A couple of months ago, the following was posted on one of Yoshiki's sites.
According to Toshi's official site, the manager from X-Japan approached him and they talked about a possible reunion. He appears to be in contact with Yoshiki and would agree to join them (previous plans always shattered, because Toshi had no interest). While there are no plans for an album or new music, there might be a valid chance for a short reunion tour. This would be a once in the lifetime chance to see X-Japan one again perform live for the fans. However, there's no official statement from Yoshiki out there, yet.
In March, Toshi and Yoshiki met for the first time in years. They worked on a song for their friend hide, who passed away nine years ago.
Toshi posted a message on his [...] account, saying that he met up with an old friend (Yoshiki) in march. They worked together on the song which Yoshiki wrote after hide passed away. You can read the wonderful message here.
And very recently, the following was posted on Yoshiki's site.
Toshi stated that the reformation of X Japan is scheduled to happen in December 2007.
That's right, it seems that X JAPAN will be back!