Looks like all the bellyaching over the price of Sony's PlayStation 3 has done some good. Sony exec Ken Kutaragi just sent jaws to the floor over at Tokyo Game Show with an announced price cut of the 20GB PS3 base unit from ¥62,790 to ¥49,980 in Japan. Closer to home, we'd be looking at a move from about $538 to $428 (looking at current exchange rates) representing a drop of some 20% when the PS3 hits later this year, or uh, early next if the cut applies across the board. Not exactly cheap when looking at the Wii or Xbox 360, but that Cell processor, Blu-ray Disc player, and HDMI 1.3 output supporting Deep Color will certainly draw a premium. Yeah, you read that correctly, Ken announced HDMI support too, making the 20GB PS3 one fine Hi-Def movie machine on the cheap. Hoozah!

Update: Price reduction confirmed for Japan only. Waiting on rest-of-world price cuts, if any.

[Thanks, Kherlen and everyone who sent this in]

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PS3 price cut by 20%, now includes HDMI 1.3