Just a few days ago Sega rep Aaron Webber commented that the possibility of Yakuza 3 coming to the U.S. still exists and that it's a subject discussed quite often at Sega.
Today 1UP can do one better: they've learned that the PS3 exclusive is indeed coming west. According to sources close to the project, Yakuza 3 is currently being localized for release in the U.S. and European markets.