Sony hopes that a cheaper console will be able to attract young gamers to buy the console as it looks to compete against the rising popularity of Nintendo DS and Nokia’s N-Gage. The reduction in prices mean that PSP will now be available for $170, down from the original $199.99 for the Core Pack, which includes the console, battery pack, and adapter.

However Sony said that there are no plans for a cost reduction in Europe, even though it is fast losing ground to rival Nintendo DS, which is cheaper than PSP. Nintendo DS seems to be the favored portable gaming console across Europe with sales over 10 million units in 2006, with Nintendo selling more than 1.7 million Nintendo DS in December alone.

The move seems to have paid off, at least for the time being, with Wal-Mart selling over 100,000 PSP units in 5 hours on Friday. Jack Tretton, President and Chief Executive of Sony Computer Entertainment America, said that a price cut was needed to boost the rising trend of youngsters opting for PSPs in last few months.

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