You will get the correct result. This is a UTF-8 representation of the Japanese string. The problem is that the console itself does not understand UTF-8. If you write this line in a file and open it with an editor that understands UTF-8, you will see the content, as you would expect. You can also try changing the console encoding to UTF-8.
Edit: you can also try something:
print '7\xe6\x9c\x8810\xe6\x97\xa5'.decode('utf-8')
, . , , "ISO Latin-1", ...
: http://www.joelonsoftware.com/articles/Unicode.html