With Microsoft’s Xbox running into hardware failures, its Xbox 360 Elite lurking on the horizon and Nintendo’s Wii continuing its strong performance, the time is ripe for Sony to hit back with a price cut.

The Playstation 3 is the most expensive console in the gaming market, and unsurprisingly Nintendo’s Wii – the most affordable console - is leading sales figures in many countries. Sony is however downplaying rumors of any PS3 price cuts despite its console suffering in sales when compared to Nintendo’s Wii.

Current figures indicate that Nintendo’s Wii is outselling the PS3 by six to one in Japan and by two to one in the United Kingdom. Despite these statistics Sony seems reluctant to drop prices.
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