NTT Docomo unveils real-time speech translation app for phones –  Geek.com.
Other Sources: TechCrunch

Well seems that what we’ve been able to do with text for years is now coming to voice on a phone near you soon.
Japanese leading carrier  NTT Docomo has released a japanese <-> english translation app.  The app works both in person as well as over the phone.  Even if the application isn’t 100% fool proof yet this indicates a tremendous step forward in speech to speech translation software, and the use of it in business could prove very lucrative in the future was we continue to grow in a global economy.