If companies like Square and Nintendo won't release niche Japanese games on the basis of "possible" (Lol no 100%) profit, what makes you think a company like Namco will release a niche handheld JPRG that didn't even sell or was reviewed that well in Japan in the 1st place?
They don't owe you anything. The bottom line is that the game won't sell well enough for them to consider localizing it. Besides I'm sure Sony will cut the price in the West right after they get a decent shooter on it.
Considering there are companies that operate solely to localise and distribute niche Japanese games in the West (XSEED) it has to be a profitable business. You give the example of Nintendo - do you remember Operation Rainfall? Why didn't Nintendo bring these games to NA even though they've already localised and released them in Europe? The Wii sales were too low in NA? Do you really think the possibility of profiting was that low not to take that risk? I think the Japanese companies just don't care, cause even though it's sure money, it's not huge money. But at the same time they are hurting the jRPG market in the West and making it impossible for more gamers to get into these games. It's just a bad business model.
Remember that we don't have to buy as many games as the Japanese! If Namco thinks it's ok to develop the game for the Japanese market alone, it means they get profit from that market alone, hence the development costs are already covered. The money earned in the West just has to cover the costs of localisation to be pure additional profit and I will not believe that a game with such a brand like "Tales of" won't sell good enough to cover that. But I guess we're gonna see when "Ys" gets released.
Do you really believe that a price cut in the West will change anything in the minds of the Japanese? Like others have said, they have a very bad track record in this matter and are pretty stubborn. Thank god for XSEED!
Wii U is a GCN 2 - I called it months before the release!
My Vita to-buy list: The Walking Dead, Persona 4 Golden, Need for Speed: Most Wanted, TearAway, Ys: Memories of Celceta, Muramasa: The Demon Blade, History: Legends of War, FIFA 13, Final Fantasy HD X, X-2, Worms Revolution Extreme, The Amazing Spiderman, Batman: Arkham Origins Blackgate - too many no-gaemz :/
My consoles: PS2 Slim, PS3 Slim 320 GB, PSV 32 GB, Wii, DSi.