Sony announce PlayStation 3 price cut

Japan’s Sony Corporation today said it was to lower the price of its much-anticipated PlayStation 3 video game console, heating up the competition in the next-generation gaming war against rivals Microsoft and Nintendo.

The announcement comes just days after Microsoft announced it would roll out an external high definition DVD player for its Xbox 360 in an effort to match the PlayStation 3, which is due to be released later this year with its own Blu-ray DVD technology.