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Sony hopes to sell 5 million PlayStation 4 consoles by March 2014

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Sony Computer Entertainment has set its sales target for its next-generation PlayStation 4, hoping to sell 5 million consoles by the end of its current fiscal year, according to president and group CEO Andrew House.

House commented on the initial sales target during Sony's keynote at Tokyo Game Show. Shuhei Yoshida, president of Sony Computer Entertainment's Worldwide Studios, later clarified on Twitter that House was referring to Sony's fiscal year 2013, which comes to a close March 31, 2014.

Sony's PlayStation 3 reached 3.5 million sales during its first fiscal year.

PlayStation 4 will be released first in North America on Nov. 15, in Europe on Nov. 29, in select Asian markets in December and in Japan on Feb. 22, 2014.