Microsoft have dismissed Sony's price cut today, describing the reduction across North America and as to be expected as Sony's last-gen system fades out.

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"This move from at the end of the PS2's life cycle is not unexpected," offered Microsoft's Chris Lewis, assuring that the PS2 was of little concern - the new generation of systems the future.

"We believe, however, that the future lies in the growth of current generation consoles and 360, as the fastest growing games console last year, with up over 80 percent, will continue to drive the market," Lewis enthuses.

"Xbox 360 has clearly demonstrated that the combination of the right price, blockbuster games as well as the market-leading broad connected entertainment content available through will continue to resonate with the ever growing needs of today's consumers."

The PS2 has sold over 140 million consoles since launching in 1999.

By Luke Guttridge