Take this as a rumour until i get more confirmation but heres an email i just recieved:
<blockquote>Hi all
i picked up a UMD of The One today in Brisbane - Region 4 - and it works on the Jap PSP Region 2 - i was shocked and happy at the same time.
The Jap PSP also plays Jap and US UMD movies as well, so this is a bargain. If a US/Jap UMD is not released in Australia, i can play it on the Region 2 PSP.
Great news.
Rodney</blockquote>
Can anyone test and confirm this, and please post your firmware number just so we can keep an eye if it changes.