Update:

Even the head exec of Sony's biggest rival in the gaming industry is expecting the PlayStation 4 to drop its price this year, most likely in time for the holiday season.

In an interview with IGN, Xbox head Phil Spencer spoke about Sony's decision to drop the price of the PlayStation 4 throughout Japan. Just as we're predicting, Spencer believes that the PlayStation 4's price will be dropping in the West as well. Spencer mentions that North America and Europe's PS4 price drop could be announced during this year's Paris Games Week event, which takes place from Oct. 28-Nov. 1.

"I fully expect they [PlayStation] 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," Spencer said. "It's great for gamers when price competition happens. We saw that last holiday, and we saw crazy sales numbers on all of the consoles."

PlayStation 4 consoles in Japan have dropped from  ¥39,980 (roughly $331.95) to ¥34,980 (~$290.44), which is about a 12.5 percent drop in price. A 12.5 percent decrease in price would be the equivalent of a $50 discount to the PS4's current price of $399.99, making the new system price $349.99 by our expectations.

Original Story:

The virtual reality headset formerly known as Project Morpheus is now officially the PlayStation VR. Also, Sony announced a price drop for the PlayStation 4 in Japan.

At the Tokyo Game Show, Sony unveiled the official name of its virtual reality headset that was previously being referred to as Project Morpheus. Now, this upcoming headset shall be referred to as the PlayStation VR (courtesy of Destructoid). Sony also unveiled a new trailer for the headset (provided above). You get to see all the cheesiness of people filmed in a dark room paid to act like they're playing virtual reality games. All of this imagery looks like a combination of Tony Stark's movie scenes where he's speaking from inside the Iron Man suit and that weird VR sex scene in Demolition Man.

Of course, it's hard to tell how much of the gameplay footage featured in the video is actually from real games in development for the PSVR (I'd like to be known as the first person who called it that). Other than the vague launch window of 2016, there's still not much else we know about the PSVR other than it'll work with the light sensors of your PS4, DualShock 4 and PS Move.

In related news, Sony announced a price drop for the PlayStation 4. Unfortunately, this price drop has only been announced for Japan so far, but there is a chance we may see a similar drop in the West. Perhaps Sony is waiting for the holiday season to begin to lower the console's price in Europe and North America. PlayStation 4 consoles in Japan have dropped from  ¥39,980 (roughly $331.95) to ¥34,980 (~$290.44), which is a pretty significant change.

Check Out These Interesting Video Game Facts: