Sony: There is no price cut

SCE boss Kaz Hirai stamps on all talk of a PS3 price cut

Kaz Hirai has put an end to recent PS3 price cut talk by telling Bloomberg Japan that the firm has absolutely no plans to cut the console's RRP. It's happy with where it's at and we can all move on safely.

The president and Group CEO of the company was referring to all regions (Japan, North America, Europe) saying the reports were nothing more than pure speculation.

If you heard the rumour just as you set off to the shops with £300 burning a hole in your pocket but decided to hang on and see what happens, you can spend at will. Or can you?

Similar rumours have popped up about a 360 price cut too. Is it pure coincidence that all this price cutting chatter is being created in the months leading up to the most important release for both consoles? Is GTA IV really going to be that big a deal for the console manufacturers? Are we blowing this all out of proportion? Is it nearly home time? YES! Your thoughts are welcome below.

While we're on the subject, check back tomorrow evening at 5:30pm (GMT) sharp for a MASSIVE look at GTA IV, including brand new screens.