It's common practice in most dubs with songs to leave the songs in Japanese, so I'm not buying that.
That's because Japanese music companies are crazy controlling. Also, the English localization companies probably can't afford to make a good English version of a Japanese song. The sort of talent you would need to pull it off is most likely doing more profitable things.
Nintendo of America chose the smoothest past here. Given the alleged vast amount of voice overs in the game as well as the musical nature of the game, an English dub would have been tough and costly. Finding the actors that will fit well with Japanese cartoon characters is tough already; finding ones that can sing as well I'd imagine to be night impossible. The notion of keeping the songs in Japanese is something that we're used to, but that doesn't hide the fact that is an awkward and arguably bad transition.
Perhaps this is thinking too highly of Tokyo Mirage Sessions #FE, but I think it best to approach the sub-only approach of the English localization as you would to a live-action foreign film.
Which brings me to...
A 4chan user correctly posted the new name and lack of dub before the direct so it's safe to assume what they say is legit. They claim that outfits are being toned down, hot springs dlc removed, Tsubasa aged up to 18 and localisation is being handled by ATLUS supervised by NOA.
http://personacentral.com/potential-tokyo-mirage-sessions-fe-localization-content-changes/
Ah, Nintendo outside of Japan. You can't make it month without a culture clash and edited art.
Friend of the site Syrenne is playing the game and has described the likely-flashpoint of #FE's Chapter 2. Basic gist is that our teenage heroines will be dressing down to distract a salacious antagonist. That plot movement, along with deep cleavage and panties shots, is something that can be expected in a trashy and horny late-night anime series.
While I'll be disappointed with the inevitable edits, I can understand and respect Nintendo's decisions to give a second pass on these sorts of things.
Just because I can enjoy some gross, tactless, shallow, and provocative stuff doesn't mean the rest of the world has to put up with it all the time. And that world includes a company adjusting the audience aim of its products.