Sony rules out Christmas price cut

Sony will not cut the price of the PS3 before Christmas, according to an interview with Sony Computer Entertainment president Kazuro Hirai.

Hirai told the Financial Times that the PS3 is good value for money and wouldn't get another price cut, despite the global economic crisis and competition from Microsoft.

Hirai said: "The answer is yes, if you're asking, 'Are these the prices we're going with this Christmas?'"

Hirai also said that the video game industry would be less affected by the global economic downturn as people would utilise home entertainment rather than go out: "As long as we can generate excitement, then we will be less affected than other industries."

The Xbox 360 has been outselling the PS3 worldwide following Microsoft's recent round of price cuts, prompting many to suggest that Sony would follow suit.