Set to hit the company’s homeland on August 28, the new PS3 model will be labelled the CECH-4300C (catchy we know), and will set wannabe owners back just 28,058 yen (£164).
Currently a PS3 sets Japanese gamers back 30,837 yen (£180).
The new model is not expected to differ greatly from existing models, but will replace the 500GB (CECH-4200C) and the 250GB (CECH-4200B) Charcoal Black PS3s which will be discontinued later this month.
The 250GB ‘Classic White’ model (CECH-4200BLW) is also being prepped for the chop.
The new console’s naming convention would suggest that the new, cut-price model will be a black, 500GB offering.
Although the PS4 is the new star of Sony’s gaming show, the PS3 remains a popular choice with gamers, with the more affordable entry point still widely supported by developers.
Despite having faced fierce competition from the Xbox 360 during its lifecycle, more than 80 million PS3 units had been shipped as of November 2013.
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