According to Japanese daily Asahi Shimbun as reported by The Verge, the new system will cost over 40,000 yen, or about $428 (UK£273, AU$414).
It's unclear where the Japanese paper got its information, but the figures fall in line with previous chatter that the system will cost around $400 (UK£255, AU$387).
The Asahi Shimbun is one of Japan's major national newspapers, so it's no rag, but still take the report with a grain of salt. Or a shot of sake, whichever you prefer.
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The paper also mentions a 2013 launch for Japan and the U.S., though there's no reference of a European release date.
As for the controller, Asahi Shimbun's report also backs up claims that it will feature a touch pad while being similar in size to the current Dual Shock 3 model.
Going back to the price, there's no way to know until official announcements just how much it will cost in different regions, but the paper's report gives us a realm to work with.
Sony launched the most expensive version of the PS3 for $599 in the U.S. in 2006, while the cheapest version now costs $269 stateside (that's 60,000 yen and 24,980 yen in Japan, respectively).
In the U.S., the basic Wii U costs $299.99 while the Deluxe model goes for $349.99, so while the PS4 might not be able to compete on the price front, its rumored price isn't too outrageous, especially if its specs stack up.