Sony Worldwide Studios' Shuhei Yoshida explained to Eurogamer that a Vita price cut is not currently on the cards, stating, "From the value for money standpoint, we think we have a good price for what the system is."
He continued, "Our priority is to achieve the potential through more games and services. Of course people who are looking to buy are also talking about the price of PS Vita, especially when they have to buy a memory card as well."
"That's something we have to spend time to cost reduce and address in the future. But now, our laser-focus is to increase the content and to realise the potential of the system."
Gamasutra editor-at-large Chris Morris suggested earlier this year that Sony needs to cut the price of the Vita sometime soon, given how badly it is selling in comparison to Nintendo's 3DS and the Vita predecessor, the PSP.
For more reports from E3 2012, be sure to check out Gamasutra's live coverage.