Day one of the Tokyo Game Show is drawing to a close in the Makuhari Messe, near Chiba, and have finally confirmed the long awaited console price cut.

The cut has been on the cards for weeks, thanks to leaks from retailers, who reveal that the price will fall from 249 USD to 199 USD. 5,000 Yen will also be knocked off the system's price in - the total cost falling to 20,000 Yen (135 GBP or 219 USD).

The price of the Wii in the is not set to fall, we hear, although British players will be offered a new, unconfirmed bundle including the controller. It is unclear at this stage what Nintendo's plans for the rest of are.

The fall in the value of Sterling puts pay to hopes of a UK cut, Nintendo having actually put up the price they charge retailers for the console in recent months, in a bid to stem falling revenues.

By Luke Guttridge