Microsoft has plans to cut Xbox 360 price

Microsoft intends to cut the price of Xbox 360 in the near future, according to the Wall Street Journal.

Apparently "sources familiar with the matter" reckon the US price of the 20GB console will drop from USD 349 to USD 299. Adverts are expected to show up in this Sunday's newspapers.

The price cut is likely to be announced at Microsoft's E3 press conference on Monday.