The new console, which comes with a 120-gigabyte hard disk drive and offers better graphics quality, will sell for 47,800 yen ($390).
That compares with 25,000 yen for Nintendo's Wii and 49,980 yen for the basic version of Sony's PlayStation 3, equipped with a 20-gigabyte hard drive.
Microsoft sold 122,565 units of Xbox 360 in the first half of calendar 2007 in Japan, a home turf for Sony and Nintendo, according to data from game magazine publisher Enterbrain.
Nintendo's Wii sales came to 1.78 million units and Sony sold 503,554 units of its PlayStation 3 during the same period.
The Xbox 360 Elite is already sold in North America for $479.99.
So much to come close to PS3. 
