You can also have a Japanese and Euro PSN accounts in addition to your US one. Just go to sign up for two new accounts and put Japan and UK as your territory. I've had both (TonyShogun and TonyGovernor respectively), for awhile now.
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Why have account from all three regions? Because each store gets different content at different times. I got the WET demo a week early from the Euro store. LBP packs are released earlier in Japan, ect, etc.
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Why pay $3 for the LBP dynamic theme when the Japanese store dropped an Afrika dynamic theme for FREE today. And yes the dynamic themes are dope.

New free dynamic Wipeout theme (ILL) in the Euro store today.

I'm hearing you could get banned from the PSN if they catch you.

~Goodz~

ooooh banned = not cool

Where did you hear this Joe? Cause this has been common practice since day one. In fact, many established sites have posted the tutorial of how to create the Japanese account. Well, that is unless you can read Japanese like the Almighty One.

Cause you don't get banned for simply having accounts in multiple regions. Actually most users have multiple accounts, there's even YouTube videos on how do the Japanese account. If this was an issue, Sony would have it's lawyers straighten out all the sites and YouTube as well.
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Now the issue is with Home, not so much as multi-region accounts. Now say if you try to access Home with your UK account, THEN you MAY get banned. Sony is very strict about region locking when it comes Home. Or you can get banned if people report you directly to Sony for language and/or behavior. Sony has never made a statement condemning multi-region accounts with it being a common practice. And I doubt they would just ban someone, they would probably just shut the extra accounts down like Microsoft does with them Xbots who do the same thing
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So it's straight my dude, go up in there and download yourself a lil demo or theme or something. "Go for it McFly, unless your CHICKEN?!"

I'm staying away from extra accounts until I get some confirmation from one of you boys on the official word on this.

As I will be greatly upset if I lose my TuffMuff account. Its the best name ever.

true that muff that name is soo sexy it make me cry

Well, while y'all Texuns are turning yella, Starks is on that Ninja Gaiden 2 demo, bleeding Yankee blue. And Sony ain't gonna do a ghatdamn thing about it. "No retreat! No surrender! THAT is Movement law!!"

That cat pic makes no sense whatsoever. YOU FAIL AT FAILING.

well you FAIL at comprehension .... so there!

That dog is getting a BJ. That's a WIN. You FAIL again!