About a year ago Nintendo bossman Satoru Iwata implied that he did not see the iPhone as a threat, when he said that his company "doesn't have any intention of directly competing with existing products." That was when asked if the DSi was a response to products such as the iPhone.
Iwata has largely maintained his stance, that the DS line wasn't meant to compete with the iPhone line, and he seemed unimpressed when asked his opinion of the iPad.
However, things may be changing. It seems that the Apple may be perceived as a threat by Kyoto-based company. Supposedly, Iwata recently told his senior executives to treat Apple and its iDevices as the "enemy of the future."
What makes this even more interesting is that a Japan-based company is seeing an American company as a potential threat in their own market. Many American companies, such as Microsoft and its Xbox 360, don't have the brand-power they do in the States.