The executive confirmed at the Eurogamer Expo that a price reduction is coming in 2013, but precisely when it will be introduced is "still under discussion".
He told Eurogamer: "We always aim to establish price cuts. So the question is not so much if, but when. We won't have an across the board pricedown this Christmas. But what you will see us doing is work very hard with our retail partners to add value to the product to make it more compelling.
"Even this week, there are some tremendously attractive bundles out there, for example Wi-fi Vita plus LittleBigPlanet at the £200 price point. There's the wi-fi product again plus FIFA 13 plus Uncharted Golden Abyss plus LittleBigPlanet at not much above the £200 price point.
"We will be working that very hard over the coming weeks as more and more software arrives."
Sony Worldwide Studios boss Shuhei Yoshida previously moved to confirm that the PS Vita will not be given a price reduction in 2012.
Watch a trailer for LittleBigPlanet PS Vita below: