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It depends on how much the system costs to build. That cost should be dropping slightly by the week but we still have no idea when it will be financially viable to cut the price.

If margins allow, I think a price cut should be announced at E3 or another conference, and should coincide with the release of a top level game, like Killzone: Mercenaries. If they could manage it, which I kind of doubt, cutting the price for the release of Soul Sacrifice in Japan would be a fantastic time.