Sony has announced in the recent Tokyo Game Show that it is slashing the Playstation 4's price by $42 in Japan in anticipation of the holiday season as HNGN previously reported.

Now, it was revealed that it is also doing the same in the U.K. beginning October 9, from a price of $543 to $467. This could lead to price cuts across Europe and even the U.S.

The news was confirmed in a report by the Attack of the Fan Boy blog. The formal announcement will reportedly be made alongside the launch of the "Uncharted: The Nathan Drake Collection." Sony appears to be reinforcing the anticipation building among fans, who are waiting with bated breath whether their region will also enjoy the massive savings. 

Beside the Tokyo announcement and the UK report, the company still refrains from confirming whether the prices will also be implemented around the world. A recent declaration from Xbox, however, should give fans hope.

"I fully expect they will drop price. When I think about the playbook they've used in the past, we feel good about the plans we have in place going forward in the holiday. If history tells, then we'll see a price drop from them coming," Phil Spencer of Xbox said in an IGN report.

Sony Playstation 4's price drop is expected to intensify its competition with Xbox One. Sony has highlighted that it has dominated the gaming consoles sales in the U.S. in the first half of 2015, according to the Latin Post. Xbox, on the other hand, maintains that it is confident its own console is poised to erode such leadership.  

"I think if you look at our competition, there's no way that people can really stack up with our exclusive content and that's the amazing part of what we're doing at Xbox," Kudo Tsunoda, top honcho at Xbox One, told Games Radar. It is not yet clear if Microsoft will also lower the Xbox One's price.