Kazuo Hirai, president and group chief executive of Sony Computer Entertainment, says there are no plans to cut PlayStation 3 prices for the holidays. Sony expects the PS3's Blu-ray drive outweighs lower price of Microsoft's Xbox 360 console. Hirai also thinks the economic downturn will affect video games less, despite the Xbox's sales lead.

Read: "we're going to cut the price but can't tell you just yet."

Read the whole article HERE.

Opinion:
It is pretty clear they have to do something. While the article overstates 360's strength in Japan, the strategy of Sony leading with better hardware at the cost of a higher price simply is not working anywhere. Sales are stagnating, averaging approximately 32k per month in Japan and just 200k over the past two months in the US.

The outlook is beyond gloomy if Sony does not do something soon.