It hardly comes as a surprise, but Sony are dropping the price of PS Vita in Japan to entice players to pick up the successor to PSP. The new price 19,980 yen (about £138) comes into effect on February 28. Sony also announced a Phantasy Star Online 2 bundle set to arrive on March 28 that will go for the same price.
As of now Sony have not announced any plans to lower the price in Europe, but a price drop seems very likely in the near future.