Yep. You'll need a separate memory card for each region if you don't want all of your data to be wipedand you have to reformat the Vita to change your region, but since you can backup your data beforehand you're not really losing anything. Of course, you'll need a PSN account for that region, and you'll need to pay for the games in that region's currency (you can actually download codes to add a certain amount of yen or dollars to your account, so this shouldn't be an issue).
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Topic: PSN region question!
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