For the last time. It's. Not. Nintendo. They made a statement about Atlus doing all the localization. So that's what it is. FFS

Atlus is doing the localization. Any content changes are done because of regulations by Nintendo. That's it.

The translation won't have the Treehouse treatment, that's the only difference.

You know most "censorship" is done to keep a certain rating, Hollywood has been doing this for years. And in the decades the studios have been cutting sections of movies to hit a PG/PG-13 rating, which was added in the early 80's, and the government has of yet to start knocking down doors and burning all of our media because they don't agree with it. The only problem with the movie system currently it is it is in need of an overhaul since most studio are shooting for a PG-13 rating so the PG rating is a little unneeded.

And as with what some posters pointed out it is Atlas that is doing the localization which includes any "censorship" to the title. Nintendo may have recommended the rating that they want to hit, probally Teen or the simular rating in all regions, but it is up to Atlas to decide what to "cut" to make that rating.

On side note a funny story about the movie changing over time, Disney ended up being hit with a R rating on one of is movies published under the Disney brand name when it tried to republish it.  The movie's name was "Something wicked this way comes." if you want to know, and since Disney doesn't want to have any R rated movies under their brand they censored the movie after that to get a PG-13 rating. If you want to quick summery of the movie. It goes like this: A carnival run by Satan comes to a small town to collect the souls of the inhabitants, and a handfull of kids try and save the day with some being victims to the many side shows, it was pretty dark for a Disney movie. In addition if you want to know they published their R rated fare under the Touchstone brand name.

EDIT: It was pointed out some of what I said wasn't factual so I read up on it and changed the wording though the centeral point is unchanged, that this has been being done for decades in all rated industries.

The crazy thing is those boobs are NOTHING compared to CIA of hyrule warriors!

"Regulations in the many different territories Nintendo distributes its products.”

I don't know in which part exactly do you read that these are regulations BY Nintendo, and not regulations by the different countries. But suit yourself. I think it's clear that they mean the different rating regulations in different countries. Not internal Nintendo regulations. 

Reasons for me to emulate it continues to rise

Oh no!

Because we have actual evidence that Atlus has and will release games that show a character's cleavage  or a swimsuit in all territories.

Another thread about this? I mean it sucks but it is what it is.

Yep, and actual evidence of Atlus censoring games in not-Nintendo consoles. Did you hear about Dungeon Travellers 2? It was released on PSVita. It was censored by Atlus. But, yeah, it's Nintendo.