Nintendo president Satoru Iwata has confessed at a news conference called in Osaka that he misread the market and says that Nintendo needs to keep track of foreign trends better. Iwata admitted that Nintendo products are doing better in Japan than the US and Europe, and said he should ultimately observe things better.

“Nintendo President Satoru Iwata admitted he had misread the markets and hadn’t issued “the appropriate instructions.” He said the company needed to change and “propose something that surprises our customers.”

“The way people use their time, their lifestyles, who they are—have changed,” Mr. Iwata said. “If we stay in one place, we will become outdated.”

“Mr. Iwata noted that Nintendo’s sales in Japan were better than they were in the U.S. and Europe, and said the company needed a better way of keeping in touch with trends abroad.”

“In Japan, I can be my own antenna, but abroad, that doesn’t work,” he…