Digital Trends

Sony president has admitted that it has no plans to cut its PS3 price for the holidays, saying "I think we have a very good value proposition."

If you’ve been looking longingly at the PS3 and hoping the price might fall before Christmas, you’re out of luck. Kazuo Hirai, president and group chief executive of Sony Computer Entertainment, told the Financial Times:

"The answer is yes, if you're asking, 'Are these the prices we're going with this Christmas?'"

Currently the PS3 is far more expensive than its rival, with a Wii console going for around $250, and even the most expensive Xbox 360 with a 120GB hard drive running the same as the PS3. The cheapest Xbox 360, the Arcade, is just $199.

The PS3, of course, includes a Blu-ray player.

"When you really compare apples to apples, then I think we have a very good value proposition," said Hirai.