Sony's PlayStation 4 will soon be much cheaper—if you live in Japan.

At its press conference at the Tokyo Game Show on Tuesday, Sony announced that it's cutting the price on its PlayStation 4 to 34,980 yen (about $292). The price, which will go into effect in October, is substantially cheaper than the 399 euro (about $450) and $399 price tag offered in Europe and the U.S., respectively. Sony has not said whether a similar price cut will come to its other markets.

Sony's decision is likely due to a slowing gaming market in Japan. As consumers have increasingly bought mobile devices, they've reduced their spending on game consoles. That has resulted in some softer-than-expected demand for all major consoles, including the PS4, so a price drop could help ease the pain.

Despite that, Sony is still offering the world's top game console, followed by Microsoft's Xbox One and Nintendo's Wii U. According to data Sony released in March, it has sold 20.2 million PlayStation 4 units worldwide, and some analysts believe the company could signifcantly grow that number this year and next as prices come down and more consumers pick up consoles.

In addition to announcing its price cut, Sony's event was capped off by several major announcements, including the renaming of its Project Morpheus virtual-reality headset to PlayStation VR. The company also announced a range of new colors for its DualShock 4 wireless controllers, including gold and silver variants. Those colors will be available in major markets around the world.