Kaz Hirai says the game industry can only escape the global financial meltdown, by continuing to offer compelling products at competitive prices.

Speaking to The Financial Times , the global PlayStation chief said, "As long as we can generate excitement, then we will be less affected than other industries." He added, “we’re getting to the point where price becomes more important”.

However, confirming a previously stated position, Hirai says there will be no PS3 price cuts this year.He said, “The answer is yes, if you’re asking, ‘Are these the prices we’re going with this Christmas?".

He added, “When you really compare apples to apples, then I think we have a very good value proposition." Sony is under price pressure from Xbox 360's base price of $199 (as opposed to PS3's $399). However, the Xbox 360's basic unit lacks a hard-drive and a Blu-Ray drive.