John Yamamoto, president and CEO of Square Enix's European and North American subsidiaries, has warned that gamers may still think PS3 is too expensive despite the recently announced price cut.
Speaking to GamesIndustry.biz at the E3 Media and Business Summit Yamamoto said, "We're watching the hardware trends closely and also the marketing strategy of the platform holders.
"I think USD 500 for PS3 is still a bit expensive for most gamers. Most of them think that price is still high."
Sony announced that the price of PS3 will come down in the US to USD 499 earlier this week, but has yet to say whether a similar move will be made in Europe.
When asked if he believes a European price cut is necessary Yamamoto replied, "Yes, because they started at USD 600 and EUR 600 - so maybe it would be better to come down to EUR 500."
His remarks come after Konami's Kazumi Kitaue questioned whether a USD 100 reduction will be enough to win support for PS3 - and hinted that Metal Gear Solid may no longer be a platform exclusive.
Yamamoto declined to comment on whether Square Enix might also considering taking the Final Fantasy series to other consoles. However, a Square Enix spokesperson said, "At previous E3s and other shows we've announced different Final Fantasies for different platforms, and I think that will continue."
The full interview with Yamamoto is now on GamesIndustry.biz.