"At a news conference in Osaka, Nintendo senior managing director Yoshihiro Mori said the Wii would sell for 25,000 yen ($220) or lower in Japan and $250 (£133) or lower in the US."
That statement from the BBC is about as cut and dry as they come. It won't be $300, it could be $200, we'll have to wait and see.
Nintendo also took the opportunity to discuss their current financial numbers, warning of lower profits for the current fiscal year although they plan on shipping 6 million Wii consoles by March 2007. For their fiscal year that ended March 2006, Nintendo experienced a drop in profits related to the poor sales of Gamecube systems that even the brisk business of the DS couldn't make up for.
[Thanks to everyone that sent this in; image credit: Wii60.com]
(Update: added a link to Nintendo's press release and changed the shipping number, which didn't match up)
Read - Nintendo warns of weaker profits (BBC)
Read - Nintendo Forecasts Annual Profit Drop on Stronger Yen (Bloomberg)
Read - Nintendo Announces Wii Information, Worldwide Shipments