Sony won't cut PS3 price

While Microsoft is expected to announce a Xbox 360 price cut on Sunday, Sony isn't planning to cut the price of its PlayStation 3 console anytime soon.

Sony has no plan to cut the price of its PlayStation 3 game console, the company's chief financial officer Nobuyuki Oneda said Friday.

"This year, our strategy is not to sell more quantity for PS3 but to concentrate on profitability," Oneda told a forum in Singapore. "Our plan is not to reduce the price."

His comments followed a report in the Wall Street Journal which said Microsoft plans to cut the price on a popular model of its Xbox 360 game console in an effort to boost sales in the face of stronger competition from rival Sony.