No plans to cut PS3 price, says Sony

Sony Corp. has put an end to rumours that a PlayStation 3 price drop is imminent, with president Ryoji Chubachi stating that there are "no immediate plans" to introduce a cut.

The rumours emerged following an advertisement from US retailer Circuit City which indicated that SCEA was to cut USD 100 off the price of the console. An official announcement was expected next week at the E3 Media and Business Summit.

But according to Bloomberg, Chubachi has said there are "no immediate plans as of now" to reduce the price.

He added that any decisions regarding the price point of PlayStation 3 "is a matter" for the gaming arm of the business, Sony Computer Entertainment Inc.

Chubachi also said that Sony Corp. is looking likely to meet its operating margin target of 5 per cent for the year ending March 2008.