A seasonal winter flavor, Pepsi Pink is not without precedent in the country, which has a history of various Pepsi flavors including: Pepsi Black (a reduced sugar Pepsi with lemon flavor), Pepsi Salty Watermelon, Pepsi White (with mandarin orange flavor), and Pepsi Ice Cucumber. As you can see, the colors don't necessarily have anything to do with the flavor of the soda.
Pepsi Pink comes in 490ml bottles at 140 yen (~$1.18 US) each.
While Japan does get a lot of Pepsi flavors, I'd be happy if Pepsi just brought back Pepsi Twist.