Sony has officially cut the price on the PlayStation 3 in all major markets, the company announced in Germany on Tuesday. The 160GB system will now be $250 in the United States, 250 euros in the European territories, and 24,980 yen in Japan. The price drop is effective immediately in all territories except Japan, where the price drop will begin on August 18.

The PlayStation 3 model with more storage is also seeing its price cut, with the 320GB system now being sold for $300 in the US, 300 euros in European territories, and 29,980 yen. "In addition, a limited edition inFAMOUS 2 bundle is now available at participating retailers across North America. The bundle retails for $299 and includes a 320 GB PlayStation 3, a copy of inFAMOUS 2 and a 30-day membership to PlayStation Plus," SCEA's CEO Jack Tretton wrote on the official blog.

Sony also used this opportunity to show off the success of the system. "Since its release in 2006, PS3 has gained tremendous support from fans around the world and its cumulative worldwide sales reached a milestone of 50 million units as of March 29, 2011," Sony said in the statement. "Equipped with future proof cutting-edge technologies including the sophisticated processors, Cell Broadband Engine and RSX, as well as the Blu-ray disc (BD) player and HDMI terminal, PS3 has continuously enhanced its value to consumers through system software updates to support new features and services including stereoscopic 3D content playback and support for the PlayStation Move motion controller."

Your move, Microsoft.