Sony cuts price for the PlayStation 4 in Japan

Sony announced today at a press event that it will cut the price of its PlayStation 4 video game console to 34,980 yen ($292) in the Japanese market.

That’s a 12.5 percent price cut from the 39,980 price ($334) for the current PS4 with 500 gigabytes of storage. The price cut is effective on October 1. That could suggest a price cut may also be coming for the U.S. market, where the console sells for $330 to $400 (depending on promotions) for a version with a 500GB hard drive.

The price cut is a small one, but it could trigger a competitive response from Microsoft with the Xbox One or Nintendo with the Wii U. The 1TB PS4 isn’t yet available in Japan.