Nintendo Co.’s Switch 2 unveiling showed its unparalleled ability to both delight and confound.

An hourlong presentation finally lifted the lid on the Switch 2, which will go on sale June 5 for $450 — though less if you speak Japanese (more on which later).

These days, it’s unusual to have a tech event where the magic hasn’t been spoiled in advance. Nintendo managed to keep the biggest details of its make-or-break machine under wraps until they were revealed in Wednesday’s video presentation. The biggest pieces of news had been kept secret: an open-world Mario Kart, a fresh 3D Donkey Kong game that launches in just months and a brand-new title from the creators of Elden Ring.

It’s been years since a tech unveiling offered such surprise, with fans getting their first looks at the likes of Kirby Air Riders, directed by the legendary Smash Bros. director Masahiro Sakurai, or The Duskbloods, the Nintendo-exclusive piece of software by FromSoftware Inc., without having to encounter it on dozens of online engagement accounts first.

The hardware, meanwhile, didn’t disappoint. Past Nintendo consoles have skimped on the silicon, but Switch 2 checks off most of what gamers could have asked for: 4K output, 120 frames-per-second support in handheld mode, 256 gigabyte storage. For a firm that hasn’t competed in the specs department for years, it was a homecoming of sorts, complete with the kind of third-party offerings Nintendo hasn’t enjoyed in decades, from Square Enix Holdings Co.’s Final Fantasy VII Remake to CD Projekt SA’s Cyberpunk 2077.

Voice and video chat, something that rivals turned to years ago, but which family-friendly Nintendo always shied away from due to the potential for online abuse, featured prominently. Footage showed friends enjoying Mario Kart World online as if in the same room, using a new connectable camera to share video and screens with a typical bit of Nintendo whimsy on top.

But the company saved the biggest surprise for last: the price. An hourlong online presentation ended with all the details, except how much it would cost. Fans were left scratching their heads, wondering if President Donald Trump’s upcoming tariff announcement was giving Nintendo pause.

Instead, the price was trickled out in a series of press releases minutes later. And it was confusing: $449.99 in the U.S., which is on the higher side of estimates, since Nintendo usually prefers to target a mass audience. A bundle with the new Mario Kart will retail for $499.99, offering some respite, but given that the Switch retailed for $300 at launch, it has the feel of a gamble, even if one that’s not unreasonable considering the tech.

But for its home market, Nintendo unveiled a Japanese-only version that retails for 49,980 yen ($334). And domestically, the company will also sell a version that supports other languages for 69,980 yen — which will only be available directly from Nintendo, requiring a heavily used Switch 1 account to buy.

Whether Nintendo has its eye on the scourge of scalpers who bought up Japanese stock and shipped it abroad, or the weak yen, or some combination thereof, it’s interesting to see this focus on the domestic market — in effect, an adoption of two-tier pricing. When Sony Group Corp. released its PlayStation 5 Pro last year, it turned a blind eye to Japan. Nintendo couldn’t, or wouldn’t, follow suit — but it’s hard to believe the firm can turn much of a profit on those domestic sales.

Perhaps that’s where surprise number two comes in: software pricing — 8,980 yen, or $80, for download versions of Mario Kart World is a hefty proposition. Most Switch 1 titles retailed for about 75% of that price. Donkey Kong Bananza, meanwhile, will retail for $70.

Ultimately, as I wrote in January, Switch 2 will come down to the games. So far, it’s off to a decent start, though nothing the console showed today is likely to delight both fans and critics as the Switch 1 launch title Legend of Zelda: Breath of the Wild so nimbly did. But Nintendo has gotten better at surprising customers. And confounding them.

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This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.

Gearoid Reidy is a Bloomberg Opinion columnist covering Japan and the Koreas. He previously led the breaking news team in North Asia, and was the Tokyo deputy bureau chief.

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