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Sony has cut the price of its PlayStation 3 console by $150 dollars, with the company trying to regain lost sales to Microsoft’s Xbox 360

The 160GB PS3 console will set buyers back $349.95, with the 320GB model costing $449.95, according to the SMH.

The price changes are expected to take effect next week, on August the 22nd.

Sony’s PlayStation Portable is also scoring a price drop, after generating a resurgence of interest from game enthusiasts. Being offered in a slimmer profile, the updated PSP will be missing out on WiFi and cost $139.95.

The peaking interest in the PSP is supposedly owed to PSP Essential games and their competitive pricing, at just $14.95 each. 

Looking for a Pre-Christmas product release, the updated PSP will be available come November, saving Sony face after it announced it couldn’t release its upcoming Vita in time for Christmas.

Sony also confirmed pricing for its PS branded 24″ 3D TV that was unveiled at the E3 conference in June, retailing for $699.95 in Australia. It will also come with two sets of 3D glasses, offering full screen stereoscopic 3D images.

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