http://m.ign.com/articles/2013/01/21/project-x-zone-coming-to-north-america]Project X Zone Coming to North America and Europe
Good news for fans of Sega, Namco-Bandai, Capcom, and all things mashups, Project X Zone will be getting the localization treatment for North America and Europe. The game is currently slated to release in summer 2013.
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GameTrailers posted a video where producer Austin Keys gives a walkthrough of the game, using the Japanese version
http://www.gametrailers.com/videos/f6rjuv/project-x-zone-crossover-walkthrough (8:03)
"All of this is gonna be voiced over. The performances are wonderful, really superb performances by all the voice actors. Uh it's gonna be in Japanese, it's all subtitled in English. So even if you don't understand what they're saying, you'll understand the feeling, the emotion that the characters have, and you'll be able to read what they're saying on the screen."