News out of Bloomberg.com is that Microsoft has cut the price of the Xbox 360 in Hong Kong, South Korea, Singapore and Taiwan.  For the most par the consoles are all being adjusted so that they sell for around $366 USD in their respected areas.  This move comes a month after Microsoft cut the price of the Xbox 360 in Europe. 

Also revealed is that is is believed that Microsoft will only be shipping 9.1 million consoles in fiscal 2008, about a 40% drop from last year.  These two price cuts should help boost the sales of the Xbox 360 but without a price cut in North America the sales will not improve enough to keep pace with Sony's PS3 which is forecasted to sell 14 million consoles in fiscal 2008.  

It's no surprise that the Xbox 360's best market is North America where they sell about 75% of their consoles.  In recent months the 360 has performed well but is losing momentum to the PS3.  A price cut in North America would significantly boost the sales of the Xbox 360 but that might cut into profits and hurt Microsoft's bottom line.  Microsoft has given up on the console race so that they can quiet their share holders and prove the game division can be profitable.

Source:
Bloomberg.com - Microsoft Cuts Xbox 360 Prices in Four Asian Markets