According to 1up, someone is working on localizing Yakuza 3 (aka Ryu ga Gotoku 3) for North America and Europe. (Thanks for the tip Carolyn!)
Sega might be translating fistfight one-liners and karaoke bar banter right now. Maybe not. 1up brings up the possibility of another publisher picking up Yakuza 3. Sega localized and released Yakuza and Yakuza 2 internationally.
However, a handful of Sega franchises, usually niche ones, like Shining Soul and Sakura Wars were given to Atlus and NIS America, respectively. Sega announced Yakuza 2 at Tokyo Game Show 2007. Perhaps, we’ll see a similar announcement this week.