Tokyo - Sony plans to cut the price of its PlayStation 3 console in Japan by 10%, and also launch a 40GB model of the device in the Japanese market, Reuters reported on Tuesday.

From Oct. 17, the 20B PlayStation 3 will cost about $385 in Japan, down from about $425.

Slated for release on Nov. 11, the new 40GB PlayStation 3 will retail for about $341 -- which is slightly less than the 20GB model -- but will lack features such as the ability to play legacy PlayStation 2 games.

Sony also said it will sell its 60GB model PlayStation 3 in Japan for about $470.

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http://tinyurl.com/35naow (Reuters)