Nintendo's Wii U has finally arrived. Per reports, Nintendo has announced the pricing and release date for its upcoming next-generation console, Wii U. The console is now set for a Dec. 8 release in Japan.

The Nintendo Wii U will arrive in two bundles - Premium set and Basic set. This information was revealed at the Nintendo Direct event, which was held exclusively to announce the information regarding the Wii U's release and pricing in Japan.

The Wii U Premium model (32 GB) will cost 31,500 yen, while the Basic set (8 GB) will cost 26,250 yen. Differences exist within the Nintendo Network Premium, which is also set to be available and is not a paid online service.

The console's gamepad can be bought separately, but it costs a whopping 13,440 yen. The pro controller, on the other hand, which is modeled after the Xbox 360 controller, will cost 5040 yen. A few other accessories like the gamepad charging stand are also available; however, users will have to shell out 1,870 yen.

Nintendo is going head-to-head with its competitors in the market - Microsoft's Xbox 360 and Sony's PlayStation 3 - as the current prices on entry-level consoles from those two makers in Japan are 19,800 yen and 24,980 yen, respectively.

Additionally, even though the Wii U will pack in 2GB of RAM, 1GB will be reserved for the system and 1GB for games. This division has been done to make menus and other features more responsive.