Japan's Nikkei is reporting what we've been hearing Stateside for weeks: Xbox 360 price cuts across the board. Expected to go official sometime later today, the Japanese Xbox 360 Arcade will drop to just ¥19,800 or about $182 (tax inclusive, presumably) in hopes of boosting sales. The new pricing represents a near 30% drop from its previous ¥27,800 (about $256) price and undercuts the Wii sold locally for ¥25,000. Nikkei's sources also claim that Microsoft will cut the prices on all three Xbox 360 models without going into specifics. If true then this bodes well for the US price cuts expected on September 7th.

Update: It's official. Microsoft also announced a new ¥29,800 (about $277) price for the Xbox 360 with 60GB hard disk while the top-end Elite will now sell for ¥39,800 (about $369). The new prices go into effect on September 11th.