In a move to combat Sony and Nintendo in Asian markets, Microsoft has slashed the price of the 360 console between 5% and 20% in South Korea, Hong Kong, Taiwan and Singapore. Singapore saw the largest discounts with a 19.5% discount on the 20GB model, which is now priced at about $366. The Arcade version dropped to about $293 while the Elite model goes for about $513. Taiwanese gamers can snag a 20GB for about $341 while the Hong Kongites need only spend $321. My cousins in Korea will have to pony up $369. These discounted prices should take effect on Thursday.

Will the price drop here? Probably not unless Microsoft deems it appropriate.

“If and when price adjustments in other regions make sense, we will be sure to keep you informed, but we have nothing to announce at this time,” the company said.

And didn’t you know the Xbox 360 was all about HD gaming?

“This price drop is part of Microsoft’s ongoing strategy to bring Xbox’s high-definition gaming and entertainment experience to an even wider user base,” Microsoft said in a statement.