Cheaper PS3 is coming!

Sony to cut prices on PlayStation 3, sell new 40GB model in Japan

TOKYO (AP) - Sony Corp.'s game unit said Tuesday it will cut the prices of its next generation PlayStation 3 game consoles in Japan next week, and offer a new low-range model in November.

Sony Computer Entertainment Inc. will cut the price of its model with 20 gigabytes of hard disk memory by about 10 percent to 44,980 yen (US$384; euro273) from the current 49,980 yen (US$427; euro303), effective Oct. 17, the company said in a statement posted on its web site. The price of its 60GB models, which has no suggested retail price, will be reduced to about 54,980 yen (US$470; euro334).

The company also said a new lower-tier 40GB model will hit Japanese stores on Nov. 11 at a suggested retail price of 39,980 yen (US$342; euro243).

The company has globally sold more than 5 million units of the PlayStation 3 since it went on sale late last year in Japan and the U.S., and in March in Europe.

Sony once dominated the gaming industry with PlayStation 2, predecessor for the PS3, but it now faces intense competition from Microsoft Corp. and Nintendo Co. Microsoft has sold 11.6 million Xbox 360 machines in the last two years, and Nintendo has sold 9.3 million units of its popular Wii since late last year.

Wo hoo!! PS3 is getting cheaper! Might able to plan for one next year then. Remember PS3 can play blue ray DVDs. Will see how much can we get here by then.