Sony Corp. said Friday it will slash the price of its much-anticipated PlayStation 3 video game console in Japan by 20 percent, a decision deemed ridiculous by a Japanese financial expert.
Sony Computer Entertainment President Ken Kutaragi, speaking at the Tokyo Game Show in Makuhari, just east of Tokyo, said the move was in response to consumer complaints the upcoming console was too pricey.
It's ridiculous to decide to cut the price before they start selling the PlayStation 3, said Yoku Ihara, head of equity research at Retela Crea Securities, speaking to Bloomberg.
They may cut the price again if sales donâ€˜t go well, he added.
Sony will cut the domestic price of its basic PlayStation 3 model to 47,600 yen, or about $410, from an originally planned 59,800 yen, or $515.
In the U.S., it will go on sale Nov. 17 at $499 for a 20 gigabyte hard drive version and at $599 for the 60 gigabyte version.