I know it's not going to happen ever probably, but I personally wish they would change it.
The longer I look at it, the more it seems to me they did not think much of their choice back then, and now we're just stuck with it because it's known.
1. The yellow/blue color combination has no basis in actual Pokémon, it's likely just 2 random friendly colors that are contrasting enough.
2. It lacks a Pokéball symbol (which the japanese logo usually includes somewhere), which is basically THE universal symbol for Pokémon.
3. THE GOOFY LOOKING FONT URGH. It's just so cartoonish and 90s that it hurts my head xD
And of course it leaves no room for stylization. The japanese logo is always stylized in a way to fit the theme of the particular games. So for Ruby it looks like it's made of red gems etc., with the Pokéball symbol in it for clear recognition.
So this is more of an idea and a question worthy of discussion rather than actual art.
I just made a quick design that I would prefer.
Yes it is more plain, but that's partially to allow stylization like with the japanese logos.
(the font used is Aller Display, in case anyone is wondering)