PS3 price cut - in Japan only

Good news for anyone in Japan wanting a PS3 - Sony have cut the price of the I'm certainly left feeling the PS3 is vastly overpriced, and now Sony have confirmed this. I now know that it's at least 20% too expensive. upcoming PlayStation 3 console by 20%.

No changes to the price of the higher end 60GB model or European and US prices were announced which means that in the US, a 20GB PS3 will cost $499, while the 60GB system will set you back $599.  The European pricing is €499 and €599 (or $630 and $760) respectively.  Sony boss Ken Kutaragi, who was speaking on the opening day of the Tokyo Game Show, also announced that all 20GB PS3 consoles would ship with an HDMI connection.

OK, I'm confused.  There are delays and hitches in the PS3 supply chain, Sony cut the estimate for the number of consoles that would be available on the launch date and also pushed the European launch to early 2007, but now Sony are cutting the price of the console in Japan.  Isn't this just going to cause more demand and result in more unhappy customers?

I've also been concerned at the high cost of the console.  In fact, I don't think that it's high, it's insanely high, especially in Europe.  This is the first sign from Sony that people there share that feeling too.  While this move might help to deflect criticism in the Japanese markets, I think it's going to fuel even further calls for a price cut.  I'm certainly left feeling the PS3 is vastly overpriced, and now Sony have confirmed this.  I now know that it's at least 20% too expensive.

Microsoft and Nintendo couldn't wish for better PR for their games consoles.

So, how do you feel about paying $70 over the odds for your 20GB PS3 if you're in the US, or a whopping $200 if you live in Europe?  Does this change your buying plans or are you still desperate to get your hands on one?