The basic model of the PS3 has had its price cut by twenty percent...

Sony has today announced it will slash the price of its much-anticipated PlayStation 3 video game console in Japan by 20 percent. Sony President Ken Kutaragi, said the move was to allay consumer complaints the PS3 was too expensive.

The basic PlayStation 3 model is now priced 47,600 yen or $410, down from 59,800 yen, or $515, the same sort of price as the combined Xbox 360 and new external HD-DVD player in Japan, where the duo will sell for 49,600 yen, or $427.

There are no plans to lower prices outside of Japan, nor to lower the price for the premium model with larger hard drive. More as we get it.