Nintendo names new video game console Wii. Why Wii? Because It's pronounced "we." Why? Who knows, though CNN Money has a Q&A on the topic. Here's the announcement:

LOS ANGELES (Reuters) - Nintendo Co. Ltd (7974.OS) on Thursday said it has named its new video game console "Wii, which it said is pronounced "we" to emphasize that the console is for everyone.

The console up until now has been known by its code-name "Revolution."

"While the code-name Revolution expressed our direction, Wii represents the answer," spokeswoman Perrin Kaplan told Reuters.

Nintendo, best known for its Game Boy portable video players, aims to gain share in the $25 billion global video game market now dominated by Sony Corp. (6758.T)

Microsoft Corp. (Nasdaq:MSFT - news) launched its next-generation Xbox 360 console late last year and Sony's new PlayStation 3 is due in November. Wii also is expected to hit store shelves later this year.

While the new consoles from Microsoft and Sony boast more power and high-definition graphics, Nintendo's goal is to roll out a machine that appeals to a broader audience than the young males who make up the traditional console gaming market.

A key feature of the Wii is its one-handed controller that looks like a television remote control and uses motion-detection sensors that allow players to control the game by wielding it like a sword, waving it like a conductor's baton, or swinging it like a baseball bat.