Sony chief pours cold water on PS3 price cut rumour

Sony Corp's president Ryoji Chubachi has denied that the company is preparing a price cut for the PS3.

"At present we have no plans [for a price drop],” Chubachi told Reuters.

The news comes after US retailer Circuit City this week released a promotional flyer suggesting a $100 PS3 price cut would follow E3.

Chubachi added that Sony was on track to hit its target of a five percent operating margin for the year to March 2008.

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