Ryoji Chubachi of Sony has told Reuters that Sony currently has no plans to cut the price of the PS3, despite rumors yesterday indicating that the price is to be cut by $100 in the U.S. market. Further to this, Chubachi also said that Sony was on track to meet its target of a 5 percent operating profit for the end of the fiscal year.

"At present we have no plans," to cut the PS3 price, Ryoji Chubachi told Reuters in an interview.

Sony has packed cutting-edge technology such as a Blu-ray high-definition optical disc player into the PS3, driving up production costs and making its retail price more than twice as expensive as the Wii.

The higher price tag has been cited has one of the main reasons the PS3 has been trailing the Wii in sales, and analysts have been widely expecting Sony to soon slash the price to spur on demand.

Chubachi also said that Sony was on track to hit its target of a 5 percent operating margin for the year to March 2008.