Thanks, ESRB!
[Update: Atlus has addressed the box art situation here and here.]
Today the North American release date of Persona 5was announced with images of the localized box art in tow, to which there were some minor changes. The cat-like creature known as Morgana — seen on the bottom left corner of the box art — has been slightly moved cover up the cleavage of another character.
While some may cry censorship, this is just another case of localization changes made to help a product better match the market it is releasing in. I did an ocular patdown of the situation and from the looks of it the ESRB rating logo is a bit larger than the CERO rating found on the Japanese box, so without moving Morgana a good deal of her face would be obscured.
As she seems like an important character, it just makes sense.