Here’s some really bad news for all Sony fans who are looking to own a new PlayStation Vita in the coming months.

Per reports, Sony will not be reducing the price of its popular handheld gaming console PlayStation Vita in North America. The hope of a price reduction came into being after Sony’s decision to do the same for the handheld in Japan.

The information was revealed by Sony Worldwide Studios president Shuhei Yoshida during a roundtable interview. When asked if the price cut, similar to Japan, would come to North America, Yoshida replied, "No it will not."

As one of the reasons put forward by Yoshida because of this decision, it was a matter of economics, and that the current exchange rate is the reason Sony cut the price in Japan.

"One answer could be when you compare the pricing on PS Vita across regions, because of the yen value. In Japan, the system had been priced the highest. We had been selling for 25,000 yen; that's more than $250 when you compare the exchange rates," Yoshida said.

“When pressed to confirm that parity was in fact the goal behind the Japanese price drop, Yoshida replied, ‘I wasn't saying one way to explain [the price drop]. It's a region-by-region-based decision, always’,” the report stated.

Sony, earlier this week, announced a price cut for its below par (sales wise) PlayStation Vita handheld in Japan. It was announced that from Feb. 28, both the Wi-Fi and 3G models of Vita would be sold for 19,980 yen (about $215). This was actually a fifth off the current price of 24,980 yen for the Wi-Fi model, and a third in the case of the 3G model.

Sony previously launched the PlayStation Vita in North America for $249 a year ago. Currently, a second model with 3G connectivity, in addition to Wi-Fi, sells for $299.

As far as the Japan price-cut is concerned, The Verge wrote: “Buyers will be able to take advantage of a free 1-week trial of PlayStation Plus along with promotions for the PlayStation Store and Reader ebook store."

"No cut has been announced for the rest of the world, but it's possible that one could come at the New York PlayStation Meeting on Wednesday, where Sony is widely expected to unveil the PlayStation 4.”