Oki Electric Industry Co., Ltd. developed the world's first ultra small DSRC (Dedicated Short Range Communication) wireless module for embedding in mobile phones to be used for DSRC inter-vehicle and pedestrian communication systems.

The first application that OKI tested with the DSRC module is a so called Safety Mobile Phone. The Safety Mobile Phone notifies vehicles in the surrounding area of its location and retrieves the location information of vehicles in the surrounding area that are equipped with the DSRC inter-vehicle communication system.
This is a pretty interesting idea, but I am not sure how practical that is if you constantly get warned about pedestrians when driving through a city. At night in a dark forest this might be useable. The Japanese government funds technologies to reduce pedestrian accidents. This is OKI's suggested system to improve the safety of vulnerable road users including pedestrians and those on bicycles

OKI will work to lower the power consumption, achieve smaller sized DSRC wireless modules, and improve the user interface. OKI will also make efforts to integrate 3G mobile phones, PHS, and wireless LAN functions into a single mobile handset as part of a large-scale public-private experiment to be conducted in Japan. OKI also plans to achieve compatibility with IEEE802.11p, the DSRC international standard.
More details in this OKI press-release. Via Mobile Whack.