Update: The legendary Pokemon named have officially been unveiled! They are the Flying Legendary Yveltal (pronounced ee-VELL-tawl) and the deer-like “Xerneas” (pronounced Xerneas).
During the announcement of these new games with the first ever Pokemon-themed Nintendo Direct (called “Pokemon Direct”), Nintendo President Satoru Iwata spoke in English throughout the whole video and revealed that Nintendo, Game Freak, Tree House and The Pokemon Company are making a humongous effort to translate and localize Pokemon X & Y while they are still in development. They will apparently be working hand-in-hand to translate from Japanese into English and other European languages while the text is coming hot-off-the-press from development in Japan.
This will ensure that Pokemon fans around the world will no longer have an excruciating wait time between the Japanese release of the new Pokemon X and Pokemon Y and the English release in America, Europe and Australia. Will other languages be included in the European version upon release? It sounds like they will, although this is a daunting task for Nintendo.
Watch the full Pokemon Direct January 2013 video announcement, which includes Pokemon X and Pokemon Y gameplay footage alongside a breakdown on the history of the series in both Japan and overseas, starting from the beginning!