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(Pocket-lint) - Sony has finally named its virtual reality headset for PS4. Having been known as Project Morpheus for almost two years, the headset will be called PlayStation VR on full release.

The announcement was made during Sony's Tokyo Game Show press conference but few other new details were revealed. There is still no release date other than 2016, nor has the device been priced yet.

Its major competition, the Oculus Rift and HTC Vive headsets, will be available on a wider consumer release early next year, with the latter going to some early adopters before the end of 2015 but in very limited amounts. It is unlikely Sony will beat the Oculus Rift to market.

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"The name 'PlayStation VR' not only directly expresses an entirely new experience from PlayStation that allows players to feel as if they are physically inside the virtual world of a game, but it also reflects our hopes that we want our users to feel a sense of familiarity as they enjoy this amazing experience," said Masayasu Ito, EVP, Division president of PS Product Business and VP, Software Design Division in a statement detailing why Sony has gone for the name.

The company has also confirmed that we've not yet seen the final version of the VR headset:

"We will continue to refine the hardware from various aspects, while working alongside 3rd party developers and publishers and SCE Worldwide Studios, in order to bring content that deliver exciting experiences only made possible with VR."

Also announced during the show were a new range of coloured PS Vita consoles for the Japanese market, coloured hard drive covers for PS4 for those wanting to customise their machines, and a see-through "crystal" DualShock 4 controller. It's not known at present whether the latter two will be heading to the UK.

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Sony also revealed that it is dropping the price of the PS4 in Japan to 34,980 yen. That's around £190 on the current exchange rate so represents a massive deal if the company decides to also drop the price in Europe. It would make the console a very compelling option for this Christmas, something Microsoft will struggle to compete with, we feel.

Writing by Rik Henderson.