Microsoft Japan just sent in a press release saying that the Xbox 360 will be receiving a substantial price cut come November 1 in the said territory.

While the console is experiencing success in Europe and North America, it is no secret that it's having a hard time keeping pace with Sony's PlayStation 3 and Nintendo's Wii in the Land of the Rising Sun.

Accordingly, Microsoft Japan will be slashing off a total of 4,995 Yen (US$ 43.86) to the Xbox 360 itself bringing the price down to just 34,800 Yen or roughly US$ 305.57. Likewise, the Core System will also be getting a 2,000 Yen (US$ 17.56) price cut. Consumers can purchase the Core System package on November 1 for just 27,800 Yen (US$ 244).

Nintendo Wii, needless to say, is as popular as ever in Japan. It should also be remembered that Sony recently announced a price cut for the PS3 and at the same time rolled out a new SKU for the console. With this new development from Microsoft's camp, we believe that the last stretch of this year's console race is going to be a close one.

There is still no word, however, if the same will be implemented to other Xbox regions.