Japan-based video game company Nintendo announced on Tuesday that it was working on a new gaming console, which has been code-named "NX," strengthening the belief that it is not yet ready to quit the console war.

IB Times reports that Nintendo CEO Satoru Iwata has confirmed the "NX" following the amazing declaration that the video game company will start producing mobile games employing the Nintendo IP in collaboration with Japanese online firm DeNA.

Dismissing the views of several analysts, Iwata asserted that Nintendo's future would not entirely depend on the mobile industry. He emphasized that Nintendo continues to be in the "dedicated video game system market."

Addressing the press conference, the Nintendo CEO said, "Nintendo has decided to deploy its video game business on smart devices, but it is not because we have lost our passion or vision for the business of dedicated video game systems."

Iwata further stated, "On the contrary, because now we have decided on how we will make use of smart devices, we have come to hold an even stronger passion and vision for the dedicated video game system business than before."

Though the mobile video game industry is a multi-billion dollar market, Nintendo has remained out of it so far. At the same time, Nintendo announced on Tuesday that it will continue to do what many think the company was best at - creating consoles.

According to Iwata, "As proof that Nintendo maintains strong enthusiasm for the dedicated game system business let me confirm that Nintendo is currently developing a dedicated game platform with a brand new concept under the development code-name NX." The Nintendo CEO said that they would pass on further information regarding the upcoming console next year.