The software giant Microsoft Corp has once again come up with the announcement of slashing the price for its gaming console Xbox 360.

As per the reports, the price reduction will be announced in Japan by about 30 per cent. This will make its price even less than Nintendo Co's Wii and Sony Corp's PlayStation 3 as the company is trying its best efforts to boost its market presence and share.  

The gaming console has a lukewarm demand in Japan due to the lack of popular game line. Comparably Nintendo due to a wide range of pioneering software and good gaming line up is market leading.

Reports brew that reduction in prices alone can not prove salvage for the down sloping of Microsoft’s market share in gaming arena. The company has also to come up with some innovative solutions and games. For instance, the demand for Namco Bandai Holdings "Tales of Vesperia" game boosted Xbox 360 sales in Japan and beat PS3 for the first time.

As per information, Microsoft will slash the price of the Xbox 360 Arcade model (least expensive of all three available models) by $73.92.  Prior to this, the company has already cut the price in the United States, Europe and four Asian markets to have the larger chunk of the $57 billion game industry.

The new price will make that model cheaper than Nintendo's Wii, and the PlayStation 3. It is also speculated that company will reduce its price of other two expensive models that are available with hard drives.

Renu Singh/ ITVoir Network