Microsoft will cut prices between 5 and 20 percent across four of the five regional markets where it sells its Xbox 360 console..

While the Xbox 360 has generally done quite well outside of Asia, the company has seen its share of struggles in the region. The price cuts are obviously an attempt to reverse this trend.

The biggest drop was in Singapore, where the price is now 499 Singapore dollars ($366 USD), down 19.5 percent. in Taiwan, the price dropped 17 percent to $10,360 Taiwan dollars ($341), and in Hong Kong $2,499 Hong Kong dollars ($321), down nearly 11 percent.

On Thursday, the price will fall five percent to 369,000 won ($369) in South Korea as well.

Microsoft is just cutting the price of the standard model in all countries, except for Singapore, where it is also cutting the price of the Arcade model to 399 Singapore dollars, and the Elite to 699 Singapore dollars.

If previous price cuts are any guide, sales should increase. After a similar price cut in the European market, Microsoft saw sales of the Xbox 360 in the region double. Globally, the console needs a shot in the arm -- it has fallen to third in worldwide shipments.

Daiwa estimates the Xbox 360 will only ship 9.1 million units in the year ending March 2009, versus 14 million for the PS3 and 24 million for the Wii.