for the console's poor performance and that it was his responsibility to help bear the resultant financial burden.

The Nintendo President revealed that several other Nintendo high-ups would also be taking similar cuts in salary commenting: "For cuts in fixed salaries, I'm taking a fifty per cent cut, other representative directors are taking a 30 per cent cut, and other execs are taking a 20 per cent cut."

The news comes just after Nintendo revealed a disastrous quarterly financial performance, reporting a net loss of $325 million.

The company only managing to sell 710,000 3DS consoles and 4.53 million 3DS games worldwide during the quarter.

As well as the pay cuts, the company has also announced a drastic cut in the price of the 3DS.