2012 might have been too early for a price cut on Sony's flagging PlayStation Vita portable, but early 2013 is obviously a different matter. Sony Japan announced today that both the Wi-Fi and 3G enabled versions of the system will be lowered to a price of ¥19,980 (around $215) starting on Feb. 28; a price drop of 20 to 34 percent (depending on the model).

The reduction comes none too soon to try to revive the powerful portable's standing in the country. After a relatively healthy launch weekend, Japanese sales of the system plummeted in its second week on store shelves. Those sales continued to sag week by week, except for brief spikes surrounding new software launches that weren't sustainable. The system reached a new sales low in November when it managed to sell only 4,021 units across Japan in a week, placing behind even the ancient PlayStation Portable and selling less than 1/46th as much as the 3DS in the same period.

Are the US and Europe set to see similar price cuts in the near future? In the US, Sony's descriptions of Vita sales have gone from "exceptional" to "acceptable" to estimates of only 35,000 sales in January 2013, which can only be described as "unacceptable." Europe's Vita sales have looked more like Japan's, falling behind even the PSP and well behind the newer 3DS in the region last year.

Sony also scaled back its worldwide sales expectations for the Vita two times last year after the market gave a collective shrug to show less than predicted levels of interest in the system, and Sony President Kaz Hirai said in January that system sales were on the "low end of what we expected."

That all points to a system that needs to quickly come down in price worldwide if it's going to have any hope of stopping its downward spiral. Perhaps Wednesday's PlayStation Meeting will include some portable pricing news in addition to word of Sony's future home console plans.