Sega has no plans to bring Phantasy Star Online 2 to Western markets after all. TSSZ is reporting that a source close to the publisher has revealed that while the game has been "fully localized" for an English release, that localization is aimed at English-speaking regions in Asia and not European or North American audiences.
The source speculated that Sega may be concerned about PSO2's potential profitability in the West but was clear that whispers from its contacts in the company in no way represent an official cancellation of a Western release. Phantasy Star Online 2 has had no visible presence in the Western games community since it was shown at the 2012 Penny Arcade Expo.
[Thanks to BGO for the tip!]